Harford County Maryland, Real Estate Market Update, February 2024
I’m back with a new “How’s the Market?” update so if you’re a homeowner in Harford County, Maryland, or planning to become one, I’m going to be sharing the latest real estate market trends from February 2024. We are seeing the Spring market start to show itself, so make sure you stick around to the end of this blog so that you can take advantage of some hidden opportunities whether you’re thinking about buying or selling.
Alright, overall in February there were still 3 months of supply available in Harford County, which, if you have been watching the updates you will know this has stayed the same for a few months now. We are still in a seller's market territory, at 3 months of inventory which is actually a bit of a surprise for me considering out in the field I am seeing less inventory than I ever have. Last month in January we were also at 3 months of inventory. Months of supply tells you how many months it would take for all of the homes currently on the market to sell, given the average sales volume. 4-6 months of inventory indicates a more balanced market, less than 4 months means there’s not a lot of inventory available which can drive prices up. More than 6 months of supply means there are lots of properties available for buyers to choose which can drive prices down.
Average Sale Price
The average sale price for a home in Harford County is $357,759 but keep in mind that is the average across all areas. That price is up, from this time last year, at $337,702 in February of 2023 and is also up from $349,070 in January of this year. This number has increased from last month which makes me think the Spring market is on it’s way. This is also up $20,000 since 2023 so that shows that this market is still certainly booming for sellers. Something to remember is that these numbers encompass all of Harford County. But only time will tell on how this continues. This still might be a great time to take advantage as a buyer though because if interest rates go down that number has a chance of continuing to climb.
List to Sale Price Ratio
Moving along, the average list-to-sale price ratio was 100% in February. That simply means that properties were selling for 100% of the list price. So it seems bidding wars and quick sales are still occurring, however, this is down from January’s drop of 101.9%. This is up from February 2023 of last year which came in at 99.3%. So that being said people are still paying over list or the list price but I do think this is going to be a different story come March.
Days on Market
So in February, the number of days on the market is at 32 days which is the same as January’s average of 32. That is also the same from last year which was at 32 days as well. As you can see the days on the market are staying balanced.
Interest Rates
OK if you’re thinking about buying real estate in the near future, mortgage rates today have started inching downward to around 6.5%-7% depending on your situation. These can change daily either higher or lower and have lowered from last month.
Summary
So in summary when you look at November's market statistics, we are seeing a stabilization take place. The months of inventory have stayed at 3 months which is truly a bit of a surprise for me considering the inventory has been trickling onto the market in my eyes. However, we might see that hit in December’s numbers. The average sale price has decreased slightly with the list-to-sell price ratio increasing and the days-to-sell average increasing as well. So the question lies in what will occur in December? Historically, the winter market should be rolling in but at this point we aren't seeing that data. The fall market never really came to fruition this year but the normal drops we see around the holiday season I haven’t seen either. With inventory still remaining low the likelihood is we will remain somewhat stable. Being out in the field has made me notice that homes are not being listed like they were. This might have us see an uptick in the average sale price or list to sale price ratio in December. If the interest rates continue to fall we might not even see a winter market. Either way, one really important thing to understand is that these numbers encompass all of Harford County which doesn’t mean that this is happening in every neighborhood. Right now could still be an excellent time to purchase a home if the market does in fact rebound in the future, and if you are looking to sell depending on where your home is located, it could still be a good time to sell or it might be worth it to wait.