So much for the typical "end-of-summer-slow-down". We're breakin' the rules! Last week 12 properties went pending. Ten of the twelve were short sales or bank owned, showing that buyers are going after the best priced properties which are usually the distress sales.

All signs are pointing to the start of a turn around, not only nationally, but finally here in College Park. We have 254 active listings, down from 314 this time last year. We are also down to a 12.3 month supply of inventory (based on closed sales through the end of the July) compared to a 40.3 month supply in January.

While this is GREAT news, prices do continue to come down because of the short sales and bank owned properties being sold. The chart below shows the average price of listed homes vs. the average price of what is selling (Jan.-July). The closed sales sold for 77% of their original list price, on average.



Rates fell slightly last week, averaging 5.22% on a 30 year fixed and 4.63% on a 15 year fixed rate mortgage.

CLOSED SALES: 8/3/2009 - 8/9/2009
721 LANGSTON CT: 3/3 - 2,288 sq/ft - $170,000 *BO
365 DUBSDREAD CIR: 4/3 - 3,807 sq/ft - $587,000 *SS
1027 BRYN MAWR ST: 4/2 - 2,571 sq/ft - $668,000
844 TIMOR AVE: 3/2 - 1,509 - $77,500 *BO

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 8/3/2009 - 8/9/2009
New Listings: 6
Pending Sales: 12
Price Reductions: 20

PRESENTLY ON THE MARKET: 8/9/2009
Active Listings: 254
Under 100K: 10
100K - 199,999: 76
200K - 299,999: 65
300K - 399,999: 38
400K - 499,999: 16
500K - 599,999: 15
600K - 699,999: 11
700K - 799,999: 7
800K - 899,999: 2
900K - 999,999: 4
Over $1,000,000: 11
Total Pending Sales: 51

VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.