So why aren't the higher end listings moving you ask?

There are many factors, however, I believe two are top of the list. One, the most obvious, is gone are the days when the average move up buyer could go ahead and close on their new house while waiting for their old house to sell. With inventory moving so slowly, this is going to affect the market for awhile.

Another factor, I believe, is that while rates are very low on a conforming loan, rates on a jumbo loan (any loan over $417,000) can be almost 2 points higher. Down payment requirements are much higher as well. I consulted with Scott Fosgate at Edgewater Financial and he told me that the down payment requirement on a jumbo loan is now 25%-30%. Throw closing costs in there, and that's a lot of cash! Let's hope the powers that be recognize this as a problem and will loosen the strings on jumbo loans.

Last week in College Park 4 properties went under contract, priced between $74,900 and $325,000. There were 2 closed sales (see below).

CLOSED SALES: 1/12/2009 - 1/18/2009
1113 W NEW HAMPSHIRE ST: 3/2 - 1,396 sq/ft - $249,500
3500 GRANT BLVD: 3/2 - 1,270 sq/ft - $199,900

OTHER MARKET ACTIVITY: 1/12/2009 - 1/18/2009
New Listings: 8
Pending Sales: 4
Price Reductions: 20

PRESENTLY ON THE MARKET: 1/19/2009
Active Listings: 277
Under 100K: 9
100K - 199,999: 42
200K - 299,999: 97
300K - 399,999: 32
400K - 499,999: 20
500K - 599,999: 18
600K - 699,999: 21
700K - 799,999: 14
800K - 899,999: 5
900K - 999,999: 3
Over $1,000,000: 16
Total Pending Sales: 16

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.