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Bowie Home Sales Soar

Bowie sales increased last month –  but prices fell.

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When the tax credit ended in April, I expected Bowie MD home sales might drop off dramatically this summer.  Sales statistics for June have proven differently –  at least for the number of “units sold”.  Prices, on the other hand, have declined in Bowie.

Bowie MD is a very large area, with four primary zipcodes, and you can’t really generalize about the Bowie housing market because sales statistics can differ widely from one zipcode to the next.  Take a look at these numbers for June 2010 in Bowie, compared to June 2009:

UNITS SOLD:

Bowie Zipcode mapMEDIAN SOLD PRICE:

AVERAGE SOLD PRICE

DAYS ON MARKET

One can only speculate about why sales were “up” across the board in Bowie last month and I can offer three possible theories:  First, the interest rates are still amazingly low, hovering between 4.5 and 5% for a 30–year fixed rate mortgage.  Second, the large number of REO (foreclosed) properties in Bowie offered at extreme bargain prices.  Most likely, it’s because contracts written before April 30 had to close by June 30 for homebuyers to be eligible for the tax credit.

These sales of bank-owned properties are probably the primary reason why the median and average sold prices have dropped in Bowie MD since last year.

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