Home Sales In Takoma Park, Maryland - I was approached by a woman recently who was interested in purchasing a home in Takoma Park, Maryland. She loves the area, the close proximity to public transportation and Washington, DC, the charm of the area and the diversity. She was concerned, however, that she had seen a staggering decrease in home sales prices in the area. Her concern was that she did not want to buy a home in this area if the prices were going to continue to decline.
Research into the average home sales price in Takoma Park, Maryland show that the average sold price has dropped over $116,000 since the same period last year. This represents a decrease in average sales price of nearly 32%, which is obviously a very significant number. These numbers are arrived at by looking at all of the sales prices of homes sold in this area during a 12 month span.
Takoma Park, Maryland is a large community consisting of primarily single family homes and a few scattered condominium projects. The asking prices for single family homes can range anywhere from $300,000 to $900,000.
It is important to keep in mind, however, that a new luxury condominium project known as Takoma Overlook has recently begun settling units. Though this luxury condominium project offers many high end amenities such as a pool, tennis court, full fitness center, hardwood floors, stainless steel appliances and more, it is one of only a handful of non-single family homes for sale in the area.
To date, there have been nearly 35 settled units in this condominium development. Because the average sales price for a condo in Takoma Park is considerably less than the average sales price for a single family home, the numbers are skewed lower than last year at this time prior to the condo development settling.
In the previous year, there have been 78 home sales in Takoma Park, Maryland. As you can see, the 35 units that have sold in the luxury condominium complex represent nearly half the sales in this area in the last 12 months. This building may be bringing down the average price of home sales in Takoma Park, Maryland but that is not necessarily a true reflection of the values in this area.
Situations like this one in affecting home sales in Takoma Park, Maryland only further prove that statistics and numbers only tell half of the story. As is usually the case when looking for a home to purchase, you are well served to find out as many details as possible about a location and specific property without letting the raw numbers sway your opinion. A competent real estate agent can help you work through the numbers to find the true value of a home or neighborhood you may be interested in.
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