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Bowie Real Estate Update – June 2011

One of the things that amazes me about the local real estate market is how much it can vary from one zipcode to the next.  That’s true, even in Bowie, where there are four zipcodes.  I usually focus on the three Bowie zipcodes closest to my office, as follows:

20715 June2011

20716 June 2011

20720 June 2011

Just take, for example, the percentage of Month on Month increase for the number of closed sales:  it was flat in 20715, down 48% in 20716, and up 223% in 20720.  If this doesn’t prove that “all real estate is local,” I don’t know what does.

Home Sellers:  If you’re thinking of selling a home in Bowie, Maryland, you really can’t rely on these charts.  They make for an interesting comparison, but you need information specific to your immediate neighborhood and home type to price your home accurately.

Home Buyers:  The market is up, down, and all over the place and it’s difficult, if not impossible, to estimate when the market will hit bottom in any of these zipcodes.  With the rates so low (still hovering at or below 5% for a 30–year fixed rate mortgage), I wouldn’t take any chances by waiting until some economic event forces a change in the interest rates.  Just one or two percent could make a huge difference in your monthly payment.

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