The Metropolitan Regional Information Systems, Inc. (MRIS) released sales statistics for the first month of 2007 this week, and they are not pretty. The first thing I looked at was “Average Days on Market” in the 21114 zipcode, where my own home and office are located. Knowing that the figure for Average Days on Market in December was 86, I was stunned to see that it was 117 in January. Okay, here is the comparison of 21114 sales statistics for January 2007, compared with January 2006:
- Total Sold Volume – DOWN 7% to $14,716,525
- Average sold price – UP 10.13% to $387,277
- Median sold price – UP 9.52% to $339,599
- Total units sold – DOWN 15.56% to 38
- Average Days on Market – UP 160% to 117
- Average List Price for Solds – UP 14.73% to $414,050
- *Average Sale Price as a Percentage of Average List Price – DOWN to 93.3%
*Does not take into account the original list price of properties, only their list price at the time of the sale.
As I mentioned in earlier posts, I like to keep track of whether sales are occurring at the same rate as new listings are coming on the market. Unfortunately, they were not in January: 61 new listings, and 47 properties sold (contingent and non-contingent combined). As the inventory of home grows, the supply and demand balance is getting further and further off kilter. When this happens, prices are driven downward – NOT good news for home sellers, but good for buyers.
I will be happy to post sales statistics for other zipcodes - Just let me know what zipcode you would like to see.
Feedback or Questions:
21114 Sales Statistics for January
Source: MRIS and Margaret Woda
Copyright 2007. All rights reserved. Margaret Woda
2 comments:
GREAT INFORMATION! Thanks.
Please post the statistics for Bowie, 20715, when you get a chance. Thank you.
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