Aberdeen, MD Real Estate for June 2012

The real estate market in Aberdeen, MD showed some positivity in June, 2011, although the local economy still has some improvement to make. The number of homes that sold increased 10% from June 2011, although it took 33% more time for sellers to find their home’s buyer.

The average list price is down slightly; from last June’s $184,532 to $172,704 this year. This reduction has been a necessity, since home sale prices have taken even more of a dip recently. The median price of a sold home in Aberdeen, MD during June of 2012 is 16% lower than it was during the same month only a year ago. Of the homes that sold this June, 32% were distressed sales, with 67% of those being short sales (as opposed to foreclosures). This is almost exactly opposite to last year, with 25% of the sales being distressed, of all which at that time being foreclosures. For Aberdeen, MD, it is apparent that the obvious factors are what are continuing to facilitate the housing market. The strong presence of active and former military members shows in the housing figures for the area, with 27% of the homes sold last month being financed through the use of a VA loan.

Aberdeen, MD Real Estate for March, 2012

Initially, when I first saw the Aberdeen, MD real estate figures for this month, I did what is natural to me as an optimist- I tried to find a way to spin the numbers.

They were pretty putrid. Only 12 homes sold in the Aberdeen, MD zip, down from the 23 that changed hands last year during the same month. This drop represents a 47.83% drop. When I saw this, I thought, “there is an explanation; the amount of inventory has dropped proportionately.” I was wrong. The inventory did fall off pretty considerably- by 37.36%- but not by as much as the number of homes sold. I didn’t give up that quickly. I looked at the data a little more closely, knowing that there must be a reason for this morbidity. Then I came across the loan type information, which shows exactly that- the type of loan used by home purchaser. I noticed that seven of the 12 homes that sold in Aberdeen, MD utilized the FHA loan, the preferred type for the first time homebuyer. Then I saw that three had opted for the VA loan, and only two had gone conventional. There were no cash deals. So it would seem to me that most of the activity involved first time homebuyers, and move-up buyers still seem to be sitting on the fence. Are they going to sell their home and buy something else soon? Are home prices going to rebound so they can do so? If you are a prospective home seller, sign up here for more information about data for your neighborhood.

Aberdeen MD Real Estate February 2012

Even though total active listings dropped by 43%, sales still increased this February for real estate in Aberdeen, MD by 33%! The median sale price also jumped, going from $101,500 to a healthier $159,375. Of the homes that sold, only 2 were either foreclosures or short sales, compared to the 4 that transferred in Aberdeen last year.
To continue with the trend, new active listings dropped 44% as well, but we can expect more sellers to put their homes on the market as they see evidence that the market is improving. Call me at (443) 866-6728, email me at scott.miller@century21.com, or visit my website at www.scottmillerrealestate.com for more information about selling in this market.

Aberdeen MD Real Estate December 2011 & Year End

With the New Year upon us, it is now time to start to evaluate what we can expect out of the economy in 2012. Nationwide unemployment has slimmed down to 8.5%, and housing has started to show signs of life. Although the banks are expected to release a large number of foreclosed properties to the market, interest rates are still quite low, and because home prices have been so reasonable, affordability is at an all-time high. Home sellers can also expect to take advantage of this market, since they will make out better when they purchase a new property, in spite of the fact that they may not get as much as they’d like from the sale of their existing home. It’s a balancing act.

Speaking of balance, it is almost as if the real estate market has reached- and is passing- the bottom of the trough that we’ve been dealing with for the past four to five years. In Aberdeen, MD, sales actually improved in December over the same month a year ago. This increase- albeit modest- has occurred for two consecutive months, and there are no indications that the trend will not continue.

19 homes got new owners during the month in Aberdeen, transferring at a median sale price of $195,000, which is up over 13% from the same month in 2010. It took 24% less time to obtain a buyer, with the average time on market being reduced to 146 days. The total number of properties currently listed is lower as well, with 129 properties available for sale. Of the 19 homes that sold, nine were either short sales or foreclosures, which is one more than the eight that changed hands last year.

The fact that the economy has started to climb out of the slump is only evident in the way that the market finished out the 2011 year, since the overall total sales for the Aberdeen, MD real estate market were almost identical to what they were in 2010. At year-end, there were 196 homes that sold, up ever-so-slightly from the 195 that sold in Aberdeen, MD in 2010. The leveling of sales may indicate that we are poised for a surge that might be beginning in the Spring of 2012. Feel free to contact me at scott.miller@century21.com or by visiting www.scottmillerrealestate.com.