Is Low Housing Inventory now the new trend?
Yesterday I was showing a home to one of my clients. It was a nice modest home in a quaint enclave of like townhomes. As I always do, I pull recent sales to acclimate myself with the history of the neighborhood before showing the home. This helps me ascertain if the home we are going to see is at level with recent comparables in regards to price, fit and finish. It struck me as odd that this home was priced $50,000 more than the most recent sale which was about 3 months ago where prices were averaging in the mid $200s. The photographs with the listing were similar to the recent sales and nothing stood out to make this home any more special than that of the previously sold homes.
After we toured the home, my client wondered what the activity was on this home which had only been on the market for 4 days. I learned that this home already had 2 offers and a third was pending!
I share this story only to underscore not only what is being experienced here, but nationwide. Housing inventory is down from this point last year. In the Baltimore region, inventory is down 24% compared to last year. The Maryland suburb region is down a whopping 43%!
– Howard County is down 34.8% Howard County Dec 2011 2012.
– Anne Arundel County is down 22.4% AA County Dec 2011 2012.
– Baltimore County is down 26.6% BC County Dec 2011 2012
– Montgomery County is down 37% MC County Dec 2011 2012
– Prince Georges County is down 47.7% PG County Dec 2011 2012
Realtor.com had a recent article highlighting this trend in other cities such as Denver, Portland, Seattle, LA and New York.
This townhome we saw was priced $50,000 more than the most recent sale. Supply and demand.
About Chris & Debbie Weymouth, The Weymouth Group, LLC: Your number one source for Maryland Real Estate Blogs, News, Videos, and more! Chris Weymouth, Your Luxury Home Realtor.You can download the NEW Weymouth Group (click on link) MLS Search App for FREE! Just text from your smart phone TWG to 87778 and start searching like a PRO! There is no other app like it. Search real time, get home information, pictures all from your phone. It is FAST and easy.
Chris Weymouth, Director, Certified Luxury Home Marketing Specialist, CLHMS and Debbie Luber Weymouth, Manager, have marketed and sold over 4000 homes in Maryland since 1983. Expertly trained and award winning agents, they are leaders for The Weymouth Group at Keller Williams that has been recognized by their peers as one of the best in the business. Chris Weymouth is ranked in the top 1% at Keller Williams Select Realtors, top 1% in Howard County and Maryland among Realtors. Serving Central Maryland and all our friends and family for almost 60 years. Need a Luxury Home Marketing and Buyer Specialist in Howard County (Ellicott City, Woodstock, Clarksville, Marriottsville, Fulton, Laurel, West Friendship, Glenelg, Columbia, Elkridge, Dayton, Mt. Airy, Woodbine and more), Carroll County (Elkridge & Sykesville), Baltimore County (Catonsville, Woodstock, Owings Mills, Pikesville and Reisterstown), Anne Arundel County (Pasadena, Severna Park, Hanover, Severn, Glen Burnie, Annapolis and Odenton), Prince Georges County (Bowie & Laurel), Montgomery County (Silver Spring, Olney, Bethesda and Sandy Spring) or Harford County? We Know This Market! Then call Chris at 443-280-1922 or email firstname.lastname@example.org