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 30th, 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.
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