I will be on vacation next week, so check in on the 12th for a two week update.

Last week in the College Park market there were 11 new listings, 17 price reductions and 9 properties that went under contract. One of the pending sales was listed at $545,000 and the remaining 8 were under $225,000.

Average mortgage rates last week were the lowest they've been since the tracking of rates began back in 1971, down to 4.69%!! Even with the low rates, we are now seeing a decrease in the number of pending sales with the expiration of the tax credit. Rates are predicted to remain low, so hopefully we will stay the course at a steady pace and continue to work through our inventory.

ACTIVE LISTINGS: 244
PENDING SALES: 74
CLOSED SALES: 6/21/2010 - 6/27/2010


VACANT LAND
ACTIVE: 30
PENDING: 1
SOLD (1/1/2010 - 4/18/2010): 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 there were 10 new listings, 19 price reductions and 6 properties that went under contract. Four of those that went pending were priced under $150,000, but two were lakefront listings priced at $899,000 and $1,495,000.

With prices stabilizing, we continue to see a higher number of sales compared with this time last year. Year to date there have been 116 closed sales, compared to this same time period in '09 when there were only 73. The chart below shows that the predictions are on track, taking us back to 2002 prices per sq/ft.



Average mortgage rates remain under 5%

ACTIVE LISTINGS: 243
PENDING SALES: 76
CLOSED SALES: 6/14/2010 - 6/20/2010


VACANT LAND
ACTIVE: 30
PENDING: 1
SOLD (1/1/2010 - 4/18/2010): 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 there were 12 new listings, 21 price reductions and 10 properties that went under contract. The pending activity was in the price range of $49,900 - $299,900.

Average mortgage rates fell to just a tad above the all time low back in December. Average rates on a 30 year conventional mortgage ran at 4.72% and 4.17% on a 15 year.

I just ran some new numbers to see how our inventory is looking compared to other parts of town. Here is what's going on as far as the amount of active listings that are distress sales (short sales and bank owned properties). College Park is still stacking up fairly well in comparison with other areas. This does not, however, account for the properties that are in foreclosure that are not listed for sale in the MLS. Let me know if you're curious about another area not listed.



ACTIVE LISTINGS: 240
PENDING SALES: 77
CLOSED SALES: 6/7/2010 - 6/13/2010


VACANT LAND
ACTIVE: 30
PENDING: 1
SOLD (1/1/2010 - 4/18/2010): 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 there were 8 new listings, 18 price reductions and 12 properties that went under contract. Most every price point saw pending activity with list prices from $44,000 - $790,000.

Rates rose a bit to an average of 4.79% on a 30 year conventional mortgage but fell to 4.2% on a 15 year mortgage. Good time to refinance if you have at least 20% equity.

ACTIVE LISTINGS: 239
PENDING SALES: 75
CLOSED SALES: 5/31/2010 - 6/6/2010


VACANT LAND
ACTIVE: 30
PENDING: 1
SOLD (1/1/2010 - 4/18/2010): 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 there were 15 new listings, 23 price reductions and 10 properties that went under contract. The pending sales ranged from $99,000 - $555,000.

So what is the state of the market in College Park? Well, people are still buying, but they want the deals and they are getting them. Our buyer activity has remained steady, as has our lower inventory. Unfortunately, many sellers are not seeing the gift of the sale because their prices are still too high. Believe me, as a long time College Park homeowner, it's been very painful to watch.

Consider this, from January through April, the average LIST PRICE of College Park houses was $361,000, compared to the average SALE PRICE which was $221,000. In addition, the average property in College Park is selling for 79% of the original list price. In a declining market, with every month that passes, the house is worth less than when the listing first came on the market. If you or someone you know is contemplating a sale, it is more important than ever to price the property based on an accurate market analysis right from the start. With every month that passes, hoping for more than the house is worth will cost money in the long run as values are still declining.

The good news is that there are buyers out there taking advantage of these crazy low rates, so if a house is priced right, it will sell.

Rates fell last week, again, to an average of 4.78% on a 30 year conventional mortgage.

ACTIVE LISTINGS: 248
PENDING SALES: 71
CLOSED SALES: 5/24/2010 - 5/30/2010


VACANT LAND
ACTIVE: 30
PENDING: 1
SOLD (1/1/2010 - 4/18/2010): 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.