Edgewood, MD Real Estate for June 2012

Despite what many in the industry have thought, the housing market is still slow to rebound, and this fact applies just as much to real estate in Edgewood, MD as it does to the economy overall.

The slower sales in the 21040 zip code continue what has been seen throughout the year. Homes sales dropped 40% from 25 to 15, from June 2011 to June of this year. The average list price of the homes that sold was $125,820, and the average sold price was $123,341. The median sold price was $110,000. Most of the sales that took place were probably purchased by first time homebuyers, since 10 of the 15 sales were completed using FHA financing. This fact has written the story for the housing market in recent years, since it has been more difficult for those who currently own a home to sell, leaving it up to the first time buyers to take advantage of this extraordinary opportunity to buy. It is likely that there will be a turnaround soon. Since interest rates are still at all-time lows, there has been a late flurry of summer activity among buyers in the Edgewood, MD area. Pending contracts (those that are expected to close in the coming weeks) are up 21.74%, and since there are much fewer short sale transactions taking pace this year, it is likely that a high percentage of them will close.