Harford County Maryland, Real Estate Market Update, November 2023

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 November 2023.  This one comes as a bit of a surprise so make sure you stick around to the end of this video so that you can take advantage of some hidden opportunities whether you’re thinking about buying or selling.

Alright, with our first big surprise this month, overall in November there were still 3 months of supply available in Harford County, which, if you have been watching the updates you will know this is the second time this has been 3 months in a very long time.  Although we are still in a seller's market territory this staying at 3 months of inventory 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 October 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.  

The average sale price for a home in Harford County is $370,608 but keep in mind that is the average across all areas. That price is up, from this time last year, at $355,016 in November of 2022 but it is slightly down from $373,814 in October of this year.  This number has pretty much stayed the same as last month though which shows a bit of a balancing in the market for now.  My guess is the slightly higher interest rates have caused the market to even itself out for the moment.  Something to remember is that these numbers encompass all of Harford County and the price is significantly up from last year which was considered a booming market at the time. 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.

Moving along, the average list-to-sale price ratio was 102.5% in November.  That simply means that properties were selling for 102.5% of the list price.  So it seems bidding wars are back on the incline since October’s drop of 101.5%.  This is also way up from November 2022 of last year which came in at 100.3%.  So that being said people are back to offering over list which may foreshadow which direction the market is heading.  So even with the increase in interest rates the lack of inventory is still keeping that number above 100% though.

So in November, there has actually been an increase in the number of days on the market at 23 days from October’s average of 21.  That is also up from last year which was at 21 days as well.  As you can see even though we are seeing an increase in this month’s numbers the days on the market have increased as well. 

OK if you’re thinking about buying real estate in the near future, mortgage rates today have started inching downward to around 7.375%-7.625% depending on your situation.  These can change daily either higher or lower and have lowered from last month.  

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. 

So the bottom line is whether you’re buying or selling, your situation is unique and a general market update should be taken with a grain of salt.  If you want an accurate market analysis for your home or you’re thinking of buying and want to know where hidden opportunities may lie, you can either request a free no-obligation market evaluation or book a call with me to have a no-pressure conversation about your options.  I’ll always tell it like it is, so that you’re informed to make the best decision that’s right for you, based on your personal situation.  Feel free to check out my other videos and I’ll be back next month with an updated report.