Edgewood, MD Real Estate in August, 2016

No one can say that the real estate agents in Edgewood, MD weren’t busy in August, 2016, even though the total dollar volume of sales was a modest $4.6 million. Despite that, it increased 63.3% over last year, along with a steady maintenance from July, beating out the previous month by 1.1%. Leading the way was the Woodbridge Center community with eight home sales, followed by Harford Square with four.  The largest real estate sale in the Edgewood, MD zip code for the month was 2804 Captain’s Cove in Lord Willoughby’s Rest, which sold for $238,000.

The average selling price was down almost 19% to just under $140,000, while the time it took to sell a home also decreased in Edgewood, MD during August only 58 days. Of the 34 home sales in the zip code, 12 were either foreclosures or short sales. Also, 21 of the properties were detached homes and 13 were townhouses.

We like to look at a five-year trend, although sometimes we’ll look for patterns over a shorter time period. Here, it is easy to see that the growth has been steady and consistent. The only concern is the lack of inventory. Last year at this time, there were 128 actively listed properties in Edgewood, MD, and this year, that amount dropped to 92. And since the economy has shown steady improvement, more people are buying, thereby causing there to be more competition in the area.