Growing Confidence in the Local Real Estate Market Leads More Homeowners to Put Their Homes Up for Sale
Median prices for homes sold in Gambrills in November were down slightly from November 2012, but the number of homes for sale in zip code 21054 jumped 63 percent year over year.
According to new housing data provided by the Metropolitan Regional Information System (MRIS), 62 homes were actively listed for sale in Gambrills when November ended. At the end of November 2012, 38 homes were listed for sale.
The spike in the number of homes for sale last month is a sign of growing confidence in the local housing market. Median home prices have risen throughout the region over the last year, allowing more homeowners who were underwater with their mortgages to overcome those deficits and break even or make money on their home sales.
The MRIS numbers also show that 13 homes sold in Gambrills last month, three more than in November 2012. At the moment, Gambrills has almost five months of housing inventory on hand.
Nov. 2013
Nov. 2012
Percent Change
Median Sold Price
$373,500
$382,500
-2.35%
No. Units Sold
13
10
30.00%
Avg. Days on Market
67
94
-28.72%
Attached Homes Sold
7
4
75.00%
Detached Homes Sold
6
6
0.00%
No. Active Listings
62
38
63.16%
Another positive sign for homeowners in Gambrills is a large drop in the “average days on market.” This number reflects how quick home are selling. The average days on market for homes sold in November 2012 was 94 days. Last month, that number dropped to 67 days.
Seven attached homes – such as townhomes, condos and duplexes -- sold last month in Gambrills, compared to four such homes in November 2012. Six detached homes sold in Gambrills in November 2012 and November 2013.
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
