September 24th, 2012 Categories: Market Updates
Thirteen homes closed in Gambrills (21054) during August 2012, up 85% from from August 2011. (That’s no typo… it really does say 85%.) Sales were up over the previous month, too – more than 8%.
Median and average home prices ($308,900 / $350,888) were down, however, when measured against August of last year and against July 2012. However, I’m optimistic that home prices will hold their own in the coming months due to a shrinking inventory of homes on the market and the demand of buyers relocating to the area due to BRAC 2005.
Average days on market for closed sales (116) were up only slightly (2%) from August last year but more than 75% from July 2012. Again – no typo, that 75% is correct. This statistic is very disappointing for home sellers.
To put all this information into perspective, take a look at the snapshot of Gambrills real estate activity in August this year compared to recent years. No arguing with the numbers… the real estate market was more active in August 2012 than we have seen in a long time.
Home Sellers: Location, list price, and property condition are the three primary factors influencing home sales. It’s more important than ever to make sure your home is uncluttered, clean, updated, and in good repair before you put it on the market. I highly recommend professional staging and photographs, as well, to showcase your home at its best online and in print media. If you’re unwilling or unable to get your home into “top” condition for selling, don’t expect to get top dollar.
Home Buyers: Gambrills is still affordable for first-time home buyers with today’s low 3.25% interest rate. Low down payment loan programs are available (95% Conventional loans and 96.5% FHA loans, not to mention zero-down VA loans) and many sellers will provide closing help. Prices seem to be declining in the 21054 zip code, so this really is a GREAT time to buy a Gambrills home.