Last week was a decent one in the College Park market with eight homes going under contract and two of them were over $500,000. Although few and far between, there are higher end buyers out there taking advantage of these great interest rates. As has been pretty common, however, most of the houses that went pending were under $200,000. Here's how each price range has stacked up so far this year:
Average mortgage rates remain under 5%. Rates on a 30 year fixed mortgage ran 4.83% last week, inching closer to the all time low of 4.78% earlier this year. Rates on a 15 year fixed averaged around 4.32%.
Here are the recent closed sales in 32804:
ACTIVE LISTINGS: 256
PENDING LISTINGS: 64
VACANT LAND
ACTIVE: 30
PENDING: 0
SOLD (YTD 11/16/2009): 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.
We are entering our typical end of year slow down with closed sales dropping 30% in October compared to September, and pending sales dropping 27%. This is typical no matter the market.Our activity has improved over this time last year, however, with 37.5% more properties going under contract. The actual number of sold properties is down 5.9%, but that is because so many of the pending sales are distress sales and those take longer to close.
I'm sure by now you are aware that the First Time Home Buyer Tax Credit of up to $8,000 has been extended to all homes under contract by April 30th, 2010. A few changes have been made, raising the income limits to $125,000 for a single person and $255,000 for a married couple, and there is now a credit for buyers who have owned a home for at least 5 years. That credit is up to $6500. Visit http://www.federalhousingtaxcredit.com/ for detailed information.
Average mortgage rates are under 5% again! Rates on a 30 year fixed mortgage ran 4.91% last week, on average. Rates on a 15 year fixed were around 4.36%. Here are the recent closed sales in 32804:
ACTIVE LISTINGS: 261
PENDING LISTINGS: 62
VACANT LAND
ACTIVE: 30
PENDING: 0
SOLD (YTD 11/16/2009): 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.
