Greenbelt Real Estate Update

On a Roller Coaster

That's how Freddie Mac is describing the current market conditions. The good news? Interest rates are down to where they were 60 years ago. Housing is the most affordable in four decades.

Unfortunately, job growth is not keeping up with the labor force and state and local governments are laying off. Freddie Mac anticipates a nationwide price decline of 6 percent in the 4th quarter compared to last year. (Prices in 4Q 2010 dropped 13.5% from 4Q 2009.)

For qualified buyers, this is the chance of a lifetime to buy a home. There's extensive inventory, prices are down and interest rates are fantastic. But buyers are very well educated in this market and have done their homework.

We continue to see a very wide price range in sales, with average units selling for far less than unique, well improved homes.  Buyers are willing to pay for what they perceive as value; location and modern improvements & features. The more common 'typical' home is having a hard time attracting a purchaser unless the price is perceived as a bargain.

Greenbelt Update

There have been 35 homes that have settled in Greenbelt Since July 1. You can see a PDF file of the sales with full details, in the first image I've posted with this article. Its sorted by subdivision.

In July, there were 17 homes sold out of 99 active listings. The average selling price was $138,076; an increase of nearly 11 percent compared to July 2010. The average home took 78 days to sell. The complete data can be viewed in the second image I've posted.

Prince Georges County Update

In July, there were 739 homes sold out of 4,387 active listings. The average selling price was $181,825; a decrease of more than 11 percent compared to July 2010. The average home took 104 days to sell. The complete data can be viewed in the third image I've posted.