Despite some of the poor economic news that has been recently released, the real estate market showed some really strong signs of recovery in the Edgewood, MD area. In May of 2011, 24 homes sold in the town, which was an increase of 9.09% over the same period a year ago. During that time, we actually were still benefiting from the first time homebuyer’s tax credit (which expired at the end of June, 2010), so the fact that we have surpassed that period is very significant.

The number of active homes for sale is down a whopping 14% to 156, so it is evident that the amount of inventory is shrinking every day. This can be attributed to more attractive pricing, since the median sold price was down to $97,250 from $164,250 a year ago- an astounding 40.79% decrease from last year. Additionally, the increase in the number of short sales could be the reason that the average days on market has increased to 121 from 115 a year ago.

We are still seeing quite a bit of activity from the investors in the Edgewood, MD area, with 33.33% of the home sale transactions that took place being cash deals. Since the average list price in Edgewood is down to $170,649. However, the most notable statistic derived from the Edgewood, MD real estate market is the home inventory levels. Last May, there were 8.2 months worth of inventory on the market, and this year, this figure is down to 6.5.