In 2018, a total of 3903 Harford County homes sold – meaning they went to settlement and there was a transfer of title to new owners. The number was up slightly, .57%, from 2017 when 3,881 homes sold. Looking at the county overall, the average selling price in 2018 was $280,583 – the number was up 2.24% from 2017.
How is the Harford County Real Estate Market doing as we move into the new year?
Let’s start by comparing market data from the Months of December, 2018 and December, 2017:
|Average Days on Market||96||68|
|Median Days on Market||60||43|
|Average Selling Price||$295,224||$257,303|
|Median Selling Price||$265,000||$219,000|
|Selling Price to Original List Price Ratio||96.2||94.6%|
|New Pending Sales||228||241|
|Months of Inventory||2.52||2.27|
While some of the comparisons above appear to indicate otherwise, Harford County remains in a strong seller’s market.
Even though Average and Median selling prices are lower in December of 2018 than they were in December of 2017, we saw a reverse scenario in the November Report where both values were higher. When correlating real estate sales data, it’s important to look at patterns over periods of time longer than a month. Most Harford County homes appreciated in 2018.
Month’s of Inventory is a powerful metric to use when evaluating the status of real estate markets. Given the current pace of home sales, every listing in Harford County would sell in just 2.27 months. The county remains in sellers market – meaning there are more buyers than there are homes listed for sale.
Location, Location, Location
Harford County encompasses a diverse geographic area with a large variety of communities, home value ranges, and home types including detached homes, townhomes, and condominiums. While a few zip codes depreciated in 2018, others saw significant gains in home values.
If you are thinking of selling your home in 2019, its location will have some have some affect on its value and the length of time it will take to sell.
To give you an idea of what to expect, let’s break down each zip code in Harford County by:
- average selling price 2018,
- % change in average selling price from 2017,
- and the average number of days homes stayed on the market in 2018 before going under contract.
|Sold Price||From 2017||D.O.M|
|Bel Air, 21014||$296,532||.30%||59|
|Bel Air, 21015||$329,653||2.18%||59|
|Havre de Grace, 21078||$271,009||1%||79|
|Forest Hill, 21050||$343,070||-2.04%||64|
|White Hall, 21161||$413,120||-1.91%||86|
Two zip codes (Bel Air, 21014 and Abingdon, 21009) were tied for most active in 2018 – each with 633 homes sold. Bel Air, 21015, was in third place with 466 homes sold. Aberdeen, 21001, was next with 348 homes sold.
Is this a good time to sell my house?
In a word: Yes! Typically, home sales tend to slow down in the fall and winter, then amp up again in the spring and summer. The traditional thinking has been that most families don’t want to move their kids in the middle of a school year – particularly if the kids will have to change schools. But, there are exceptions to every rule.
The winter of 2019 has proven to be different so far. Last fall the real estate industry was braced for a period of unpredictable and rising interest rates. The opposite has happened, rates have lowered to favorable levels – at least for now. Previously motivated buyers that took a wait and see approach last fall are actively looking for homes now that interest rates have improved. Also, Harford County listing inventory levels are relatively low, meaning there are fewer choices for buyers – a good thing for sellers.
Whether or not you should sell your home now or wait a few months until Spring is entirely up to you, but don’t be swayed by what the real estate market has done in the past. It is definitely a good time to put your Harford County home on the market regardless of the cold weather.
There are several guidelines that any seller should follow before listing their home. These include fixing any known problems and thoroughly decluttering the home. To get top dollar for your home, it will need to be in meticulous condition both inside and out. Two extremely important elements to consider when marketing any home are Curb Appeal and Web Appeal. By Curb Appeal, I mean the visual appearance that greets buyers when they first drive up to your home. By Web Appeal, I mean the online photography of your home used to entice buyers to take the next step and schedule a tour.
For more info about getting your home ready to go on the market, see: 4 Tips To Prepare Your House, And Yourself, Before Listing.
Why don’t some homes sell?
As strong as the Harford County real estate market was in 2018, there wasn’t a buyer for every home listed for sale. I’m talking specifically about the listings that expired or were taken off the market by frustrated sellers. Off course, it’s impossible to speculate why a house didn’t sell. Obviously, something went very wrong.
When a home doesn’t sell, it’s very often due to pricing or condition. I feel that many homes don’t sell due to the poor quality of photography used online. Sometimes it’s the choice of real estate agent. Sometimes it’s the lack of chemistry between the sellers and their real estate agent. When listing a home, I often explain to sellers that I will be a part of their family for many months to come – so it’s important that we get along and understand each other. Keep in mind, most expired/withdrawn listings sell after being relisted with a different real estate agent with a different approach.
If you find yourself in this situation, take a couple of minutes to read: Why didn’t Your House Sell?
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 free valuation of your home 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.
I hope you found this post helpful if you are thinking about selling your home.
All information was obtained from MarketStats by Showing Time. Data Source: MRIS.