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.
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