Aberdeen MD Real Estate May 2011

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

www.buyamarylandhome.com

Coming Soon for Commercial Real Estate:

www.commercialspaceplace.com

Aberdeen MD Real Estate: March '11

The market started to heat up in Aberdeen, MD during March, 2011- the most recent month for which complete data is available. 23 Homes sold in the town during that time, which was actually an increase of 15% over the same time during March a year ago. The average home price was $145,000, and the average amount of time that it took to sell the homes was 147 days.

The investors were definitely out in droves, taking advantage of the low prices that are still prevalent in the market. 10 of the 23 homes that sold in March were cash deals, 6 were conventional, 5 of the buyers used FHA financing, and 2 benefited from a VA-insured loan. This shows that much of the buying is opportunistic, but that we should expect the rate of owner-occupant purchasing to increase as the economy improves.

Other Links:

www.scottmillerrealestate.com

www.aberdeeenmarylandrealestate.org

www.buyamarylandhome.com

Aberdeen MD Real Estate: February '11

It looks like the real estate environment for Aberdeen, MD can be defined as being "hot for investors." The total number of units sold was up by a whopping 125%, and there were actually more all cash deals than there were FHA financed properties during February. The average sold price was down 44.75%, which actually doesn't indicate a slump, but rather, shows that more first time home buyers were in the market than the year before. There was also an above-average number of foreclosures in the market that, at a modest value, encouraged people to come out and spend on homes that they might not otherwise have. Ultimately, we will see a resurgence in the activity for homes in the higher end of the market, along with what will be taking place in the new home sector.

www.scottmillerrealestate.com

www.aberdeenmarylandrealestate.org

Explosive Growth in Aberdeen, MD

BRAC is fully underway, and it looks like the Harford County area is finally starting to feel the impact. The development seems to just be getting started along route 22, and the schools are getting enrollment increases that no one seemed to have been ready for.

The new home builders are getting off the fence, ramping up production for the upcoming influx, and private home sellers are preparing their places for what promises to be the busiest selling season in at least 4 years. While home prices took a bit of a dip during 2010, they are expected to rebound strongly in 2011.

There is still time if you are a buyer, but not much. Interest rates are on the rise, and home prices are still low, but they are going to strengthen tremendously over the coming months. Have you been looking, but haven't found the exact home you've been looking for? Be ready to make a small compromise, because the "perfect home" doesn't exist. No time for waiting any more- we've already seen the lowest prices and lowest rates that we will see- ever. Take advantage of what is still a strong buyer's market while you can.

www.scottmillerrealestate.com
www.buyamarylandhome.com
www.aberdeenmarylandrealestate.org
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