Real estate sales did increase slightly in July in Havre de Grace, MD, with 18 homes changing hands, up from 17 from last year. On the other hand, the time on market actually jumped from 140 days to a depressing 178 days, suggesting that homes are probably a bit overpriced. I also think that the number of short sales and foreclosures was a bit less in this zip code, since the average sales price for a home in Havre de Grace was a rather strong $232,194.
Another strong component was the number of listings, which, while still rather high, did decrease from 206 last July to a more stable 165 this past July. This represents a little more than 9 months of inventory- still more than 2 times the amount that would indicate a healthy real estate market in Havre de Grace.
So what if the Lock House Museum got listed for sale? Would that give the slumping market a boost? Would there be a bidding war for the historic, waterfront property? Probably not, since it’s a museum, and reserved for teaching history, but the point remains. When will the market start a more rapid acceleration? In my opinion, when home prices settle a little more, and the quality of inventory improves to the standard of the average buyer in the Havre de Grace real estate market.
Learn more about the Havre de Grace, MD real estate market by searchingwww.scottmillerrealestate.com.
