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Gambrills Real Estate Update – May 2009

Real estate statistics for last month in Gambrills are quite difficult to decipher because the sampling of sales is so small – not only this year, but also the two prior years.  As a result, high-end and low-end sales dramatically impact the average and median sold prices.

If ever there was a zipcode that really needs these statistics broken down by neighborhood, and perhaps over a period of months, 21054 is it. 

Let’s take a look at this chart for Gambrills real estate last month and May of preceding years:

21054 - Chart

Probably the most telling figures, then, are the number of new listings compared to how many new contracts were written and the number of homes sold/settled.  As long as the inventory of homes keeps growing (new listings) at a faster pace than homes are selling and settling, Economics 101 will always come into play, i.e. “supply and demand” –

Looking only at May 2009, just three homes went under contract out of 86 on the market.  In other words, 96.5% of homes on the market did NOT sell.  It would take over 28 months to sell the Gambrills inventory at this rate, assuming no additional listings go on the market during that time.  Even back in ‘06, in the so-called “bubble” market, the absorption rate in Gambrills was over seven months while it was closer to five in Odenton, three in Crofton, and even less in some other communities.

Three Gambrills homes went under contract and four sold/settled in May 2009, in spite of all this doom and gloom – that makes for seven happy home sellers.  They not only beat the odds, they sold at more than 90% of list price.  This is a much higher percentage than other areas, so there is some good news for the month.

 

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