The real estate market in Edgewood, MD, showed signs of life in March, 2011, when compared to the same period a year ago. There was a 22% jump in unit sales, with 22 homes closing escrow during the month. The average time on the market for the properties that sold was only 92 days, which was a decrease of 32.85% from last March. The median price of the homes that closed was $101,450.
Of the homes that sold, 9 were cash deals, 9 were FHA-insured, 3 were VA loans, and there was one owner-financed transaction. The fact that there were so many cash deals relative to the total number of sales, and that there were no conventional loans used to purchase during the month, would suggest that the buyers were primarily first time home buyers and investors.
The Edgewood market currently has 159 homes for sale, and the median price of those properties is $149,900. Based on the rate that homes are selling relative to the number of homes currently listed, there is approximately 7.2 months of inventory available in the 21040 zip code. Contrasting that with the 9.2 months of inventory that was available this time last year, and it is evident that the market is making a robust recovery.
