November 2008 statistics for the Reisterstown zipcode 21136. This is a large zipcode and it includes Glyndon, Glyndon's zipcode was 21071 before it was combined with 21136. Many (but not all) of the traditional Glyndon area listings are now entered into the multiple list system under the Reisterstown zipcode. By the way the 21071 still works for mail so if you move here you can still have that swish Glyndon zip.
Average days on market was 106, average Sales Price was $297,792, the median Sale Price was $282,250. The average Sales Price as percentage of the average List Price was 85%. Keep in mind that this List Price figure was the final list price and not necessarily the original list price.
The days on market for the November settlements was 106. I believe this relatively low number reflects a slight upswing of activity that happened in the Sept/Oct time frame.
For November there were 234 total active properties on the market and there were 17 that went under contract or contingent contract. That makes the market absorption rate 13 months! Of course for such a length of time there will be some sellers that will withdraw or the listing will expire. These factors would most likely adjust the 13 months to a slightly lower figure. And my editorial comment is that November this year seems to have had a slowdown in showings, and I would attribute that to the economic factors affecting credit and also the concerns over job security.
Lets talk volume; there were 6 units sold in November 2008, compare that to 28 sold in November 2007. We are having a tough time right now if you are in the sellers shoes. However if you are a buyer you have an amazing opportunity. I have never seen sellers so willing to work with buyers to make a deal come together.
Interest rates are low and going lower, so even though it is the busy holiday season now would be a great time to get out and see the prospective properties so you are in a position to lock rates when they dip below 5%. Can you imagine getting a 30 year fixed mortgage at below 5%? And a great priced property? The folks that are prepared will be able to see that lovely low figure on their monthly statement for the next 30 years! The perfect storm for the economy has created the perfect buying oportunity for those who are ready.
Let us know if you are ready.
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