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Spring 2012 Market Update
If you can qualify, now is an exceptional time to buy a home in Elkridge. Low rates with stable home prices makes a home purchase a great value! Call now for more information at 443-474-1253
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| Average Home Price | $275,000 - View Graph Trend |
| Average Price Compared to Last Year | Down 0-5% |
| Average Time on Market | 60-90 days |
| Best Selling Price Range | $200,000 - $249,000 |
| Worst Selling Price Range | $400,000 - $449,000 |
| Prices As % of Asking Price | 85-90% |
| Existing Home Prices for the past 90 days are? | No Change |
| Market Trend | No Change |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Buyer Activity for the past 90 days in Elkridge is | Increasing |
| Seller Activity for the past 90 days in Elkridge is? | No Change |
| Multiple Offers? | Yes |
| Multiple Offers Commentary | If the property is priced below current comps (sold 90 days or less from current date) by 5-10%, multiple offers sometimes occur |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 20-25% |
| Is Financing Available For Qualified Buyers? | Yes |
| Comments on Financing For Qualified Buyers | Interest rates are still low, but there are signs it may start creeping up in the near future. |
| Housing Inventory | Good supply - Some Prices |
| Inventory Comments | Many properties available in all price ranges and styles. |
| Greatest Activity | First Time Buyers |
| Reason to Buy/Sell | Job Growth |
| Nearest Metro Area | Baltimore |
| Housing Hot Spots | Most cities within the Howard County area are considered ’Housing Hotspots’ |
| Average Sold Price | $275,000 - View Graph Trend |
Elkridge Local News
Agent quarterly survey shows growing optimism toward a housing market recovery
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
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Mortgage Rates
– May 28th, 2012 –
---------------------------------
30 yr. fixed rate: 3.82%---------------------------------
15 yr. fixed rate: 3.11%
30 yr. jumbo rate: 4.38%
15 yr. jumbo rate: 3.61%
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