Housing Recovery? Not in this area.

By
Real Estate Agent with RE/MAX United Real Estate

Lately, I've been running a series on real estate market trends for 10 zip codes in the MD Suburbs that I service on a pretty regular basis.  So far I've run the charts for:

What I've seen so far is not encouraging.  Prices are still continuing to decline and Day on Market are continuing to increase.  All this tells me is that the foreclosure and short sale market is continuing to be a drag regardless of Government home buyer tax credits.

That being said, so far I've only written the blog posts with the charts and stats tables for towns in Prince George's County, MD. Prince George's has been the hardest hit with the housing downturn in the MD Suburbs.  I have a few more Prince George's towns to hit and then it's over to Montgomery County, MD. 

I actually did a Contrast and Compare post awhile back between College Park, MD and Bethesda, MD.  The towns have some similarities but the difference in the housing market is eye popping considering they're really only about 17 miles apart.  It's amazing what a little trip around the Beltway can do for you!

I've posted about Points A, B and C (see above) so far.  I'm heading to the others in the days ahead.

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Maryland Prince George's County College Park
Groups:
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PG County Real Estate Pros
Posts to Localism
Realtors®
FREEDOM Office: Professionals Working from Home
Tags:
housing trends
housing recovery
tax credit
md suburbs of dc

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Rainmaker
173,827
MaryBeth Mills Muldowney
TradeWinds Realty Group LLC - Norwell, MA
Massachusetts Broker Owner

It is amazing how markets can vary so much even within the same city but a different area code!

March 03, 2010 08:45 AM #1
Ambassador
922,338
Ralph Gorgoglione
John Aaroe Group - Los Angeles, CA
California Real Estate (800) 591-6121

No stabilization of any areas of Maryland?

Throughout your area only or the whole state?

March 03, 2010 09:04 AM #2
Rainer
171,824
Judd Reynolds
Exit Team Realty - Savannah, GA
Savannah, GA

Ken, you are right. There can be vast differences even within a small area. Generally the Savannah, Georgia market is still declining in value at around 1% per month. However, I found a small niche in one of our areas recently that even with several REOs, it has been holding its market value and rental prices better than all the subdivisions which surround it. I would not have suspected this without doing the research myself.

March 03, 2010 09:04 AM #3
Rainer
157,385
Nyssa Smith
Keller Williams Advantage Realty - State College, PA
REALTOR, State College Area Real Estate

Thanks for doing the research Ken and sharing your findings.  Hope you're doing!  Nice to catch up with you!

March 03, 2010 09:06 AM #4
Rainer
151,812
Ken Montville
RE/MAX United Real Estate - College Park, MD
The MD Suburbs of DC

MaryBeth - it is amazing how different areas do.  I guiess that's why they say all real estate is local  :-)

Ralph -  Jus my area, I would say. Maryland is a pretty big State and I don't have the research for some our rural areas or resort areas.

Judd - It's always good to find a niche that's holding value!

Nyssa -  good to see your smiling face,as well!  Thanks for stopping by!

March 03, 2010 01:27 PM #5
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Ken is the map the route you drove yesterday?  Our area fluctuates from not only one part of a county to another but often from one block to another.  The condos in Belmont Bay are a perfect example of that one.

March 03, 2010 05:00 PM #6
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Rainer
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Ken Montville

The MD Suburbs of DC
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