Cedarcroft Market Update: 2017 in Review
2017 was a banner year for Baltimore’s Cedarcroft neighborhood, over $7,803,000 of Cedarcroft real estate changed hands as 25 residential properties were sold. This represent a 116.45% increase in dollars sold from 2016. Compared to other areas in Baltimore, this is a small number of transactions (Hampden has 214 sales in 2016) but the average sale price is a very solid $312,120. That is up 21.21% from 2016. Evidently, Cedarcroft is trending with homebuyers as twice as many houses sold with premium prices.
The average days-on-market was 84 days, down 2 days from 2016. Perhaps more important is that nearly half of the 25 units did sell within 20 days on market.
Overwhelmingly buyers continue to take advantage of low interest rates and are purchasing using conventional loans. In fact, 48% of the 2017 Cedarcroft buyers used conventional loans.
A whopping 24% of buyers in 2017 paid cash in the neighborhood, which reflects strong confidence in the values of homes.
Cedarcroft is one of the most attractive neighborhoods in Baltimore City for buyers looking for homes with 3 bedrooms or more with green space and prices lower than Roland Park or Guilford. In fact, 13 of the 25 houses sold in 2017 has 4 or more bedrooms.
August of 2017 saw the highest median sale price in Cedarcroft in 2 years, followed closely by May and June 2017 and November 2016.
This just goes to show that you don’t HAVE to put your house on the market in the spring only. People want to buy in Cedarcroft at all times. Plus, there is not much turnover so buyers hop on great houses regardless of time of year.
Looking at the upcoming 2018 Spring Market, as of January there are only 2 new listings and 3 new pending sales meaning that the bulk of the activity is ahead of us. If you’re looking to buy, keep an eye out in the next month or two. If you’re looking to sell, now is the time to get your home on the market as inventory continues to be low across the board and Cedarcroft continues to be a sought after neighborhood.
Source: Metropolitan Regional Information Systems, MarketStats by ShowingTime.