Happy New Year! And what a Happy 2012 it was if you were dealing with a real estate sale in Severna Park. Final figures are still being tallied however early data from MRIS., Inc. shows Severna Park real estate had its strongest year since the housing crisis recently shook the economy to its core.
The number of homes sold in the 21146 zip code last year surged to 335 homes. This is an increase of over 26 percent from the 2011 sold total of 264, and it is highest level since 2005 when 359 homes sold. 2004 showed 370 sales for the year, which is the highest on record since the turn of the century…and we weren’t that far off from there.
Median home price for 2012 was slightly down from $511,813 to $499,045. Average Days On Market, or the time a home is listed on the market before it goes under contract, also relatively stayed the same increasing from 115 to 116.
Some key considerations when looking at recent sales data and how to interpret:
- Homes sold by private party, FSBO and others are sometimes not included in this data
- Median Price changes are not a direct correlation to ‘how’s the market’ but instead just one piece of data
- Nothing will help you understand your home’s value better than a neighborhood specific Comparable Analysis
In other news related to home values, the state of Maryland has re-assessed one-third of county homes, including most in Severna Park in December of 2012. Owners should be receiving their notices in the mail this week.
The Department of Assessment and Taxation’s website explains that this process happens every three years and that this time around 77 percent of homes assessed have decreased in value since their last valuation in December 2009. Values decreased by an average of 7 percent.
Please visit http://taxappeals.resiusa.org/ for information on how to appeal these assessment notices. These assessed values are the baseline from which property taxes are calculated, but are not meant to be a match of a home’s market value – as that can only be determined by what someone wants to pay you for it.
Please contact firstname.lastname@example.org with any questions. Here’s to a great start to 2013!