Harford County, MD Real Estate June 2011

I can’t even lie; the market in Harford County was a bit dismal in June of 2011 when compared to June of 2010.

Sure, some transactions did take place, and the volume of sales didn’t grind to a complete halt, so there is something to be grateful for. Search traffic for real estate in Harford County MD actually rose significantly on www.scottmillerrealestate.com, so it shows that activity is still moving, however horizontal.

It is also worth noting that while last year’s first time home buyer’s tax credit expired at the end of April, those buyer’s weren’t required to settle on their homes until prior to June 30^th, 2010. This would explain why this year’s sales are slightly weaker than last year’s.

Home prices still look rather weak, with the median price of homes sold in Harford County being $224,000, down from $260,000 a year ago. The decrease in sales prices did occur toward the end of last year, after the benefits from the tax credit disintegrated.

A whopping 12% of the transactions that took place in Harford County real estate in June 2011 were cash deals. An impressive 40% were conventional loans, 35% were FHA, and about 10.5% were VA deals. It shows that investors still ruled the market, and that cash is king as usual, since the majority of the deals required a decent amount of cash to get done.

It will be really interesting to see next month’s report, since it is being compared to the period in 2010 post-home buyer’s tax credit.

www.scottmillerrealestate.com

Harford County Real Estate May2011

Although we may have all been expecting a powerful rebound this year in the housing market- especially in Harford County- we are still seeing rather sluggish activity. Despite the impact from the Base Realignment and Closure (which is all but just about over), we have had rather stagnant overall numbers. While my own personal numbers are at a 50% increase over the same time last year, I find that to be more related to the reduction in competition, since the market overall is still struggling to recover from the mortgage meltdown from a couple of years ago.

The change in new listings is up by 12.1% in Harford County, MD from May of last year, and at the same time, the number of closed sales is down a whopping 19.1%. This is primarily due to last year’s pending expiration of the first time homebuyer’s tax credit, which is more and more seeming like it could have only prolonged the pain. Additionally, Congress, along with a number of federal agencies, have been cooking up a scheme that would make mortgages even more difficult to get (visit www.scottmillerrealestate.com for more information).

The amount of total inventory is actually up from last year’s 6.32 months to the current 7.39 months of inventory. Upon looking at last year’s figures, while factoring in the idea that the recession had supposedly ended, it had been presumed by many that this year’s numbers would be putting last 2010 to shame. Mortgage rates and home prices in Harford county are still profoundly attractive, so it would be best to take advantage of the current real estate market by visiting www.scottmillerrealestate.com.

Harford County Real Estate- April '11

The market in Harford County overall wasn’t as good as some of the other areas in the County during the month. The total sales volume and the total number of sales both took a slide since the same month a year ago. The median sales price decreased slightly, and the average days on market increased by 14.4%.

As simple as it may seem, the weather may be to blame for the sagging numbers, We had some wretched conditions to shop for homes in during February and March, which is why April’s sold numbers are so low. As the season progresses, we can expect the numbers to improve. For more information about the market in Harford County, visit www.scottmillerrealestate.com or http://www.facebook.com/pages/Scott-Miller-Real-Estate-with-the-Century-21-Curry-Agency/304386241430.

Total Sold Dollar Volume	$57,147,304	-18.73%	+11.46%
Closed Sales	226	-17.82%	+8.13%
Median Sold Price	$223,450	-0.69%	+6.4%
Avg Sold Price	$252,864	-1.11%	+3.08%
Avg Days on Market	143 days	+14.4%	-2.05%
Avg Sold to Orig List Ratio	88.94%	-3.58%	-1.76%

Harford County Real Estate- March '11

The market in Harford County has pretty much done what has been expected by many of us in the real estate community. We have been watching the home prices drop like crazy, and subsequently, have noticed the number of unit sales going up. The interest rates have stayed relatively low, which has helped the market in many ways, and the economy has been benefiting from BRAC, although its impact has not been as profound as expected.

The number of closed sales in the county during March 2011 was 209, up almost 15% over the same time in 2010. Encouraging that fact was the fact that the median sold price was down almost 8%, and the number of days it took to sell a home was up as well. In other words, buyers are taking their time to make the right decision, and as a result, are benefiting from getting the best deal of their lifetime.

Other Links:

www.scottmillerrealestate.com

www.aberdeenmarylandrealestate.org

www.buyamarylandhome.com

First Time Buyer's Assistance

Did you know that there were still programs out there that would provide you with funds toward the purchase of your first home? The money can be used toward your down payment, settlement costs, or both. The best part is that since the home prices and interest rates are still so low, you will most likely be paying less for a mortgage than you are for rent!

What's the catch? Well, there are some income requirements that need to be met, and a few other stipulations. Take a look at the link below for more information, or, feel free to call me for a consultation.

http://www.mmprogram.org/dselp.aspx

Other Links:

www.scottmillerrealestate.com

www.buyamarylandhome.com

www.aberdeenmarylandrealestate.org

Some Change Has Taken Place

We have noticed a bit of a difference in what is happening this year in Harford County, as opposed to last year. Thankfully, we've seen new listings drop by 11% from the same time last year in the most recent month, which would indicate that we could be on our way back to a lower level of overall homes inventory. Although prices have dropped, and interest rates have remained low, we won't be able to truly fix the problems in the housing market until home values make a rebound.

The total number of properties under contract is higher this year, but this must be taken with a grain of salt. We have had a lot more short sales this year, and deals have fallen through on occasion because the banks are starting to experience a backlog. On the other hand, the types of deals have changed drastically. In February, of the 124 properties sold, 26 were cash deals! This goes to show that the investors have been taking advantage of the low prices, and that it would be beneficial if regular home buyers would start taking advantage of this as well.

www.scottmillerrealestate.com

www.buyamarylandhome.com

www.aberdeenmarylandrealestate.org

Harford County Real Estate- February '11

After having an extraordinary January, Harford County still saw a modestly improved February with regards to real estate sales. The total dollar volume of the 124 home closings that took place in the county was up 4.21% year over year from February 2010, and the number of transactions closed was up 7.83% from the same period. The median sold price was up only 1%, but the average sold price was down 3.36%. While this drop was rather significant, it is believed that the prices have hit a floor that they probably will not go beneath.

BRAC has been having a huge impact on the sales in the area, but the weather in February didn't help for what could have been a much more dramatic increase in activity. As the weather warms, we can expect to see a sensational rebound in the housing numbers for the area.

www.scottmillerrealestate.com

www.aberdeenmarylandrealestate.org