Home Sale Stats for Caroline County, Maryland, and the Denton area 21629, comparison for August 2007 vs. August 2006: These stats were obtained from the MRIS MLS system only. Actual home sale numbers are probably somewhat higher if private sales and sales through other MLS systems are factored in. Though MRIS is the primary MLS system for the area some sales were probably processed through the TREND, INNOVIA, and ARIS MLS systems and there were probably a couple of for-sale-by-owner transactions. * This is not a scientific study. All figures and comments are subjective.
Per MRIS data, in August 2007 there were 28 home sales in Caroline County. The average sales price was $225,885 and the average Days on Market were 176. In August 2006, total home sales were 51, the average sales price was 281,704, and average days on market were 138. This represents a 45.1 % decrease in the number of homes sold, a 19.8 % decrease in the average home sales price, and an average days on market increase of 27.5 %, over a one year period.
Will home prices continue to decline? My feeling is that as long as the media continues to tout negative real estate stories prices will continue to adjust in the near term. My opinion is that the media plays a big role in public perception of the real estate market and it may in fact foster a self-fulfilling prophecy about real estate market woes.
The reality is that now seems to be a good time to buy a home. Mortgage interest rates are still very reasonable and there are so many homes for sale that the market in this area is definitely favorable to Buyers - a "Buyer's Market." Will interest rates stay low and home prices continue to decrease. It's anyone's guess. Why take a chance? If you see a home that you really like and you can afford to buy it now, why not buy it?
Mickey Hayward is a certified residential specialist (CRS), a graduate of the REALTOR'S© institute (GRI), a Seniors Real Estate Specialist (SRES) and a Maryland and Delaware Real Estate Broker. His office is located at 110 Market Street, in Denton, Maryland 21629. Websites: http://www.mddehomes.com/ http://www.sunsetproperties.net/ Maryland and Delaware For Sale By Owner: http://www.mddefsbo.com/