In this issue we compare sales figures for the Spring of 2009 to the Spring of 2008 in the 21224, 21231, and 21230 zip codes. We will also discuss the months of inventory available based on the current sales rate, or “absorption rate”. There has been a significant decline in the number of months of inventory available and this factor is important to monitor for both sellers and buyers.
Zip Code 21224: The total number of available listings is down 19%. The sales rate decreased to 5.8 months compared to 10.1 months in ’08; contracts pending increased 40%, while the average days on market increased to 13% and the number of units sold decreased 11%. Average sold price is down 28%.
Zip Code 21231: The total number of available listings is down 14%. The sales rate decreased to 9.7 months compared to 14.2 months in ’08; contracts pending increased 25%, while the average days on market increased to 34% and the number of units sold decreased 17%. Average sold price is down 12%.
Zip Code 21230: The total number of available listings is down 19%. The sales rate decreased to 6.9 months compared to 9.4 months in ’08; contracts pending increased 10%, while average days on market decreased to 21% and the number of units sold decreased 7%. Average sold price is down 24%.
Overall, there are fewer homes entering the market each month. This fact, coupled with a substantial increase in pending sales, or contracts, has resulted in an available inventory decline. This is very good news for home sellers in these zip codes; a decrease in competition increases likelihood a home will sell. There has been a notable decline in the average sales price; therefore, it is a great time to sell if you’re willing to price your home appropriately, and a great time to buy if you’re looking for a bargain.
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