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Harford County Real Estate Market January 2016

Harford County Real Estate Market January 2016Harford County Real Estate Market January 2016

Compass Home Group
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2015 has come and gone, and the Harford County Real Estate Market is kicking into high gear early, despite this cold weather! Interest rates are low, prices are low, and inventory is low making for a crazy time in the market right now. The average home price of a Harford County home sold in December was $242,241 down over 4% from the same time last year, but up 4% from January.  Overall for all of 2015, the average home price was $257,933. Where the market took a HUGE jump in activity is with number of homes sold, and new contracts written. 273 homes sold in December, up over 13% from last year, while 154 new contracts were written up over 27% from last year.  Over a 27% increase from the same time last year is crazy, especially as inventory is shrinking.

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At the end of December, 1,188 homes were active and available for buyers in Harford County, down almost 8% from 2014. So as inventory shrinks, and demand strengthens simple economics tell us that pricing will have to begin to trickle up, assuming the trend continues. 261 new homes were listed last month, up almost 2% from 2014, but down almost 20% from the month prior. With current market conditions, Harford County has just over 4 months of inventory on the market if no new homes were to be listed. National Association of Realtors defines a healthy market as 6 months, below and you fall into a sellers market (low supply/high demand), and over 6 months is a buyers market (high supply/low demand). We are seeing homes sell in days with multiple offers on them when priced right, staged and in show ready condition. If your curious on what the market is doing in your specific neighborhood, give us a call at 443-360-0086 for a custom market report.

If you have a home to sell, or just curious what your home is worth in this market, complete our short seller survey here for a FREE Market Valuation Report of your home.  Also, we’ll include a custom 2016 Guide to Selling Maryland Real Estate!!

Compass Home Group of Keller Williams American Premier Realty
Tim & Michele Langhauser
Call or Text 443-360-0086 for information Broker: 443-512-0090
Get a FREE REPORT of your HOME’S VALUE at www.ListWithCompass.com

 

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