Harford County Real Estate Market May 2013
Compass Home Group
The stats are in for May, and the Harford County Real Estate Market is continuing to improve month over month, and jumping from where we were just twelve months ago. Homeowners will delight in the first stat we will look at today, the Average Sold Price! During the month of May, the Harford County Real Estate Market showed a 2.44% increase in the average sold price of a home, bringing it to $267,747. Of all the numbers we will dive into today, only one has dropped into the negative column. The number of active listings on the market continues to tick downward as inventory shrinks up, with only 1,229 listings for sale on the market. This was down 5.68% from the same time last year.
The inventory shrinking is a big reason why prices continue to tick up, simple supply and demand. As the supply shrinks, the market begins to sway in the sellers favor. The Harford County Real Estate Market is seeing homes getting multiple offers on them with moderate consistency. 249 homes sold in the month of May, up 19.71% from the same time last year. With the number of homes jumping so significantly, while the number of homes for sale continues to dip, this shows us that the Harford County Real Estate Market is continuing the pendulum swing into a full blown Sellers Market!! National Association of Realtors defines a Sellers Market as having less then six months of housing inventory on the market at any given time. We currently have just under 5 months of inventory in Harford County.
For sellers the average time the home is taking to sell ticked up this past month clocking in at 110 days, almost 4 months. So it is taking a home a little while longer then last year to sell, they are selling for more money!! Sellers need to take these numbers into consideration when listing their home with a Realtor as they should plan on a 3-4 month process from listing their home to closing on their home and moving on to their new home. To browse homes currently listed throughout Maryland, make sure to browse our site at http://buy-sellmdhomes.com. If you would like a detailed report on your homes value in today's market, visit us at www.ListWithCompass.com and complete the information and we will get back to you within 24 hours.