What Baltimore Area Homeowners and Buyers Need to Know Now
As with most real estate agents in the Baltimore area, the Whit Harvey Group has seen an unprecedented demand for homes in a market where inventory is low. We’ve been working hard with our buyers in this competitive market, where there are multiple offers on a home within hours of listing. When one of our listings becomes available, we are inundated with agents requesting showings. The upshot of all of this activity is that as a buyer you MUST be prepared before you begin your search and working with an agent is critical to your success. (See our blog on how we help.)
For sellers, this is your time! Yes, people are clamoring to buy in this market, but that doesn’t mean you don’t have to do your part. When you work with the Whit Harvey team, we ensure that your home is market-ready before you list it so that there are no surprises during showings or inspections. When it comes time to review contracts, we are there to advise you on different aspects of each offer and which one is the best for you.
After a contract is accepted, we are still with you all the way to settlement. We can refer you to contractors who can complete any agreed upon repairs before the walk-through, and that all documents are delivered in a timely manner.
Facts from the Baltimore Sun:
In March, the region’s median home sales price reached $315,000, a decade high and nearly 20% higher than March 2019, a year before the pandemic, according to data provided by MarketStats by ShowingTime based on listing activity from Bright MLS, the multiple listing service serving Baltimore.
The median sales price for the first quarter of 2021 landed at $305,500, up 11% from a year earlier.
Some 9,571 homes have sold this year, up 14% from the first quarter 2020, as well.
Houses spent a median of seven days on the market, down two days from February and 18 days from March 2020, MLS data shows.
According to BriteMLS, demand for property rose 25% since last month and 14% since March 2020.
A Bright MLS analysis found that 50% of ZIP codes in the Baltimore metro area were considered to be in high demand in March, twice as many as the month before.
Source: The Baltimore Sun