COLLEGE PARK MD
April sales statistics from Metropolitan Regional Information Systems (MRIS) are now available for College Park, MD. Following is a report comparing this year with the same month in 2006:
| College Park (20740) | 2007 | 2006 | |
|---|---|---|---|
| Total Sold Dollar Volume: | $ 6,102,800 | $ 12,164,175 | - 49.83 % |
| Average Sold Price: | $ 339,044 | $ 347,548 | - 2.45 % |
| Median Sold Price: | $ 341,750 | $ 360,000 | - 5.07 % |
| Total Units Sold: | 18 | 35 | - 48.57 % |
| Average Days on Market: | 64 | 33 | 93.94 % |
| Average List Price for Solds: | $ 345,561 | $ 354,746 | - 2.59 % |
| Avg Sale Price as a percentage of Avg List Price: | 98.11 % | 97.97 % |
As you can see, the volume of sale is down about the same amount as the number of sales - almost 50%. At the same time, the average days on market have nearly doubled. It's important to note that the 98.11% for avg. sale price as a percentage of avg. list price could be somewhat misleading because it is based on the list price at the time of contract - the original list price and subsequent price drops are not taken into account.
Another figure (not on this chart) that I find interesting is this: The total number of new listings for April 2007 was 52, while only 20 homes went under contract. This imbalance of supply and demand suggests that prices will remain flat or continue to drop in the coming months, while days on market may continue to increase.
Bottom line: A GREAT TIME TO BUY A HOME IN COLLEGE PARK! (Not such a great time for selling.)
Footnote: Don't forget the grants available to owner-occupants for homes in the City of College Park. For more information about buying or selling a home with one of these grants, please contact me directly at mwoda@remax.net.
Comments(0)