Things are happening in Laurel real estate. There are some important indicators in the Prince Georges zip codes 20707 and 20708 in Laurel Maryland.
When comparing last May of 2008 with this May 2009 in Laurel we can see some trends. In both Laurel zip codes, prices are still coming down. In the 20708 zip code the price declines are still dramatic at over 15% for both the average sold price and the medium sold price. The amount of days it takes to sell a home in the Montpelier area of Laurel is almost the same from last year.
In Laurel Md zip code 20708 more homes sold this May than last May.
In zip code 20707 of Laurel, which covers West Laurel and historic Laurel Md, price declines were not as steep at around five percent for both the average and medium sold price.
It took four weeks less to sell a home this May as compared to last May in West Laurel and the historic area of Laurel Md.
In zip code 20707, more homes went off the market by selling or going under contract, than came on the market. That is a a significant change.
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I serve real estate needs in Montgomery, Prince Georges, Howard and Ann Arundel counties in Maryland. Including the cities of Laurel, Bowie,Silver Spring, Rockville, Columbia and Baltimore MD.
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Our prices over last year are down, too, but more importantly, home sales here have been up for eleven consecutive months, and prices have been up or flat for five consecutive months, which is why I don't like comparing this May to last May in real estate. Year over year is more relevant to retail stores rather than real estate. Imagine doing comps for your sellers or buyers and using May 2008 comps.