The theme from last month continued in the Edgewood, MD real estate market, although the numbers were not quite as strong as they were during the same period a year ago. This is partly due to the extremely successful April that the town benefited from last year, in addition to the fact that many buyers have been holding out to see if resale home prices decline anymore. There was a 34% drop in unit sales, with 17 homes closing escrow during the month. The average time on the market for the properties that sold was 121 days, which was an increase of 9% from last April. The median price of the homes that closed was $82,000.  

Of the homes that sold, 6 were cash deals, 5 were FHA-insured, 5 were conventional, and 1 was a VA loan. The fact that there were so many cash deals relative to the total number of sales, and that there were a few conventional loans used to purchase during the month, would suggest that there was more of a mix between first time buyers, investors, and repeat buyers than there were last month.

The Edgewood market currently has 154 homes for sale, and the median price of those properties is $154,422. Based on the rate that homes are selling relative to the number of homes currently listed, there is approximately 9.06 months of inventory available in the 21040 zip code. Contrasting that with the 6.12 months of inventory that was available this time last year, and it is evident that the market is showing a bit of volatility.