Aberdeen, MD’s real estate market has been rather stagnant over the past few months. After having been the main beneficiary of the Base Realignment and Closure’s economic impact, the surge has seemed to cut back some.
In May, the number of homes sold was down by 5.26% over the same period a year ago, and the number of days on market was relatively unchanged, which decreased by 2.34%. The average list price was down a whopping 17.63%, which is likely due to the foreclosures and short sales that have plagued the market. These numbers also don’t speak to quality, so it is difficult to determine the types of properties that have sold from this figure. However, it is likely that they were first time homebuyer situations, since almost half of the buyers during this period used FHA loans.
People who like to negotiate for a good deal were trying their luck during May. The average sold to list price ratio was down significantly to 79.7%, which is far under the average for the county as a whole. This means that home sellers were pricing on the high side of their homes market value and accepting a lot less than they had originally wanted.
The positive sign is in the pending contracts and homes that are already under contract. The number of pending sales is up 145%, while the number of homes under contract is up 185%! This is almost certainly due to the amount of short sales, since they tend to take longer than others, thereby causing an increase in the amount of pending sales.
For more information about how to navigate the Aberdeen, MD real estate market, feel free to contact me at scott@scottmillerrealestate.com or by visiting www.scottmillerrealestate.com.
Other Links:
www.aberdeenmarylandrealestate.org
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