If you are thinking about buying, or selling, a home in Harford County, this post should be helpful.
How is the Harford 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||88||64|
|Median Days on Market||54||45|
|Average Selling Price||$259,169||$282,696|
|Median Selling Price||$237,000||$251,000|
|Selling Price to Original List Price Ratio||95.7%||96%|
|New Pending Sales||306||288|
|Months of Inventory||2.86%||2.59|
Despite the effects of seasonality and a hike in home mortgage rates, the Harford County Real Estate Market performed impressively in November. Potential sellers should be excited about the bump in Average Selling Price and Median Selling Price.
Month’s of Inventory is a key metric used to evaluate the status of real estate markets. The calculation is made by dividing the number of Active Listings by the average number of Home Sales over a given period – 12 months. For November, 2018, Harford County’s Months of Inventory shrunk to 2.59 meaning every listing in the county would sell in just over 2.5 months – given the current pace of home sales. Harford County Real Estate is very definitely a Seller’s Market as we approach the close of 2018.
The chart above shows the interaction between New Pending Sales, New Listings, and Active Listings for Harford County over the past year. In November, 2018, New Pending Sales and New Listings very nearly offset each other.
Is it possible that even greater numbers of buyers are in a wait and see holding pattern until the future of home mortgage rates becomes more predictable?
I believe it’s very possible. Once motivated buyers conclude that interest rates are as low as they are going to be in the foreseeable future, the Harford County Real Estate market will heat up regardless of the season.
Keep in mind, these numbers include home sales for all of Harford County. The county has a large variety of home types and neighborhoods. Not all zip codes within the county are necessarily performing as well as others.
If you have questions about Harford County Homes For Sale, call or text me at 410-218-6533.
How Much is Your Harford 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.
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All information was obtained from MarketStats by Showing Time. Data Source: MRIS.
Home sales from the following Harford County Markets are reflected in this report: Aberdeen Real Estate, Bel Air Real Estate, Darlington Real Estate, Edgewood Real Estate, Fallston Real Estate, Havre de Grace Real Estate, Churchville Real Estate, Joppatowne Real Estate, Perryman Real Estate, Pylesville Real Estate, Riverside Real Estate, Street Real Estate, Jarrettsville Real Estate, and White Hall Real Estate and Whiteford Real Estate.