Housing Inventory Snapshot

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date. Housing Inventory Snapshot January 28, 2015 Average List Price for active listings Median List Price for active listings Average DOM: active/sold Allegany County, MD Single Family under $180K $89,830 $88,000 183  / 163 Single Family over $180K $291,827 $259,500 253  / 455 Condo/Townhome under $300K $79,138 $72,000 339  / 63 Anne Arundel County, MD Single Family under $500K $322,683 $324,900 127  / 131 Single Family over $500K $953,461 $699,000 180  / 157 Condo/Townhome under $300K $181,772 $200,900 129  / 162 Condo/Townhome over $300K $438,555 $389,500 106  / 117 Baltimore City, MD Single Family under $500K $199,471 $189,500 123  / 127 Single Family over $500K $896,651 $698,500 144  / 82 Condo/Townhome under $300K $108,837 $94,900 135  / 130 Condo/Townhome over $300K $486,725 $399,000 120  / 109 Baltimore County, MD Single Family under $500K $248,056 $229,900 127  / 129 Single Family over $500K $932,016 $695,000 173  / 133 Condo/Townhome under $300K $120,594 $110,000 130  / 124 Condo/Townhome over $300K $458,833 $379,990 109  / 103 Calvert County, MD Single Family under $500K $294,660 $293,763 162  / 167 Single Family over $500K $725,929 $599,900 249  / 250 Condo/Townhome under $300K $220,406 $229,900 149  / 157 Condo/Townhome over $300K $360,210 $329,000 339  / 40 Caroline County, MD Single Family under $500K $190,875 $179,000 234  / 126 Single Family over $500K $789,553 $735,000 209  / N/A** Carroll County, MD Single Family under $500K $310,436 $305,000 142  / 148 Single Family over $500K $728,827 $639,900 153  / 233 Condo/Townhome under $300K $174,885 $175,900 109  / 106 Condo/Townhome over $300K $338,420 $323,990 87  / N/A** Cecil County, MD Single Family under $500K $251,833 $249,900 160  / 185 Single Family over $500K $997,046 $799,000 303  / N/A** Condo/Townhome under $230K $128,430 $129,900 136  / 124 Charles County, MD Single Family under $500K $307,449 $305,000 146  / 136 Single Family over $500K $801,932 $599,990 199  / N/A** Condo/Townhome under $300K $174,962 $169,900 105  / 113 Condo/Townhome over $300K $323,050 $324,900 105  / N/A** Dorchester County, MD Single Family under $500K $182,646 $158,800 234  / 105 Single Family over $500K $1,240,576 $689,900 309  / N/A** Frederick County, MD Single Family under $500K $312,969 $314,900 139  / 132 Single Family over $500K $746,458 $619,990 141  / 194 Condo/Townhome under $300K $201,422 $195,700 99  / 124 Condo/Townhome over $300K $372,356 $371,533 99  / 109 Garrett County, MD Single Family under $500K $197,464 $158,500 220  / 191 Single Family over $500K $811,519 $644,800 300  / 414 Condo/Townhome under $300K $189,675 $207,500 271  / N/A** Condo/Townhome over $300K $386,856 $349,900 214  / N/A** Harford County, MD Single Family under $500K $296,692 $299,900 137  / 165 Single Family over $500K $748,454 $645,225 238  / 179 Condo/Townhome under $300K $176,816 $175,000 116  / 125 Condo/Townhome over $300K $399,344 $359,990 140  / 193 Howard County, MD Single Family under $500K $362,093 $369,900 112  / 122 Single Family over $500K $820,158 $705,000 172  / 156 Condo/Townhome under $300K $215,657 $232,000 103  / 101 Condo/Townhome over $300K $413,673 $399,990 80  / 151 Montgomery County, MD Single Family under $1M $546,642 $519,990 124  / 132 Single Family over $1M $2,042,559 $1,639,000 148  / 125 Condo/Townhome under $600K $280,182 $274,900 89  / 108 Condo/Townhome over $600K $1,179,827 $750,000 126  / 100 Prince Georges County, MD Single Family under $500K $286,575 $269,950 119  / 128 Single Family over $500K $665,608 $599,000 153  / 135 Condo/Townhome under $300K $147,973 $150,000 92  / 138 Condo/Townhome over $300K $465,277 $424,960 85  / 102

If you know someone who is considering buying or selling a home, please give me a call. I will provide professional and courteous service along with knowledgeable guidance through the process.

Sincerely,     Magan Marie Drane, Realtor®, ABR® Direct (410) 493-6854 Office (410) 235-4100 Fax (410) 558-6761 Magan@MaganDrane.com www.magandrane.com Coldwell Banker Residential Brokerage

The Right Price is The Right Move

I just read this article in The Baltimore Sun about the importance of the price you list your home for and it is so on point. It’s extremely important to start with the right price when selling your home. 

Starting at a price that’s too high will turn off buyers instantly. "Why is this house listed for $250k when this one with the same number of bedrooms/ bathrooms and similar size, updates, etc. is listed for $230k?" If homes most similar to yours in your neighborhood are selling for an average of $235k and you list for $250 buyers may just write your home off without ever going to see it. Not to mention you may eliminate a whole group of buyers who are only looking up to a certain price in a certain neighborhood (they most likely have an idea what homes in the area are selling for- or at least their agents will). So you're home will not even appear in their search.

Your Real Estate agent should be able to figure out just what that “right price” is for your home. There are many factors that go into choosing a good list price. Condition of the home, size, updates, neighborhod, but most important are the compariables. Comps provide you with knowledge of what other homes near you are selling for- in other words, what buyers are willing to spend.

When interviewing agents, go with an agent who seems to know the market and provides you with the best tips for selling your home. Don’t choose an agent just because they gave you the highest list price. What are the comps? Is the price realistic? Have them explain how and why they decided on that price. 

If you have any questions, feel free to contact me: magan@magandrane.com