A Perfect Storm Forming for Sellers: Only 3 Homes For Sale Right Now in Rodgers Forge!!

I have never seen this happen for as long as I have been tracking sales in the neighborhood. There are only 3 homes for sale and 14 under contract, most of which were sold in way less than 30 days. This indicates a very, very strong market for sellers. With inventories this low and interest rates still under 4%, it looks like the housing recovery is here to stay. We still have a volume of foreclosures to hit the market this year in the Baltimore region, but it doesn't seem to be affecting Rodgers Forge at all.
Rodgers Forge homes that are in great shape with 3 bedrooms, 2 bathrooms and an open kitchen can usually command prices over $300K. If it is an End-of-Group than prices can be as high as $325K or so.
A "Perfect Storm" scenario such as this raises the tide for all boats in a neighborhood like ours. If there was EVER a good time to put your house on the market (even though August is usually the worst month for activity), now is the time.

We've enjoyed some really hot days here in Baltimore this summer, and we've had some equally hot days in the Forge housing market - two houses sold the same day they were listed! Overall, almost half of the houses listed are selling in under 30 days. Inventory continues to be way lower than last year indicating that sales are robust. I cannot remember the last time there were only 6 houses for sale in the Forge! Interest rates are still cruising at all-time lows --3.5% or lower (a decrease from 4% last month). Rentals are filling quickly. Enjoy the rest of your summer and call me with any real estate questions or send me a comment.
6 Homes Currently For Sale:
2 -3bdrms, 2bath: $289.9K-$439K
3 -3bdrms, 1 full bath: $274.9K-$289,9K
3 Rodgers Choice Currently For Sale
2 - 3bdrms, 2bath,: $405K-$429,9K
1 Rodgers Forge Condo (2 bedroom)
1 - 2 bdrm, 2 bath: $190K
10 Homes Under Contract
4 -3bdrms, 2 bath: $275K-$339,9K
6 -3bdrms, 1 bath: $200K-$274,8K
10 Homes Have Been Sold Since June 1
5 - 3bdrms, 2 bath: $180K-$307K
3 - 3bdrms, 1 bath: $235K-$270K
1 - 4bdroms, 2 bath: $325K
1 - 4bdroms, 3 bath: $322,5K
1 Home in Rodgers Choice Has Sold Since June 1
1 - 3bdrms, 2 bath, 2 half: $390K

Of the 10 homes under contract 4 sold in less than 30 days, and 6 sold in less than 60 days.

Is the Housing Crisis Over?

Daily Real Estate News | Thursday, July 12, 2012

It’s official: The housing market has reached bottom, at least according to 44 forecasters surveyed by The Wall Street Journal. Only three economists surveyed said they didn’t think the market had reached bottom yet.

The recent momentum in housing has plenty of economists and forecasters convinced that the worst is behind. According to many real estate indices, home prices are up, sales of existing and new homes are picking up year-over-year, and inventories of for-sale homes have fallen dramatically.

The decrease in for-sale inventory is the key and will likely help maintain the rise in home prices, Mark Fleming, CoreLogic chief economist, told The Wall Street Journal.

What’s more, the number of vacant homes is at its lowest point since 2006, The Wall Street Journal reports.

Now that the “bottom” has been reached, economists admit there’s still a long way to go for a full recovery. In particular, more than one in every four home owners with mortgages are still underwater, owing more on their loan than their home is currently worth. However, analysts note that rising home prices are chipping away at that number. Also, shadow inventory of unsold homes and foreclosures still threaten the momentum of the recovery as well.

“From here on, housing is unlikely to drag the U.S. economy down further,” JPMorgan Chase economists note. “It will instead reflect the strength or weakness of the overall economy: The more jobs, the more confident Americans are about keeping their jobs, the more they are willing to buy houses.”

Source: “Housing Passes a Milestone,” The Wall Street Journal (July 11, 2012)

July Housing Update

Summer is now in full swing and the market continues to be really strong in the neighborhood - the majority of houses are selling in under 30 days. Inventory is still significantly lower than last year indicating that sales are robust. Interest rates remain at all-time lows--4% or lower. Rentals continue to fill almost immediately upon being listed. Have a safe and happy 4TH OF JULY!
16 Homes Currently For Sale:
4 -3bdrms, 2bath: $229.9K-$325K
8 -3bdrms, 1 full bath: $219.9K-$289K
3 Rodgers Choice Currently For Sale
3 - 3bdrms, 2baths,2 half: $415K-$467.5K
1 Rodgers Forge Condo (2 bedroom)
1 - 2 bdrm, 2 bath: $190K
11 Homes Under Contract
3 -3bdrms, 2 bath: $245K-$320K
4 -3bdrms, 1 full bath: $200K-$275K
1 -4bdrms, 3 bath: $335K
3 -4bdrms, 2 bath: $325K-$339.9K
12 Homes Have Been Sold Since June 1
3 - 3bdrms, 2 bath: $273K-$292.5K
7 - 3bdrms, 1 bath: $170.4K-$289K
1 - 5bdroms, 2 bath: $435K
1 Home in Rodgers Choice Has Sold Since June 1
1 - 3bdrms, 2 bath, 2 half: $390K

Of the 11 homes under contract 9 sold in less than 30 days.

