The Severna Park housing market saw a significant increase in home sales during the month of November compared to last year's numbers. A local agent said when homeowners put their houses on the market now, they have slightly lower expectations—which has led to an increase in sales.
“I think for the most part there was a huge downslide in prices since 2007 and before people weren’t caught up with the reality that prices were going down,” said Coldwell Banker agent Mike Murray.
He and his wife, Melissa, grew up in the Severna Park area and now sell homes together. The pair was recently ranked in the top 10 of Coldwell Banker agents in the Baltimore area.
Murray explained how homeowners having lower expectations have led to more sales, not just in Severna Park but also in all of Anne Arundel County.
“Markets have now told sellers their house isn’t worth what it was before," Murray said. "But if you price it where it should be, it will go in a pretty quick amount of time.”
According to statistics from Coldwell Banker, the number of homes sold in Severna Park is up by 40 percent, which can be attributed to more realistic pricing of individual units.
The average price of homes sold during the month of November in Anne Arundel County was $352,170, compared to $482,500 in Severna Park.
Murray said a main reason for the increase in Severna Park is because the area lacks multifamily housing, which is traditionally less expensive than detached single-family homes.
“One big factor is that attached units sold in the county—meaning condos, townhouses and so on—is only two in Severna Park and 168 in the county,” Murray said. “That’s definitely why that number is inflated.”
Murray said buyers who come to the Severna Park area do so mostly because of the schools and the safe community.
“It’s really schools even more than safety,” Murray said. “The reputation of the schools here is great. And people don’t want to feel like they have to send their kids to private schools.”
In the coming months, Murray will provide Patch readers with updates on the housing market along with some tips for home buyers and sellers.
Murray and his wife are introducing a new Severna Park Patch blog and here’s a rundown of some items you may see:
- Tips for first-time homebuyers
- 10 things to do before listing your home
- A monthly feature on homes sold in the area
- General housing trends
Be sure to check back on Patch for more information on the local housing market and let us know if there is something you'd like to see the Murray's cover in their real estate blog.