The best way I can describe the direction that the Edgewood,
MD real estate market is going is “toward efficiency”. While on the surface it
seems as if all of the numbers are moving to the negative side, it is more
apparent that we are seeing the market perform more of a “balancing act”.
There are
126 homes currently for sale or under contract in Edgewood, down 34% from
November of 2010. 15 homes did change hands during the month, which is down
from the 21 that sold last month. The time it took to sell a home dropped
significantly to 66 days, down from 103 from last year.
The median
price of an active listing in Edgewood, MD, during November was $133,750, and
the median price of a home sold during the month was $115,000, which suggests
that the prices are probably in balance with what buyers are willing to spend.
The amount
of inventory on the market in Edgewood, MD is still hovering between 8 and 9
months, with November of 2010 having 9.1 months of housing inventory, which
came down modestly to 8.4 in November of this year. Although the amount of
distressed sales has decreased somewhat from last year, it is still a rather sizable
portion of the overall market. During November of 2010, a whopping 81% of the
homes sold were either foreclosures or short sales. That number has decreased
to 33% for this November.
So when I
say that the market has moved toward efficiency and balance, it means that the
sheer volume of the activity has diminished some, but that the rates that we
need to see are still yet to come. The banks are still conferring with the
regulators to determine when and how to release the massive amounts of foreclosure
inventory that has yet to be listed, so this will determine the speed at which
a recovery can actually take place.
It is still
important to note that the home prices are hovering across the bottom right
now, and that interest rates are still at record lows. This indicates that home
affordability is still at extremely high levels, so getting in the market now
to buy or sell would benefit you quite nicely.
