Why Do Some Houses Sell While Others Stay on the Market?

Why do some houses sell while others stay on the market?

A very good question. The answer is rather simple: price & condition.

In a Towson neighborhood where there could be 3 houses that have been on the market for months, a new one comes on. There is a flurry of activity, and the house goes under contract quickly.

Why this one? Why not the others?

The likelihood is that this Towson homeowner had their home in a staged, beautiful condition, and it was priced RIGHT. The other three may have overpriced when they first listed in an attempt to “test the market” or their house isn’t in top notch showing condition.

This video, from Jay Papasan, Vice President of of Publishing for Keller Williams Realty, and co-author of a number real estate best-sellers, demonstrates why some houses in the same market sell while others may not. His graph is a great visual of understanding!

Contact me, your Towson Realtor, to find out true Towson house values.

New Traffic Light at Charles Street and Greenwood

There is a new traffic light going in a Charles Street and Greenwood in Towson.

It will be a big adjustment for those coming north on Charles St from the West Towson area, because it is around a curve where many people drive quickly.

The reason for the light is the new West Towson Elementary School, which is located at that intersection. This will make it easier for crossing guards helping children cross the very busy Charles Street, and for parents dropping off and picking their children up at the brand new school.

It should really help slow the flow of traffic through this point, and hopefully help with the delays seen now around the time of dismissal from the multitude of schools in the area.

The West Towson Elementary School will open for the 2010 school year at the end of August.

Students from Rodgers Forge Elementary and Riderwood Elementary schools have been redistricted to the new school on Charles Street.

Contact me for more information on West Towson real estate and how these marked changes are welcome to the West Towson neighborhoods!

21204 Home Sales Statistics February 2010

January and February 2010 has shown some recovery and growth over last year at the same time for Towson home sales.

21204 houses that settled had prices up $24,000. Under contract, however, was down around $106,500 (23%). I attribute much of that drop in February due to the two blizzards. Half as many new listings as last year came on the market (not surprising since they were buried under about 4 1/2 feet of snow), which the National Association of REALTORS® has found across the areas hit by these storms.

21204 home sales have remained strong, though, this year over last year, and have continued to be consistent over time. Though the amounts may rise some months, the graphs show a consistent level of sales and prices.

Here is the full report on median price on market dynamics for the Towson 21204 zip code.

21204 Towson Home Sale Statistics 2009 Year In Review

Reviewing the 21204 zip code sales, contracts and listings for December of ’08-December of ’09, there are many interesting variations throughout the year.

The good part for the owners of Towson homes in the $500,000 and higher range, is that finally these seem to be selling! 11 properties in December went under contract with a median price of $500,000. 14 properties settled in the same time period with that same median price.

The graph through the rest of 2009 has shown that houses have been consistently selling, but that the average sales price was under $400,000 (some months by a large amount).

Other good news is that sales and prices are up a tremendous amount over the same time period at the end of 2008, showing that Towson and 21204 seem to be in a recovery & stabilizing mode.

Click here for the full report.

I am excited to see how January’s numbers look, because I have been seeing quite a number of higher priced homes in 21204 going under contract since the beginning of a year. I will update you when those numbers come out!

Happy New Year 2010 Towson Real Estate Market Thoughts

As I sit here and reflect on 2009 and enjoy the beginning of 2010, I am reminded at what a new year can bring.

There is always a sense of excitement — that a new year can mean great things.

What will happen in the Towson real estate market? Will it rise? Will it fall? Will it stay at its’ teetering stabilization point that it has been in? I think we will remain about where we are — I don’t foresee a jump, but I think our neighborhoods are strong and prices will remain strong.

What about the real estate market in general? A few economists, like the National Association of REALTORS (R) economist, think there will be about a 10% increase.

I tend to be cautious in my optimism, and think we still have a large number of short sales and foreclosures coming down the pike in 2010, which will drop values lower, or keep them at the lower prices we are seeing now. I truly don’t foresee a real true recovery until 2012.

What does this mean for Towson sellers? That your homes are still worth a great amount because our area has been stabilized. That being said, they are not worth what they were even two years ago, so you can’t think about those prices when considering selling your home.

What does this mean for Towson homebuyers? BUY! It is a GREAT time! Interest rates are still very low, and prices are much lower than they have been in years.

For a true value estimation of a Towson home as a homebuyer or seller, or to find if this is the right time for you to move, please contact me – I am happy to help!

21204 Home Sale Statistics Past Six Months

My compilation of the 21204 real estate market statistics for the last six months are here!  The full chart includes data on sales, contract, and active homes from May 25-November 8, 2009.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

What this shows is that the lower priced Towson homes are the ones that are selling best. The first week in June the median sales price was over $1M, but since then, it has been generally under $500,000.  West Towson house values are continuing to be strong, while the higher priced areas of the 21204 real estate market, such as Ruxton home sales, are not as solid.

Another interesting spike is the “under contract price” for the second and third weeks in August, but even more notable is the lack of corresponding “settled price” spikes, suggesting those homes did not go for their asking prices.

Consistently, there have been over 80 homes for sale in 21204, while on average only 2-3 of those homes are going under contract each month, and only 2-3 are settling each month.  There is definitely a large inventory for Towson homebuyers, with an average of only 3.75% of listed homes going under contract each month.

These 21204 home sale statistics show that pricing correctly, having the home in showplace condition, and good marketing are imperative in this Towson housing market.

Please note that these are statistics from the multiple list. The chart is an overview of the zip code and does not take into account the type (condo, townhouse, single family) or condition of the home. To have a true value understanding of your Towson home or neighborhood, these factors need to be taken into consideration. If you would like a Towson home price evaluation, please contact me today.

Are High End Stores like Louis Vuitton in Towson Town Center Affecting Towson House Values?

The Towson Town Center Mall has been undergoing a tremendous transformation. For about two and a half years, construction had taken over that central part of Towson. A new high end wing was added, and just last week, a Louis Vuitton store opened its doors.

One question that has been in my mind, besides if the Baltimore marketplace can support a luxury store of this caliber, is whether this store, or the high end wing in general has had any effect on Towson House Values?

The new wing was completed October of 2008. When reviewing statistics for Towson Real Estate, October 2008 showed an upward trend as did November and December. More houses sold, and for the most part, average sales prices were up. 2009 has dropped a bit in the 21204 zip code, but not a large amount. Meanwhile, Baltimore County in general showed a drop during these same months.

I am sure there is no direct correlation, I just find the data interesting. I will keep an eye on the trends in Towson Real Estate!

West Towson House Values Not Hurt by New Elementary School

On June 3, 2009, Judge Michael J. Finifter declared that the West Towson Elementary School can continue construction, ruling against a few Towson homeowners who had filed suit against the Board of Education in April.

The homeowners live adjacent to the Ridge Ruxton School on Charles Street, the site where the new school is to be built. Their claim that the construction would inconvenience them, and their Towson house values would be diminished were found to be unconvincing to the judge.

The Baltimore Sun’s Arin Gencer reported on Judge Finifter’s findings, and has been following the case since its hearing on May 21, keeping the West Towson Community updated on the school.

The Towson West Elementary School will house approximately 451 students coming from the overcrowded Riderwood Elementary School and Rodgers Forge Elementary Schools. It is scheduled to open in August 2010.