Real Estate Market Conditions

April 2012 Edgewood MD Real Estate Market Conditions

May 15, 2012

The story regarding the real estate market- whether in Edgewood, Harford County, the state of Maryland, or nationally- has been about the amount of inventory available. Many sellers have decided to avoid the presumed difficulty of selling in this market, and as a result, the amount of inventory has decreased by 33.77% in Edgewood, MD!

Although the number of homes sold in Edgewood, MD has been a little sluggish in recent months, sales were actually steady in April, with 17 homes getting a new owner in the town during the month. This is exactly the amount that changed hands in April of 2011, although the average sales price jumped this year from $105,031 to $119,288 this year.

In correlation with the number of listings on the market, there were also fewer new listings in April. Last year, there were 34 properties listed in April, in contrast to the 24 that were listed this year. The median sales price of a home in Edgewood, MD during April was $117,825, and it is likely that it will stay in that range for the foreseeable future. However, with the amount of inventory dropping so drastically this year, it is likely that sales prices will increase to come in balance with the demand that is in the market.

March 2012 Edgewood MD Real Estate Market Conditions

April 17, 2012

Sales were a little stronger than they have been in recent months in Edgewood, MD, but still not as healthy as they were last year at this time. It wouldn’t be fair to blame this on general economic conditions, but rather, it may be a matter of the lack of overall activity in the market.

Only 108 homes were active in the Edgewood, MD real estate market, down from 159 during the same time in 2011. 18 homes went to settlement, down from the 22 that sold in the year previous. It took almost 6 months for the average home to get sold (176 days), which is almost twice as long as the time it took last year (92 days).

The silver linings are the average prices that were commanded. The median sold price was $120,900, up from the $101,450. The current active listing in Edgewood, MD right now $133,950. This seems to be in line with the sold figures, so the market in Edgewood is probably well balanced for the Spring season.

February 2012 Edgewood MD Real Estate Market Conditions

March 13, 2012

On a month over month basis, sales for real estate in Edgewood, MD actually look better than they did in January, but they were still a little lower than last year. 12 homes closed escrow in Edgewood during the month, as compared to 15 that sold the year before. Quite notably, 7 of them were foreclosures, and another 3 were short sales, and their median sold price was $115,550.

As expected, since there were so many foreclosures, the average time it took to sell a home in Edgewood was only 73 days, down 58% from the 176 days it took them to close last year. There are 108 actively listed properties in the zip code right now, which is also down by over 35%. The median price of the active properties is $154,900, indicating that it might need to come down some in order to get into balance with the homes that are selling.

January 2012 Edgewood MD Real Estate Market Conditions

February 15, 2012

The trend toward less overall active listings is continuing right into 2012. The number of active listings in Edgewood, MD during the snapshot taken during January of 2011 was down from 176 last year to only 112 this year. This is a 36% decrease, which is in line with the rate of homes sold during the same time period. Only 5 homes changed hands in Edgewood, MD in January- a dip of more than 60% from the same month a year ago.

Since the number of homes that sold was so small, the details regarding their activity really won’t tell us much. Still, it took a whopping 250 days to sell a property in this market, down from the rather palatable 88 days it took last year. The median price for the set of homes that sold in Edgewood was $115,000, and the median price of the active listings in the same market is currently $138,500.

Affordability is still rather high, with interest rates at rock-bottom lows, and prices at what seem to be as low as they will get.

December 2011 Edgewood MD Real Estate Market Conditions

January 17, 2012

The market in Edgewood, MD continued its downward trend into the end of the year, with only 8 homes getting new owners during December of 2011, down from the 11 that sold during the same month a year prior. The total number of active listings decreased as well, plunging about 33% from 188 last December down to a more moderate 121. While I don’t feel that these levels are permanent, it does show that even with less total inventory, at the rate that homes are selling, it could take 15 months to clear out the backlog.

The reason that there is less overall activity is due to the home prices. Last year, the median sold price of a home in Edgewood, MD was just under $131,000, which has dipped to $100,160 for the month. On a positive note, the total time that it took to sell a home is much less, taking only 42 days to find a buyer, down significantly from the 110 days it took last year. The signals indicate that while some sellers are recognizing where they need to be priced in order to sell, while most have decided to wait it out, since we can expect better volume in the coming year.

The link to the article below will show the 2012 estimates released by Fannie Mae last week.

http://www.housingwire.com/2012/01/13/fannie-mae-economists-see-2012-home-sales-up-3-5-to-4-72-million