January 2008 Hughesville Market Report

Craig W. Barrett, Hughesville, REALTOR®

Hughesville, MD Real Estate

http://www.hughesvillehomes.com/

This month's Hughesville Market Report shows little movement in the resale and new construction market. It's should be little surprise to anyone given the time of year and current market conditions. Resales were priced between $264,900-$1,399,000. New Construction was priced between $429,900-$989,900.

We've seen a few more foreclosures and short sales. While they may not represent a majority of the Hughesville market, it's probably safe to say they'll have a negative effect on prices at least in the short term. More inventory has come online with little absorption. Prices on new construction hasn't moved from last month.

I took a look at trending in the resale market and compared absorption rates in a 3 month and 6 month period. For a 6 month comparison period, we have 18.4 months of supply. For a 3 month comparison period, we have 27.5 months of supply. Obviously, during that 3 month period, the resale market has contracted and clearly states it's a buyers market.

As February progresses, we'll continue to watch absorption and trending. Feel free to contact me with questions.

Includes: Benedict Plantation, Bryantown Estates, Cameron Ridge, Carrico Mill, Country Road Estates, Eastern Hills, Indian Creek Estates, Lake Jameson, Oakland Acres, Pine Grove Estates, Sandy Level Estates, Scouts Trail, Stoneleigh, Swanson Creek Landing, Walnut Hills, Willow Creek, Woodlawn Manor

Includes: Benedict Farms, Bucks Run, Carriage Crossing, Crystal Lake, Forest Run, Herbert Fields, Lake Jameson, Maple Brooke, Naylors Reserve, Ole Field Estates, Stoneleigh, Swan's Rest.