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.
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