It doesn’t seem like there has been much action in the 21078 this year. While sales have steadily declined as BRAC starts to wind to a halt, it has been extremely clear in the Havre de Grace Area.
The number of units that changed hands during the month was down an astonishing 50% from last year, dropping from 26 to 13 at a time where we all expected to be I a much better market. The average sales price did increase slightly from $294,734 to $303,805, and with that, it actually took an average of 13 less days to sell a home in the riverfront city.
This may be due to a couple of different factors. Government uncertainty led the way, since there have been numerous concerns surrounding a variety of programs. Also, inventory decreased by almost 20%, so there were just less homes to choose from. This might be attributed to the lack of foreclosed properties on the market as compared to a year ago. Finally, the new regulations for underwriting Government-backed loans have made buying prohibitive for some. While in the past couple of years we have seen first-time homebuyers leading the market as far as number of buyers, this was not the case in Havre de Grace during August. Of the measly 13 homes that sold, 7 used a conventional loan, which means that most people who bought had to have higher credit scores than normal, along with more cash to put down.
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