Severn Real Estate market update
We've seen some big changes in the Severn Real Estate market in 2008. Home prices took a pretty large and fast tumble since the first of the year even with inventory staying relatively low. Using single family colonial homes with 3 or more bedrooms 2 or more baths, a basement and 1 car garage or more as a general guide we only have 16 active listings in the Severn, Odenton, Crofton and Gambrills real estate market that are priced between $375,000 and $450,000. One of those listings is a new construction home in Severn Maryland that just reduced it's price by $50,000 and is now for sale at $450,000.
Active home for sale listings - $375,000 - $450,000 - Crofton, Odenton, Severn & Gambrills
http://matrix.mris.com/Matrix/Public/Email.aspx?ID=25293622801
Under contract home listings - $375,000 - $450,000 - Crofton, Odenton, Severn & Gambrills
http://matrix.mris.com/Matrix/Public/Email.aspx?ID=25293576042
For the homes under contract pay close attention to the original list price and you will notice several drops of over $40k on under contract homes. Interestingly enough, those homes do not appear to have been overpriced to start with. But savvy home owners with lots of equity are willing to trade a quick sale for less cash in pocket. That's great for them, but the homeowners left in the area inherit the reduced values in the neighborhood and educated home buyers want the bargain price on everything.
Here's hoping that we are at the end of the decline and we'll see a more stable market before we head into the Summer buying season.