Great Article as posted on The Daily Record Website

Pending home sales at highest level in 2 years

Posted: 11:56 am Wed, June 27, 2012
By Associated Press

WASHINGTON — Americans signed more contracts to buy previously occupied homes in May, matching the fastest pace in two years. The increase suggests consumers are gaining confidence in the housing market and a modest recovery will continue.

The National Association of Realtors said Wednesday that its index of sales agreements increased to 101.1 last month from 95.5 in April. That matches March’s reading, the highest since April 2010, when a home-buying tax credit boosted sales.

A reading of 100 is considered healthy. The index is 13.3 percent higher than it was a year ago. It bottomed at 75.88 in June 2010, after the tax credit expired.

The increase supports other data showing steady improvement in the housing market this year, even as hiring slumps and consumer confidence sags.

Sales of new and previously occupied homes are up over the 12 months. Builders are starting more projects. And prices are rising in most markets.

“Despite the gloom in much of the recent economic data, housing continues to show real signs of life,” said Ian Shepherdson, chief U.S. economist at High Frequency Economics.

The economy benefits when home sales rise. Buyers typically spend more on renovations, furniture, appliances and landscaping.

There’s also a psychological factor. In good times, most homes rise in value. When homes appreciate, people feel they have more money. So they spend more. Consumer spending drives roughly 70 percent of economic activity.

It typically takes one to two months for buyers to close on a home after signing a contract. So the increase in signed contracts suggests completed home sales will rise this summer. That could drive prices higher and encourage more people to put homes on the market.

Home prices increased in 19 of 20 major U.S. cities in April from March, according to the Standard & Poor’s/Case-Shiller index, released Tuesday. A measure of national prices rose 1.3 percent in April, the first increase in seven months.

Still, sales remain far below healthy levels. Analysts say it could be years before the housing market returns to full health.

One reason prices are rising is the supply of homes for sale remains extremely low. The inventory of previously occupied homes for sale is back down to levels last seen in 2006. And there were 145,000 new homes for sale in May, just 1,000 higher than in April, which was the lowest supply on records dating back to 1963.

The Realtors group cautioned that sales could slow if more people don’t list their homes.

The limited inventory should spur more home building, the Realtors group said. If housing starts don’t increase, the limited supply could drive up prices.

In May, contract signings increased in all regions. The largest rise was in the West, where the index jumped 14.5 percent in May. Signings rose 6.3 percent in the Midwest, 4.8 percent in the Northeast, and 1.1 percent in the South.

Despite the modest gains in housing, the broader economy has weakened in recent months. Employers have added an average of only 73,000 jobs a month in April and May. That’s much lower than the average of 226,000 added in the first three months of this year.

You may link directly to this article on The Daily Record's website:

http://thedailyrecord.com/21012/06/27/contracts-to-buy-u-s-homes-rise-match-2-year-high/

Housing Market Gets a Positive Review

According to gazette.net, our state's housing market is "[moving] in the right direction," as stated by Carlton J. Boujai Jr., the Maryland Association of Realtors' (MAR) board president-elect.

Based on numbers put out by MAR and Metropolitan Regional Information Systems (MRIS), average sales prices are just under $307,000, an increase of around 9 percent, and median home sales prices are roughly $259,000, up 11 percent .

Baltimore County and Baltimore City were among several regions that had increases in sales and prices this May as compared to May of last year.

As homeowners (and potential homeowners), it's wonderful to here good news about our local housing market.

Read more about it here:

http://www.gazette.net/article/20120611/NEWS/706119972/0/gazette&template=gazette

June Housing Update

Summer is here and the market is so strong in the neighborhood that the average time it takes to put a house under contract right now is a week! Inventory remains significantly lower than last year indicating that sales are robust. Under Contract numbers continue to be very high--high and sometimes higher than our active listings. Rates are at incredible lows which is helping to fuel buyers that NOW is the time to purchase a home. Rentals are very low and almost as soon as a house is listed for rent, it is rented. Have a wonderful June and enjoy our lovely weather. Great for house hunting--

16 Homes Currently For Sale:
6 -3bdrms, 2bath: $229.9K-$479.9K
8 -3bdrms, 1 full bath: $219.9K-$289K
1 -4bdrms, 2 bath: $284K
1 - 4bdrms, 3bath: $335K
0 Rodgers Choice Currently For Sale
1 Rodgers Forge Condo (2 bedroom)
1 - 2 bdrm, 2 bath: $190K
16 Homes Under Contract
5 -3bdrms, 2 bath: $239.9K-$399.9K
9 -3bdrms, 1 full bath: $185K-$309K
1 -4bdrms, 2 bath: $339.9K
1 -5bdrms, 2 bath: $449K
12 Homes Have Been Sold Since April 1
6 - 3 bdrms, 2 bath: $270K-$299K
5 - 3bdrms, 1 bath: $238K-$275
1 - 4bdrm, 2 bath: $337.5K

Average number of days to put a house under contract: 7 days!