Last week in the College Park market 12 homes went pending. Prices were all over the place ranging from $59,900 - $699,900. We are seeing a steady stream of buyers making offers, in fact, February posted the highest number of pending sales in the past 2 years.

Last week there were 8 closed sales posted. If you're curious, here is a breakdown of the average time it takes to close a sale:
Short Sales: 90 days
Bank Owned: 38 days
Regular Sales: 32 days
As you can imagine, short sales are the most trying on the patience of everyone involved.

ACTIVE LISTINGS: 249
PENDING SALES: 77
CLOSED SALES: 3/22/2010 - 3/29/2010


VACANT LAND
ACTIVE: 30
PENDING: 1
SOLD (1/1/2010 - 3/30/2010): 0

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

Last week in the College Park market buyers were busy putting offers on 11 homes. Eight were listed under $200,000, two were in the $200Ks and one listed at $469,000. 7 of the 11 were either bank owned or short sales.

I know I sound like a broken record, but rates are still averaging under 5%. The government will stop purchasing mortgage backed securities on March 31st, so rates are predicted to rise after that. I guess they can't stay this low forever!

ACTIVE LISTINGS: 255
PENDING SALES: 73
CLOSED SALES: 3/15/2010 - 3/21/2010


VACANT LAND
ACTIVE: 28
PENDING: 1
SOLD (1/1/2010 - 3/15/2010): 0

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

Last week in the College Park market 9 properties went pending priced from $47,500 - $182,500. Two were bank owned, one was a short sale and the others were "normal" listings. Still not a lot of activity in the higher end bracket. In the past two weeks there have just been two houses that have gone under contract in the 300-400K price range. Everything else has been in the 200s or below. The chart below shows the average price of what has been for sale in College Park vs. the average price of what has been selling over the past year. For the higher end sellers, patience is the name of the game right now.


Our inventory remains at 255 listings (54 are condos). There are 73 pending sales and 66% of those are short sales or bank owned properties.

Average mortgage rates remain under 5% dropping slightly last week to 4.95% on a conventional 30 year fixed rate loan and 4.32% on a 15 year.

ACTIVE LISTINGS: 255
PENDING SALES: 73
CLOSED SALES: 3/8/2010 - 3/14/2010


VACANT LAND
ACTIVE: 28
PENDING: 1
SOLD (1/1/2010 - 3/15/2010): 0

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

Last week was another busy one in the College Park real estate market with offers accepted on 12 properties. Eleven were listed under $250,000 and one at $389,000. Still seeing the majority of our movement in that under $250K price range as first time home buyers enter the market.

Rates averaged under under 5% again last week with 4.97% on a 30 year conventional loan and 4.33% on a 15 year.

Active Listings: 255
Pending Sales: 67
Closed Sales: 3/1/2010 - 3/7/2010

So is the home buyer tax credit working? As for our state, and the nation as a whole, not so much. Numbers across the board are not what the government was hoping to see with regard to the credit having a large impact on the housing market. With the unemployment rate still as low as it is, it's just not enough. You can read more here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=234302

Here in College Park, however, year over year we have seen some improvement. We closed 23 sales in Jan/Feb of this year compared to 15 in Jan/Feb of 2009. Prices have come down, however, with the median price in '09 at $199,900 and this year we are at a median price of $160,000, for the same time period. College Park is such a desirable place to live, so we are definitely faring better than many areas in the Central Orlando area.

Here are our year over year numbers. While we still have a way to go, things have definitely improved over last year.


This past week 12 homes went pending in 32804 and there were 5 closed sales. Rates are still low, so there's no denying this is a good time to buy if you can.

Active Listings: 249
Pending Sales: 62

Closed Sales: 2/22/10 - 2/28/10