The Maryland Association of Realtors has released its market report for March 2017.
Whats going on with the Cecil County real estate market?
- In March of 2017, 110 homes sold compared to 76 homes selling in March of 2016 an increase of 41%.
- In March of 2017, there were 148 pending home sales compared to 150 in March of 2016 a decrease of slightly more than 1.3%.
- In March of 2017, the active listing inventory was comprised of 561 homes compared to 660 in March of 2016 a decrease of 15%.
- In March of 2017, the average price of a home was $236, 735 compared to $213,869 in March of 2016 an increase of 10.7%.
- In March of 2017, the median price of a home was $224,900 compared to $204,000 in March of 2016 in increase of 10.2%. By comparison, Harford County saw an increase of only 2.7% using the same time parameters.
Median price is considered a more accurate and stable indicator of market conditions than average price.
The sharp increase in median price and number of homes sold coupled with the sharp decrease in active listing inventory from March of 2016 to March of 2017 indicates that Cecil County is experiencing a Seller’s Market. The small decrease in pending home sales can be explained by the lack of inventory. It can be safely assumed that potential buyers are focused on finding homes in Cecil County.
In a seller’s market, the supply of homes for sale can’t keep up with the demand. As a result, home values climb as buyers compete for a limited number of choices.
How should sellers look at the Cecil County real estate market today?
While the above numbers reflect market activity for Cecil County as a whole, I feel the market is strongest for homes and communities located with direct and quick access to I-95. Cecil County is no longer the region’s best kept real estate secret. Buyers have figured out that by adding a couple of minutes to their commute time they can save tens of thousands of dollars by opting for a Cecil County home.
Sellers should be excited. Cecil County homes are experiencing measurable appreciation for the first time since the real estate crash and are selling more quickly than in the past. Months of Inventory fell from 8.5 months in March of 2016 to 5.1 months in March of 2017. This is the amount of time it would take to sell all currently active listings if no new listings came on the market. Again, it’s another solid indication that Cecil County’s real estate market is becoming stronger and more active.
My advice to anyone thinking about selling a Cecil County home it’s time to call in a local Realtor to evaluate your homes value and marketability. A professional evaluation of your home’s value will tell you the amount of home equity that’s available to you as you move forward. By marketability, I’m referring to the condition of your home and its desirability to today’s buyer. I can suggest inexpensive cosmetic updates that will add up in a big way when your home hits the market.
For lots of great tips to prepare your house to sell, see: 4 Tips To Prepare Your House, And Yourself, Before Listing.
I often meet with people who bought in Cecil County while the overall real estate market was inflated some years back and have seen their home values decrease – sometimes substantially. Often there’s not enough equity to cover a commission and other expenses associated with selling a home. While there are no promises or guarantees, the current market could afford opportunities that haven’t existed for many years. Overpricing a home is never a good idea, but Cecil County’s active market could justify the use of an aggressive pricing strategy to test the market.
A possible opportunity exists for Cecil County sellers who have been unsuccessful in past efforts to sell their homes. An expired listing is a home that was previously listed for sale, but didn’t sell. It’s impossible to speculate why a listing didn’t sell. It could have been price, condition, location, or any number of different reasons. My strong advice to anyone in Cecil County who has tried to sell their home in the past and is still motivated it’s time to talk to a local Realtor.
Thinking of selling?
For a free valuation of your home, click here to provide your address and contact information. I will get back to you after researching current listings and recent sales activity in your neighborhood. Or feel free to reach out with a phone call or an email to discuss the of marketing of your home.
To learn more about the steps to pricing your Cecil County home to sell, see: How Much is My Home Worth?
About Integrity Real Estate
In 2016 Integrity Real Estate outperformed its Cecil County competition based on the total number of homes sold that includes seller’s side, buyer’s side, or both.
Integrity Real Estate’s Cecil County office is located at 121 South Main Street, North East, Md 21901.