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.