Edgewood, MD Market Conditions, September 2011

There were some dramatic differences between the real estate market in Edgewood, MD from last September to this September, but there were also some similarities.

The median sold price didn’t change much, though, increasing less than one percentage point from $135,606 last year to $136,250 this year. The number of units sold actually decreased, dropping from 22 homes down to only 16 homes changing hands during the month.

The number of active listings took a sizable dip from 204 homes on the market last year at this time down to only 133 properties, and there were only 27 new listings, as compared to the 36 that were on the added to the Edgewood real estate market last September. Banks have been holding back on the release of many of their foreclosed properties, mostly while they wait to see how the Government plans to handle the distressed housing issues.

Despite the rather uneventful activity in the area, there is some good news. Absorption, which is the rate at which homes are sold based on the total number of listings and the amount sold, is actually better than last year. During September of 2010, there was 9.27 months of inventory on the market in Edgewood, and in September of 2011, the amount of inventory decreased to 8.31 months. If we can increase the amount of sales volume, we will be on our way to a thriving Edgewood, MD real estate market.

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Edgewood, MD Market Conditions, August 2011

Some interesting things occurred in the Edgewood, MD real estate market in August. Part of what we saw was just an extension of what we’ve been seeing all summer, which is a rather troubling market for existing home sales, but there is some light at the end of the tunnel.

The median sold price actually increased from $127,019 to $130,000, but with that modest increase it also took much longer to sell properties. Last year, it took an average of 71 days to sell a property in the Edgewood market, while this past August; it took a whopping 137 days. Last year, there were a lot more foreclosures on the market, which usually sell faster and for less than other types of homes.

There are currently now just 137 properties on the market in the Edgewood, MD area, which is down from the 209 that were listed at the same time last year. Also, there were 41 contracts pending, which is only one more than the 40 that were pending in August of 2010.

www.scottmillerrealestate.com