Reported by Laura Roskelly, Realtor & Team Leader, GRI, ABR, ASR, ASP
Updated October 4, 2011.
Current Market Rating: 2
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5
Buyer's
Seller's
Current Price Trend: 2
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Falling
Rising
Inventory over the Spring and Summer built up rapidly and there just wasn't enough buyer demand across the board to absorb it. Certain areas (like Piney Orchard) and price ranges (under $175k) were super hot and we were having trouble finding our buyers homes in that price range. Not because they don't exist but because they were snatched up quickly.
In other price ranges over $300k things slowed down from our super hot Winter market. Our properties are still averaging less than 60 days on the market. That is about 1/2 of the county wide average for homes priced under $500k.
We are seeing a large influx of foreclosure homes but not nearly the quantity they have been threatening would be coming in one lump sum.
Moreso than foreclosures, the short sales are having a big impact on values. And homebuyers and agents are becoming more and more apprehensive about submitting offers because of the horror stories of how transactions are botched. NO agent should attempt a short sale without special training AND a mentor.
Overall our area is well above the National average on pricing and recovery. I'm still confident we have bottomed out and any further decreases will be minimal.
Company: Keller Williams Flagship of MD
Phone: 410-507-2495
Email: Laura at theroskellyteam dot com
