The Pikesville region's housing market continued its strong performance. As we enter the first month of this New year, We see that in the Pikesville area, closed sales, pending sales, average sale prices were all up.
The story for 2016 in Pikesville is that supply continues to struggle to meet demand, currently giving us a 2.8 month supply, which results in upward pressure on prices. In November the average sale price was $227,804, compared to December's average of $334,322. That is a 46% increase month over month.
- December 2016 Closed Sales: 36 versus 22 in November.
- December 2016 Pending Sales: 13 versus 6 in November
- December 2016 Average List Price: $265,000 versus $224,270 in November
- December 2016 Average Sale Prices: $334,322 versus $227,804 in November
- December 2016 Inventory of Homes for Sale: 23 versus 20 in November
- December 2016 Months Supply of Homes for Sale: 2.8 months.
The message for Pikesville home sellers also remains what it's been since 2016 and doesn't appear poised to change much in the foreseeable future:
- Pikesville's housing market continues to be very much a seller's market, and is likely to remain that way for the next few mohths.
- When a home is priced right, staged right, and marketed right, it will sell and, on average, should sell in less than two months. With inventory being tight, we are seeing multiple offer situations more frequently.
- Sellers who have been overly aggressive in pricing their homes are not seeing their homes sell quickly, if at all. Pricing is still key even in a strong seller's market.
- With homes selling faster, sellers need to be prepared to move quickly and to have back-up plans for their new residence all set up.
If you are considering selling or purchasing a home in the Pikesville area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:
"I’m the Realtor that provides service that gets you results”