Carroll Real Estate took a big leap forward in 2013, with the areas of Eldersburg, Sykesville, Mt Airy and Finksburg leading the way. Gains were seen across the board in the rest of the Carroll County including Westminster, Taneytown, Hampstead and Manchester.
Picking up on the gains from 2012, 2013 saw double digit increases in some key statistics. Below is a brief summary:
Total Dollar Volume- up 17%
Number of units sold- up 11%
Days on Market- down 27%
Average Sold Price- up 5.5%
Carroll County finally broke through the $300k market on average sold price to $300,587. It’s been 7 long years in the wilderness since we saw that number. Days on Market is now down to 91 days, a little longer on properties north of Westminster and a lot shorter the farther south you go in the Carroll County towards Eldersburg and Sykesville where the average is 61 days. In the whole county last year, 42% of all properties, sold in 30 days or less. (On a personal note, my average days on market for my listings in 2013 were only 22 days!)
You might be asking how does this information impact “me” as a Buyer or a Seller in 2014??
If you’re a Seller and you bought your property before 2005 (and didn’t re-finance taking money out of your home) you might actually walk away with some money from the sale of your home! Each situation is different depending on how much you put down of course. Buyers continue to be picky wanting properties “fresh & clean”, de-cluttered, and turnkey ready. 2014 (I believe) will be a year of “in-county” move ups. We haven’t seen a lot of this in recent years as the majority of sellers were moving out of Carroll County and the buyers were moving into Carroll County for the first time.
If you’re a Buyer and you want to be in Carroll County- make sure to have your financial ‘ducks in a row’ and get pre-approved. The lending world continues to evolve with new rules enacted in January of 2014. Interest rates are currently in the low 4% range, with crystal ball readers predicting 5% by 2015. One thing to keep in mind this year, there is a difference in being “pre-qualified” and “pre-approved”. We’re starting to see lenders pushing “pre-approvals” and offering to have you ready to go to settlement within 2 weeks. This is new on a broad scale, mainly due to the new 2014 lending regulations. With the average days on market continuing to get shorter AND the available housing inventory continuing to shrink, the nice homes are moving fast. If you find a property that meets most of your needs, you need to make an offer- then you need to attach your lenders “pre-approval” letter to show the seller you are serious and ready to go. If you’re in competition for a property, having that all important piece of paper could be just the thing that gets you your dream house!
My name is David Post and I’m a full time Realtor here in Carroll County Maryland. If I can assist you or someone you know in either buying or selling a property in Carroll County or any other nearby county, please call me direct at 410-984-2221 anytime. This is what I do and this is what I love…. Real Estate!