Whether you are thinking of selling a Cecil County home, or buying one, you should find this information useful.
How is the Cecil County Real Estate Market doing?
To answer that question, let’s start by comparing market data from the Months of November, 2018 and November, 2017:
|Average Days on Market||106||77|
|Median Days on Market||66||62|
|Average Selling Price||$247,203||$253,418|
|Median Selling Price||$230,000||$248,500|
|Selling Price to Original List Price Ratio||92.5%||94.4%|
|New Pending Sales||106||96|
|Months of Inventory||3.83||4.4|
There’s no question that Cecil County’s Real Estate Market appears to be strong as indicated by the increase in Average Selling Price and Median Selling Price over last year. Cecil County homes continue to sell quickly and at nearly full asking price.
There’s another key indicator that’s often used to determine the status of Real Estate Markets known as Months of Inventory. The statistic is calculated by dividing the number of Active Listings by the average number of Home Sales over a given period – 12 months. For November, 2018, Cecil County’s Months of Inventory was 4.4 meaning every listing in the county would sell in just under 4.5 months – given the current pace of home sales. It’s a strong signal that Cecil County is still in a Seller’s Market.
My thoughts as we close out the year:
Buyers are slowly coming to understand that Cecil County Real Estate is a solid buy when compared to nearby housing markets. There’s upward pressure on property values as the market tries to play catch up from the days when Cecil County Homes were very definitely undervalued. The county is experiencing a market correction that’s complicated by normal seasonal fluctuations and rising home mortgage rates.
Cecil County Real Estate continues to transition towards a more balanced market where both buyers and sellers are able to negotiate favorable deals.
Local factors making Cecil County a Hot Spot for motivated homebuyers:
- Cecil County has long been a sleeping giant when it comes to real estate opportunities.
- I-95 makes Cecil County easily accessible to Baltimore, Philadelphia and Wilmington.
- Cecil County is poised for a surge in employment opportunities.
If you own a Cecil County Home that you’re thinking about selling next Spring or after the Holidays – you might want to rethink your strategy. There’s every reason to conclude that there are qualified buyers in the market. At the same time, the demand for Cecil County Homes continues to outweigh the supply.
Keep in mind, these numbers include home sales for Cecil County overall. The county has a large variety of home types and neighborhoods. Not all zip codes are performing as well as others.
If you have questions about Cecil County Homes For Sale, call or text me at 410-218-6533.
How Much is Your Cecil County Home Worth in Today’s Market? Click here to provide your address and contact information. I will get back to you with a valuation of your home after researching current listings and recent sales activity in your neighborhood.
There is no charge to you – the Homeowner.
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All information was obtained from MarketStats by Showing Time. Data Source: MRIS.
Home sales from the following Cecil County Markets are reflected in this report: Elkton Real Estate, North East Real Estate, Rising Sun Real Estate, Port Deposit Real Estate, Perryville Real Estate, Conowingo Real Estate, Earleville Real Estate, Colora Real Estate, Chesapeake City Real Estate, Warwick Real Estate, Cecilton Real Estate, Elk Mills Real Estate, Charlestown Real Estate, and Fair Hill Real Estate.