I sell Maryland real estate and I am quite surprised at the amount of activity in a particular Silver Spring neighborhood.
About a month ago, I wrote on a property in Montgomery County Maryland that was a foreclosure. The property needed work, but was in decent shape. To my and my buyers surprise, there were four other offers on the property!
My buyer got beat out by a cash offer, above full price!
This same buyer just got beat out on a home in the same neighborhood that only had one bathroom. My buyer made a full price offer, but was still beat out. The couple that got the home could have easily afforded better homes in the neighborhood, but wanted this one.
Both the above properties were only on the market for a couple of days before they got offers.
Looks like things are picking up out there!
About a month ago, I was visiting Savage Mill which is just about ten minutes from my home in Laurel Maryland. My family and I visit the historic Savage Mill shopping center looking at antiques and pottery.
However, this time was different. As we were leaving we noticied an area next to the parking lot that had some structures on it. These structures were new, they were not there the last time we visited.
There was a tower and various ropes going off into the wood in various directions. It looked like a giant adventure play land. In fact, that is exactly what it was.
A sign in front of the tower confirmed we were looking at Terripan Adventure.
Terripan Adventure is a place where outdoor extreme activities for all ages. There is the 330 foot zip line, rope climbing that extends as high as 48 feet in the air, or the Terripan Tower.
Other activities include kayaking, sailing, hiking and geocaching.
Prices range from $10 to $50.
Now Laurel Maryland residents wont need to travel too far for great adventure.
For more information on Maryland activites, visit Maryland real eatate.
Laurel Maryland real estate in Prince Georges County is still, very much in a buyer's market.
Laurel zip code 20707 has well over a year of inventory on the market. Zip code 20708 has even more inventory than 20707 with 77 weeks of homes for sale. This means, at the current rate of sales, it would take over a year to sell every house on the market in Laurel.
This is striking, considering the lower prices, low interest rate and government incentives available to buyers.
A couple factors are contributing to the enormous inventory. Most properties are distressed sales and take longer to get to closing. Short sales in particular can take months to get to settlement and our often avoided by buyers.
Even foreclosures, are a bumpy ride to the closing table.
There are many great deals for buyers, but they need to hang in there if they want to get that good deal.
For more information on Maryland home sales, visit Maryland real estate.
According to an article in the Laurel Gazette the city of Laurel Maryland has been very good with their money.
Despite much less revenue this past year, the city of Laurel finances are in good shape. That's mostly due to the city councils proactive three percent budget cuts.
The Gazette article quoted the mayor saying the lost revenue was due to reduced income from Laurel Park, slow progress on Laurel Commons Mall and the planned Hawthorne Place. All three of these projects have been hit by the tough economic times.
The city was able to save money by reorganizing the Police Department and by reducing city employees health insurance premiums. These to items and several other financial adjustments cut cost for the city of Laurel.
It is great to see the city of Laurl Maryland being managed so well. Congratulations to Mayor Craig Moe and the city council.
For more information about Laurel and other Maryland communities, visit Maryland real estate.
| Total Sold Dollar Volume: | $ 6,813,045 | $ 2,622,250 | 159.82 % |
| Average Sold Price: | $ 252,335 | $ 291,361 | - 13.39 % |
| Median Sold Price: | $ 240,000 | $ 300,000 | - 20.00 % |
| Total Units Sold: | 27 | 9 | 200.00 % |
| Average Days on Market: | 167 | 116 | 43.97 % |
| Average List Price for Solds: | $ 291,873 | $ 314,300 | - 7.14 % |
| Avg Sale Price as a percentage of Avg List Price: |
86.45 % | 92.70 % |
Laurel Maryland home sales increased from nine total sales in March of 2008 to twentyseven home sales in March of 2009! Total Sold Dollar Volume increased from just over two and half million to almost seven million. That is an increase of almost 160%.
The numbers above suggest a dramatic shift in the Laurel real estate market.
I believe the biggest reason for the increase is the affordability of homes for the first time homebuyer. I have always said that once homes reach the $250K price range, more first time home buyers will jump into the market.
The housing market numbers give credence to my theory.
For more information on Laurel Md home sales, visit Maryland real estate.
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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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