The market for Edgewood, MD real estate continued its downward trend into the end of the year, with only 8 homes getting new owners during December of 2011, down from the 11 that sold during the same month a year prior. The total number of active listings in Edgewood, MD decreased as well, plunging about 33% from 188 last December down to a more moderate 121. While I don’t feel that these levels are permanent, it does show that even with less total inventory, at the rate that homes are selling, it could take 15 months to clear out the backlog.
The reason that there is less overall activity is due to the home prices. Last year, the median sold price of a home in Edgewood, MD was just under $131,000, which has dipped to $100,160 for the month. On a positive note, the total time that it took to sell a home is much less, taking only 42 days to find a buyer, down significantly from the 110 days it took last year. The signals indicate that while some sellers are recognizing where they need to be priced in order to sell, while most have decided to wait it out, since we can expect better volume in the coming year.
For more information regarding the purchase or sale of real estate in the area, please visit www.scottmillerrealestate.com.
The link to the article below will show the 2012 estimates released by Fannie Mae earlier this week.
http://www.housingwire.com/2012/01/13/fannie-mae-economists-see-2012-home-sales-up-3-5-to-4-72-million
