The past two weeks have been pretty active in the College Park market;
21 new listings
39 price reductions
12 pending sales

The pending sales were listed as follows:
7 under $200K,
2 between $200-$300K,
2 between $300-$400K
1 listed at $995,000.

There are currently 63 pending sales in the 32804 zip code and 68% are listed under $200,000. Of the 63, 75% are short sales or bank owned properties.

Over the past few months high-end sales (over $500K) have picked up, always good to see. With rates this low and with the price declines we've seen, what a great time to buy. Some of my clients who have owned their homes for a long time, and have low mortgages, are choosing to hang onto their first homes as rentals and are moving up. The rental market is really strong right now, especially on properties that are in really good shape.

Speaking of low rates, for the 7th time in the past 8 weeks, mortgage rates have dropped. On average, borrowers were getting 30 year conventional mortgages at 4.44% last week. If you have equity in your home and want to refinance, average rates last week on a 15 year mortgage were 3.92%. Wow.

ACTIVE LISTINGS: 252
PENDING SALES: 63
CLOSED SALES: 8/2/2010 - 8/15/2010 (two week period)

VACANT LAND
SOLD: 28
PENDING: 2
SOLD (1/1/2010 - 7/11/2010): 2
Gerda Street: $162,000
620 Stetson: $155,000

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