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Housing Recovery? Not in this area.

By Ken Montville

Real Estate Agent with RE/MAX United Real Estate

March 03, 2010 12:42 AM

Lately, I've been running a series on real estate market trends for 10 zip codes in the MD Suburbs that I service on a pretty regular basis. So far I've run the charts for:

What I've seen so far is not encouraging. Prices are still continuing to decline and Day on Market are continuing to increase. All this tells me is that the foreclosure and short sale market is continuing to be a drag regardless of Government home buyer tax credits.

That being said, so far I've only written the blog posts with the charts and stats tables for towns in Prince George's County, MD. Prince George's has been the hardest hit with the housing downturn in the MD Suburbs. I have a few more Prince George's towns to hit and then it's over to Montgomery County, MD.

I actually did a Contrast and Compare post awhile back between College Park, MD and Bethesda, MD. The towns have some similarities but the difference in the housing market is eye popping considering they're really only about 17 miles apart. It's amazing what a little trip around the Beltway can do for you!

I've posted about Points A, B and C (see above) so far. I'm heading to the others in the days ahead.

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MaryBeth Mills Muldowney

TradeWinds Realty Group LLC - Braintree, MA

Massachusetts Broker Owner

It is amazing how markets can vary so much even within the same city but a different area code!

Mar 03, 2010 12:45 AM

Ralph Gorgoglione

Metro Life Homes - Palm Springs, CA

California and Hawaii Real Estate (310) 497-9407

No stabilization of any areas of Maryland?

Throughout your area only or the whole state?

Mar 03, 2010 01:04 AM

Judd Reynolds

Exit Team Realty - Savannah, GA

Savannah, GA

Ken, you are right. There can be vast differences even within a small area. Generally the Savannah, Georgia market is still declining in value at around 1% per month. However, I found a small niche in one of our areas recently that even with several REOs, it has been holding its market value and rental prices better than all the subdivisions which surround it. I would not have suspected this without doing the research myself.

Nyssa Smith

Keller Williams Advantage Realty - State College, PA

REALTOR, State College Area Real Estate

Thanks for doing the research Ken and sharing your findings. Hope you're doing! Nice to catch up with you!

Mar 03, 2010 01:06 AM

Ken Montville

RE/MAX United Real Estate - College Park, MD

The MD Suburbs of DC

MaryBeth - it is amazing how different areas do. I guiess that's why they say all real estate is local :-)

Ralph - Jus my area, I would say. Maryland is a pretty big State and I don't have the research for some our rural areas or resort areas.

Judd - It's always good to find a niche that's holding value!

Nyssa - good to see your smiling face,as well! Thanks for stopping by!

Mar 03, 2010 05:27 AM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

Ken is the map the route you drove yesterday? Our area fluctuates from not only one part of a county to another but often from one block to another. The condos in Belmont Bay are a perfect example of that one.

Mar 03, 2010 09:00 AM

Housing Recovery? Not in this area.

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