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Margaret’s Monday Market Update – Bowie (20715)

Bowie MD Market Update (20715)
December 2010

2010 - December

HOME SELLERS:

Homes sold 13.89% faster in December 2010 than in 2009.  That’s GREAT news for home sellers in North Bowie.  As you can see from this chart, that’s the fewest days on market for home sales in any December over a five year period.

The percentage of average sold price vs. list price was up last month.  In fact, that is nearly back to 2007 levels.  But don’t get too excited yet, because this was down from the previous month (94.36% in November 2010).

Median and average home prices dropped, which is disappointing, but less than 5%.  We can count ourselves lucky compared to other communities in Prince George’s County and throughout the nation.   In fact, it’s about half the drop that home prices experienced county-wide.  

There was a 29% drop in home sales during December from the same month last year and from November 2010.  There just isn’t any way to sugar-coat that statistic.  One has to look at it in perspective, however, and consider that fact that the homes which did sell sold faster and at a larger percentage of list price.

The most accurate way to assess your home’s likely sale price, Mr. Seller, is to consult with me or the REALTOR of your choice who will evaluate your home’s condition, features, and location in the context of your competition, and make recommendations to you about everything from price to updating.

HOME BUYERS:

With 153 homes for sale in this zipcode of Bowie, buyers who want to live in this area have many options for finding and buying a home.  Many of these homes have been on the market for 90 days or longer, and some of those sellers may be willing to negotiate. 

Given these two ideal conditions and today’s low interest rate, this is an excellent market for buying a Bowie home with terms favorable to you. 

INTERACTIVE HOME SEARCH FOR BOWIE MD (20715)

Please keep in mind that real estate statistics in this chart include all homes in the 20715 zipcode that were listed on MRIS, our regional multiple listing system. 

For detailed information about your community in Bowie Maryland please contact me directly by cell/text at (301) 346-2923 or ask for me when you call Long & Foster (410)721-1500 EXT. 6245.

This post first appeared on Margaret’s Maryland Real Estate Blog on 1/19/11.

Copyright 2010.  All rights reserved.

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