Things improved in Havre de Grace real estate during September- whether compared to August 2011 or September of 2010. There were 20 homes that changed hands in Havre de Grace during the month, as compared to 17 from last year at the same time, and the putrid 13 that sold during August of this year. The time to sell actually went up slightly from 99 days last year to 103 this year- a meaningless difference. Also, and notably, the median sold price actually slid pretty considerably from $319,000 to $275,000.
Probably factoring in the sales price reduction is the number of distressed sales that took place. There were 4 foreclosures and 3 short sales during the month in the 21078 zip for a total of 7 out of the overall 20 that transferred. That represents 35% of the overall sales in the market-a trend that we can expect to continue into next year. Although the federal Government is kicking around the idea of finding a way to rent out the foreclosures that are expected to hit the market, I have my doubts about this plan (feel free to contact me any time for my opinion about this at scott@scottmillerrealestate.com or by calling my cell at (443) 866-6728.
Another item of note is the type of financing used to purchase the homes that did sell. Surprisingly, 5 were purchased using cash, 9 were conventional loans, 4 were FHA, and 2 buyers utilized the VA program. The fact that so many homes used cash and conventional financing indicates that more experienced buyers were in the market, and that there is room left for more first time homebuyers in the Havre de Grace Area.
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