Health & Fitness
Housing Heats Up…But Still Not On Fire
Average Days On Market In 21146 Improving... but almost half of homes still languish on market unsold.
As you have probably read or seen on mainstream news outlets, bright spots continue to appear in the housing industry. Media outlets are eager to declare that housing has rebounded and that the market again is surging into a wave of multiple offer competitions, buyers waiving inspections and escalation clauses. But if you look deeper into the market you may find that what we’re seeing is more likely a short term correction.
In Severna Park and surrounding areas we have seen significant activity of homes selling in less than seven days on the market, homes selling prior to being activated on the multiple list and multiple offers on new listings. These phenomenon are not commonplace, though they are likely only the home sales you hear about at cocktail parties and youth lacrosse games. Of the 66 homes under contract listed in by MRIS., Inc.(our area MLS) in our 21146 zip code, only 16 have gone under contract in less than 10 days. Another 16 have been listed between 10-30 days with the rest somewhere between 31 days and 572 days.
In fact, the average days on market in the bottom half of these homes currently under contract is a whopping 187 days on market. Doesn’t sound like fire to me.
Find out what's happening in Severna Parkfor free with the latest updates from Patch.
Melissa and I have specifically seen both ends of the spectrum during the first quarter of the year. We’ve had homes under contract prior to hitting the market but we’ve also seen some of our listings languish on the market for extended periods of time.
If you can remember the ‘boom’ from ’03-06 very few homes sat on the market
at all…regardless of condition, location or price. If you listed a home it sold. This spring market of 2013 is not a boom…at least not yet.
Find out what's happening in Severna Parkfor free with the latest updates from Patch.
What we are sure of is that the fear is gone. Rational thinking in terms of appraisal and lending are coming back to the middle and sellers and buyers are more realistic than ever.
For more information on Severna Park Real Estate or even a free market analysis on your home or neighborhood feel free to contact The Murray
Home Team – mike@themurrayhometeam.com.
