Gambrills MD Real Estate Market Update - October 2007

This is the fourth local real estate market update for October 2007 I've prepared in as many days, and things are more optimist in Gambrills thatn some other nearby areas.  I say that because statistics released by MRIS, the regional multiple listing system, indicate that Days on Market for a property in Gambrills is down significantly from last year - Over 32%!  Additionally, the number of units sold in October 2007 remained seven, the same as last October.

Unfortunately, the average sold price in Gambrills is down almost 10% from last year and the median sold price is down overe 40%.  But this is better than Crofton, where the average sold price is down about 15%.

One of the things I look at for predicting the real estate market in the near future is the number of new listings coming on the market and how many are going under contract n the same timeframe.  When the new listings outnumber the contracts, it is a buyer's market.  When homes are selling faster than new listings are coming on the market, it is a seller's market.  In Gambrills last month, 13 new listings came on the market and only 3 properties went under contract.  I'm buckling down for another few months of tough times for home sellers.

Another factor I look at is the absorption rate, which is determined by analyzing the number of homes sold out of the entire inventory of homs on the market.  In October, 7 homes sold of a 97-home inventory.  If that rate continued (and no new listings came on the market in the meantime), it would take over 13 months for today's inventory to sell.  That's a 7% absorption rate.

Obviously something has to give, and I suspect that sellers will drastically drop prices to effect some activity in the marketplace.

If you're thinking of selling, there has never been a more important time to work with an experienced agent - one who has survived and thrived in a sellers market before.  Correct pricing in a market like this requires that an agent understand the importance of evaluating statistics for your specific Gambrills neighborhood.

If you have any questions about real estate in Gambrills, give me a call.  I'll be happy to help.

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