I have some positive news this week! Last week NINE properties went under contract in the 32804 zip code! We haven't see that in awhile. The range of homes that went under contract was pretty wide, $82,500 - $799,000. Several of my listings had showings over the weekend, some multiple. Could be a fluke, but let's hope buyers are gaining a bit of confidence with what the government is trying to do to stimulate the economy. Still too early to say.

Average mortgage rates fell last week to 5.04% on a 30 year fixed and 4.68% on a 15 year fixed. (These rates do not include add on points)

CLOSED SALES: 2/16/2009 - 2/22/2009
1322 READING DR: 3/2 - 1,770 sq/ft - $223,900 *BO
1785 TURNBERRY TER: 3/2/1 - 1,991 sq/ft - $264,000

*BO= Bank Owned

OTHER MARKET ACTIVITY: 2/16/2009 - 2/22/2009
New Listings: 7
Pending Sales: 9
Price Reductions: 20

PRESENTLY ON THE MARKET: 2/23/2009
Active Listings: 282
Under 100K: 8
100K - 199,999: 50
200K - 299,999: 91
300K - 399,999: 38
400K - 499,999: 18
500K - 599,999: 15
600K - 699,999: 32
700K - 799,999: 7
800K - 899,999: 6
900K - 999,999: 3
Over $1,000,000: 14
Total Pending Sales: 23

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.

I get asked this question a lot..."What is the average price per square foot homes are selling for in College Park these days?" It is a very difficult question to answer, which is why I usually don't like to throw out that number. There are so many factors when looking at price per square foot. For example (and this is just one), the larger the home, the lower the price per square foot. So a 1,000 square foot bungalow is going to sell at a much higher price per square foot than a 2,800 square foot house. An appraiser will only use comps within 200 square feet up or down. But, if you MUST know, the average price per square foot on the sold homes during the past 6 months has been $170.77. The highest was $280.68 and the lowest was $87.01. There are a whole lot of variables in between.

Last week two properties went under contract in the 32804 zip code, one house listed at $460,000 and one at $199,900. There was one closed sale (see below).

Average mortgage rates fell last week to 5.16% on a 30 year fixed and 4.81% on a 15 year fixed.

CLOSED SALES: 2/9/2009 - 2/15/2009
1228 EDWARDS LN: 3/1 - 1,270 sq/ft - $222,000

OTHER MARKET ACTIVITY: 2/9/2009 - 2/15/2009
New Listings: 10
Pending Sales: 2
Price Reductions: 23

PRESENTLY ON THE MARKET: 2/15/2009
Active Listings: 289
Under 100K: 9
100K - 199,999: 51
200K - 299,999: 95
300K - 399,999: 38
400K - 499,999: 17
500K - 599,999: 16
600K - 699,999: 32
700K - 799,999: 8
800K - 899,999: 5
900K - 999,999: 3
Over $1,000,000: 15
Total Pending Sales: 17

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.

When I noticed both of the closed sales last week were condos, I decided to check how many condos/townhouses sold in College Park over the past 6 months. Out of the 94 closed sales, 10 were condos or townhomes. At that rate, with 64 active condo/townhouse listings, we have just over a 3 year supply of condos for sale, compared to a 15 month supply of single family homes.

Last week three properties went under contract in the 32804 zip code, two houses listed in the low-mid 400's and one at $249,000. There were 2 closed sales (see below).

Average rates last week rose to 5.25% on a 30 year fixed, 4.92% on a 15 year fixed. Bankrate.com polled industry experts last week and found that 50% feel rates will come down in the next 30-45 days.

CLOSED SALES: 2/2/2009 - 2/8/2009
2305 EDGEWATER DR #1414: 1/1 - 914 sq/ft - $157,500 (Wellesley condo) foreclosure
1204 MAURY RD #1204: 2/2 - 1,283 sq/ft - $200,000 (condo)

OTHER MARKET ACTIVITY: 2/2/2009 - 2/8/2009
New Listings: 9
Pending Sales: 3
Price Reductions: 22

PRESENTLY ON THE MARKET: 2/8/2009
Active Listings: 287
Under 100K: 11
100K - 199,999: 48
200K - 299,999: 99
300K - 399,999: 36
400K - 499,999: 16
500K - 599,999: 14
600K - 699,999: 31
700K - 799,999: 10
800K - 899,999: 4
900K - 999,999: 3
Over $1,000,000: 15
Total Pending Sales: 17

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.

Our rate of pre-foreclosure and bank owned properties for sale is on the rise, with 44 of the 283 active listings in that situation. We are starting to see investors enter the market once again, which is one of the reasons most of the sales lately are under $250,000. Aside from first time home buyers, investors are buying properties at prices that will allow rental rates able to sustain positive or break even cash flow.

Last week five properties went under contract in the 32804 zip code, three houses listed between $189,900 - $225,000 and two condos at the Wellesley listed at $290,000and $425,000. There were 3 closed sales (see below).

Average rates last week were 5.10% on a 30 year fixed, 4.8% on a 15 year fixed.

CLOSED SALES: 1/26/2009 - 2/1/2009
907 GOLFVIEW ST: 2/1 - 1,188 sq/ft - $250,000
3513 FAIRWAY LN: 3/1 - 1,398 sq/ft - $157,600
2218 MUSSELWHITE AVE: 3/2/1 - 1,608 sq/ft - $266,500

OTHER MARKET ACTIVITY: 1/26/2009 - 2/1/2009
New Listings: 7
Pending Sales: 5
Price Reductions: 18

PRESENTLY ON THE MARKET: 2/1/2009
Active Listings: 283
Under 100K: 10
100K - 199,999: 46
200K - 299,999: 99
300K - 399,999: 30
400K - 499,999: 19
500K - 599,999: 16
600K - 699,999: 31
700K - 799,999: 10
800K - 899,999: 4
900K - 999,999: 3
Over $1,000,000: 15
Total Pending Sales: 18

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.