Wonder how short sales and bank owned properties are affecting our College Park market? Unfortunately they are impacting our values in a big way. Since 75% of the pending listings right now are either short sales or bank owned, we are in deep for awhile. Here's how the numbers unfold:

3rd QUARTER OF 2008 (July-September)
NUMBER OF CLOSED SALES: 59
AVERAGE SALES PRICE: $340,523
HIGH PRICE PER SQ/FT: $327.27
AVERAGE PRICE PER SQ/FT: $183.22
LOW PRICE PER SQ/FT: $87.01

3rd QUARTER OF 2009 (July-September)
NUMBER OF CLOSED SALES: 59
AVERAGE SALES PRICE: $228,234
HIGH PRICE PER SQ/FT: $259.82
AVERAGE PRICE PER SQ/FT: $133.38
LOW PRICE PER SQ/FT: $38.05

That's quite a drop. There are certainly so many variables to contend with when determining how your specific property has been affected; location, square footage, condition, etc. Let me know if you'd like to know what your home is worth in today's market.

On a more positive note, rates remain very low. They inched up last week, but are still under 5%, on average. 30 year fixed rates rose to 4.92% and rates on a 15 year rose to 4.37%

CLOSED SALES: 10/12/2009 - 10/18/2009

BO = Bank Owned SS = Short Sale

OTHER MARKET ACTIVITY: 10/12/2009 - 10/18/2009
New Listings: 6
Pending Sales: 5
Price Reductions: 14

ACTIVE LISTINGS: 253

Total Pending Sales: 53

VACANT LAND:
ACTIVE: 31
PENDING: 0
SOLD (YTD 10/19/09): 4
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
2614 WESTMORELAND: $350,000 (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.