Timonium home sales in November 2012 were up in a HUGE way from November 2011!
The total sold volume for Timonium home sales last month was $$21,009,298, which is an 70.93% increase over November 2011, where $12,293,200 homes sold. The average sold price was up 17.86% to $362,229. The average price was down a little from October 2012 Timonium home sales, but the total sold volume was WAY up from last month — HIGHLY unusual for the month. Generally, we see a decline in November each year.
I think the extremely low interest rates (as I reported last week in This Month in Real Estate December 2012, the average interest rate broke the record AGAIN for lowest interest rate EVER recorded!) help these sales, plus the impending potential changes in the FHA upfront mortgage insurance tax deduction and rate increase, as well as the feeling that rates may not ever be this low again.
Fifty-eight homes changed hands in Timonium last month, up 45% from last year same time, when 40 homes sold. The average time it took to sell a home was 68 days, down from 100 last November. Of the 58 homes that sold last month, 8 sold in less than 10 days, another 9 in less than 20, and 7 more in less than a month. Another 10 sold in less than two months. There were no homes that took a year or more to sell!
Another interesting phenomenon last month is that 33 homes came on the market, but 52 went under contract. Often times when we see more homes selling than come on the market, it tells us that the market is shifting toward a seller’s market. I would caution, though, this is one month, so we need to keep an eye on the data to see if this trend continues.
Here is a link to the more detailed report for 21093 home sales November 2012.
As always, please remember that the 21093 zip code is made up of a variety of homes and neighborhoods, including Timonium, Lutherville, Old Lutherville, Mays Chapel and more. Depending on which types of homes sold in which neighborhoods, the average sales prices could rise or fall. This report is a very general overview of Timonium home sales statistics. Contact me directly for more information on your Timonium house value.