Bowie MD is a popular destination for families relocating to the D.C. area, primarily for its convenient location within a half hour of the D.C. Beltway (I-495), Andrews AFB, Fort George G. Meade, and the U.S. Naval Academy in Annapolis.
The four Bowie zipcodes can be quite different from each other and even within their own borders - from "typical" suburban subdivisions to surprisingly rural areas, from the historic railroad town where Bowie began to established neighborhoods and newer communities, as well. You'll also find both commercial and recreation areas strategically located near residential areas.
The 20715 zipcode in Bowie is the closest to my home and office, so that's the one that usually comes to mind for me in any conversation about Bowie. But the real estate market from one Bowie zipcode to the next can be quite different:
North Bowie (20715)
Looking at a Year on Year comparison, it's easy to get excited about the 57% increase in closed sales BUT I'd be much more excited, if January's number had shown an increase over the previous month.
Most Bowie home sellers can tolerate a time frame of 90 days to sell, so the increase from last month and last year is not too discouraging - especially given the high 97% sold/list price ratio.
South Bowie (20716)
It took much longer for homes to sell in this Bowie zipcode last month than it did the previous month or year... and the average sold vs. list price was disappointing no matter how you look at it.
Home buyers have an opportunity to swoop in and be a real hero to frustrated home sellers who may be looking for a speedy turn-around on their home sale.
Northwest Bowie (20720)
The increase in both median and average sold prices is great news for homeowners in this Bowie zipcode! That news is tempered a bit, however, by the fact it's taking longer for homes to sell - whether you compare with last month or last year.
Home buyers, I know you're not happy to see the higher prices, but you're still in the driver's seat because sales activity remains low.
Southwest Bowie (20721) 
No doubt it's reassuring for home sellers to see homes selling in less than 90 days, on average, although sales and prices were down in this Bowie zipcode during January. The sold/list price ratio was down, as well, but 92% is still higher than two other areas of Bowie.
This is no market for greedy home sellers. You've got to price your home aggressively to attract buyers in this Spring market.
The bottom line, no matter where you live in Bowie, is that your market is alive and well - certainly more so than many other areas of the country. No, it's not the 2006 real estate market, but we're not likely to see that again any time soon, if ever.
Bowie home buyers will still find short sales and banked owned properties, but those are not the only bargain-priced homes currently on the market.
The real estate market can be quite different from one neighborhood to the next, so let me know if you'd like more information about the area where you live, or any neighborhood where you're considering a home purchase, I'll be glad to research it for your - no cost or obligation, of course.
Comments(7)