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Harford County Real Estate Market Update March 2016

Harford County Real Estate Market Update March 2016Harford County Real Estate Market March 2016

Compass Home Group 443-360-0086

Well this Summer like weather sure is awesome right now, and if the real estate market is any indication of what the Summer has for us, it’s going to be HOT. We will jump right into the stats, but I’m also going to give you my opinion on what we are seeing that the numbers don’t reflect! In February 2016, 193 homes sold throughout the Harford County Real Estate Market, up a staggering 25% from the same time last year! This number was down from last month, but with the storms we received over the Winter, it kept people in their homes rather than house hunting! The average sales price of these homes in Harford County came in at $250,166 up 2.86% from February of 2015, great news for homeowners. 167 homes received new contracts last month, up 12% from last year and close to 6% from last month as we get some milder weather. Our team had a RECORD BREAKING month for February, doing more business than we have ever done, IN FEBRUARY!! I expect March to be a blow out month!

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As it currently stands, 1,085 active listings are for sale in the Harford County Real Estate Market, down over 9% from last year. So while more homes are selling, and more homes are going under contract than previous years, the number of homes for buyers to choose from is decreasing. This puts the market inventory for Harford County at about 5.6 months, a healthy market according to National Association of Realtors.  However, the majority of the market is stale right now and buyers are out in droves not able to find a home. Currently the homes for sale in the Harford County Real Estate Market have an average days on market of 148, with one as high as 2,366 days on the market!!  This means the inventory currently there is sitting, overpriced, run down, not marketed properly etc… Homes priced well for their area, and condition, are selling quickly, 99 days on average, but often in far less time with multiple offers right now. 99 days is 19% faster then last year, where the average was 122 days! In February 381 homes were listed on the market, up 10.4% from last year, giving our buyers some options on something to find. If you have a home to sell, this is the perfect storm, low GOOD inventory, low rates and a swarm of buyers waiting to make a decision.

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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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