Harford County, Maryland ~Market Report Featuring Days on the Market.
Is real estate like a banana? Lets look at days on the market.
During the few days the banana is fresh and appealing, no pun intended, delicious yummy and pack with good stuff, just like a new home on the market during the first two weeks. Anyone who is hungry for a banana will surly give this one a look. If it’s in a bunch of six equally fresh bananas it’s got a 1 in 6 chance of getting devoured.
Now, let the banana sit in a bowl on the counter. The more days that pass, the uglier that banana appears. Some new bananas are added to the bowl, so there are two of the originally bunch left and six new ones. You come in, hungry for a banana, which one will you choose?
Regardless of a buyers experience in the real estate market most have one question in mind... “How many days on the market?” The number of days on the market tells a story, whether fact or fiction it is buyer perception. If the days on the market are above average, in Harford Co. 121 days, the buyers assume (never a good idea) that the property has issues or is overpriced. Both of those ideas open the seller up for questions, negotiations and lower than list price offers.
Depending on the buyer, a property having “issues” can be an opportunity or a deal breaker. Being overpriced can be negotiated however, it’s possible, even likely that the seller is unrealistic and “needs” a specific amount of money from the property. When a seller “needs” a specific amount of money from a property, red flags go up for me as an agent. That’s a blog for another day.
This interactive chart shows days on the market by price range.
Pricing your home correctly from the first day on the market is key to a successful sale. If the house is overpriced it will likely sit on the market and not get the proper attention from buyers and result in a lower than desired contract price.
Harford County, Maryland consists of 23 zip codes. These statistics are based on county wide numbers. Real estate market reports can be viewed in many ways.... national to local, even hyper-local. It’s important to understand what statistics you are dealing with.
Units Sold ~ 121
New Pendings ~ 180
New listings ~ 276
Active Listings ~ 1171
Average Sold to Original List Price Ratio ~ 91.2%
Closed Sales ~ 121
Median Sold Price ~ $225,000
Avg. Days on the Market ~121
Harford County, Maryland~ Market Report Featuring Days on the Market