Most of Laurel real estate is located in Prince Georges County Maryland. Prince Georges County is very much a buyer's market. Average sale prices and medium sale prices are down since last year.
But to me what is most surprising is that their is evidence, strong evidence, that buyer's are pressing their advantage.
One of the biggest telling statistics is the average sale price as a percentage of listing price. This number is at about 84%! This means if a home is listed at $300,000 when it comes on the market, it eventually sells at $252,000. That is almost a $50K price drop.
Two reasons for this are foreclosures and short-sales. Prince Georges County has one of the highest foreclosure rates in Maryland. Many foreclosures are in bad shape and sit for a long time on the market. Buyers are aware of the incredible amount of time short-sales take to get resolved and therefore try to avoid them.
The longer a home is on the market, the lower it sells for. These homes have suffered numerous price drops and any offer is usually below the current listed price.
For more information on Maryland home sales, visit Maryland real estate.
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