A Quick Look At College Park, MD Real Estate Stats

Average Sold Price

First, let’s take a look at the average prices for homes sold in College Park. The blue line represents all the homes and the purple line represents all the single family homes.  The lines are pretty close because College Park is mostly single family homes.  There are a good handful of condos — Westchester Park and Parkside, for example — but they rarely turn over in comparison to single family homes because of the high investment value as rentals to students at the University of MD.

Days on Market

Again, the lines that show all homes vs single family homes run pretty close together. The encouraging sign with this graph is that it appears homes are selling a little more quickly. Although, still not as quickly as they were in November of 2010 and certainly not fast enough for some of us!

Average Sold Price to Original List Price Ratio

This is probably the most encouraging graph of all. It shows that home seller are getting closer to their original list price. It is noteworthy that these home sellers are not receiving 100% (or more) of their list price. It is more of an indication that home sellers are offering their homes at a low enough price that home buyers see the bargain.

The other part of this equation is that there are a large number of foreclosed homes that are deep discounted to the market and people are buying those at the list price with whatever closing help the bank is willing to provide. There isn’t a lot of “wiggle room” in the price of a foreclosed home.

Speaking of Foreclosures

Here is a graph that shows the market activity of “bank mediated” homes in comparison to all homes in the 20740 zip code. As you can see, there is a lot of “bank mediated” (foreclosed homes and short sales) in the market. These homes need to be purchased and removed from the market before we see any real price stabilization or increase.

Check out this super easy way to search for home in the MD Suburbs – click here

About Ken Montville

Ken Montville is a Realtor® and Associate Broker with RE/MAX United Real Estate in the beautiful Maryland Suburbs of Washington, DC. He has been selling nice homes since 1999. Way back in the 20th Century.

When Ken Is not doing the real estate thing he can be found all over social media in places too numerous to mention and he listens to jazz, reads a little (mostly non-fiction), hangs out with the Rotary Club of College Park, MD and can be found blogging at MDSuburbanHomes.com