July was supposed to provide us with an excellent idea of how the real estate market is starting to recover from the slowdown that we saw in the middle of this year. You see, during June, we mentioned that it was a little difficult to compare the figures for this year against last June because the First Time Home Buyer’s Tax Credit was expiring on June 30^th, 2010, and as a result, buyers were hurrying frantically during that time to settle on their home as a way of benefiting from the incentive.

So, looking at July’s numbers is actually the best way to determine whether the Edgewood MD real estate market is making any progress on a year over year basis. I am glad to report that, based on the number of homes that sold in the Edgewood, MD,  area, that sales activity is starting to show some progress.

The number of units sold in Edgewood during July was 28, which was a 12% increase over July of 2010. The average sold price was $129,589, which was a slight drop of 1.67% from last year. What is even more promising is that the average Days on Market (DOM) decreased by 31% from 131 to 93, and because the homes seem to be selling somewhat faster, the amount of total inventory has decreased as well. Last July, there were a startling 195 active listings in Edgewood, MD, and at the end of July of 2011, there were only 139 active listings, which was a drop of 28.72%.

Despite the level of uncertainty that has been plaguing the economy, it seems as if we can expect sales to steadily increase through the end of the year. Interest rates have remained low, and sales prices are more attractive than they have been in a long time. Be sure to check back next month to get the update regarding the real estate market for Edgewood, MD!