The market in Aberdeen, MD, actually improved over November of 2010, albeit, rather modestly. Home sales increased by one from 13 last year to 14 this year. The average amount of time it took to sell a home dropped drastically from 194 days to a more reasonable 108 days. This is probably due to the fact that more than 50% of the homes sold last year during this time were either foreclosures or short sales, but this year, that rate dropped to under 25%. One of the unique facts about the homes that sold in Aberdeen during this past month was that they were all detached- none of them were condos or townhomes.
Most of the homes sold were priced on the average, which was $181,000. The lowest price home sold was $36,000 (a small short sale near Hillsdale), and the highest priced home was a beautiful, brand new colonial in the newest single family community of Eagles Rest (see picture).
Of the homes sold, 5 of the buyers used conventional financing, and 5 also used VA financing. This is a change from past months where investors were the only buyers, paying cash for everything that they bought. It seems to be that lending may be loosening, because new contingent contracts were up by 225%! Although not all of these will translate into purchases, many of them will, and that should drive sales upward, at least partially.
For more information about purchasing real estate in and around Aberdeen, MD, call Scott Miller at (443) 866-6728, email him at scott@scottmillerrealestate.com, or visit his website at www.scottmillerrealestate.com.
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