Last week buyers were takin' a break in the College Park market as just two houses went pending, a Wellesley condo listed at $110,000 and a single family home listed at $122,000. 16 closed sales were posted and I have to tell you, when I saw the numbers on a few of them, my heart sank. There were two in particular I've been watching and waiting to close. They were both 3/2s with around 1700 square feet and sold for around $250K. Ouch. Neither were short sales, however, sellers are having to face the fact that the bank owned and short sales values are affecting all of the comps. Another house that was purchased in August of 2008 for $698,000 just sold for $562,000. Again, the spec homes that were all sold in foreclosure this year affected the value of that house as well.

Gosh, I hate to sound so doom and gloom! Sorry about that. I just want you to have the facts, sugar free.

Here's some good news...rates fell below 5% last week! Rates on a 30 year fixed mortgage were down to 4.94%, on average and rates on a 15 year dropped to 4.36%

CLOSED SALES: 9/28/2009 - 10/4/2009

SS = Short Sale BO = Bank Owned

OTHER MARKET ACTIVITY: 9/28/2009 - 10/4/2009
New Listings: 9
Pending Sales: 2
Price Reductions: 24

Active Listings: 255


Total Pending Sales: 52

VACANT LAND:
ACTIVE: 29
PENDING: 2
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.