Although the real estate market in Aberdeen isn’t setting any records right now, in February, there were some improvements that we haven’t seen over the past few months.
Total sales that closed in Aberdeen increased by 33 percent from last year, but the time it took them to sell increased slightly to 156 days. The median sale price climbed up a few notches to $159,375 from a lowly $101,500 from last year. The number of active listings is down considerably, dipping from 181 last year to only 103 this year. The effect of this drop has been evident to those buying, since, despite having such favorable conditions to buy, they have had little to choose from.
Even though we’ve heard so much about the “glut of foreclosures that are about to hit the market,” we still haven’t seen it. Last year, 44 percent of the homes that transferred in Aberdeen, MD were some form of distressed property, while in February of 2012, that number dropped to 17 percent.
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Rates are still low, and since inventory has fallen so much, it is likely that the market will begin its trajectory upward. If you have been considering the sale of your home, let me know by calling me at (443) 866-6728 or emailing scott.miller@century21.com so I will be able to help you truly evaluate the market. You can also visit www.scottmillerrealestate.com if you are thinking about buying.