Things are looking very bleak for Bowie home sellers in the 20715 zipcode this month, based on statistics for November 2007 and these graphs of the years real estate activity.
- Bowie Units sold: Down 35.71% from November 2006
- Bowie Days on Market: Up 42.47% from November 2006
- Bowie Median sold price: Down 2.88% from 2006
During the same timeframe, we have seen the inventory of active listings grow, while the number of sold properties has, at best, remained fairly consistent - ranging from 16 in September to 42 in June.
The absorption rate for the most recent month was less than 10%, with an estimated inventory of 11 months if sales continue at the same pace. Given that we are entering the typically slow winter months, that is unlikely.
Based on this data, and the current large inventory of homes for sale, lower prices and longer days on market are extremely likely.
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DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.
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