Piney Orchard Real Estate Update March 24, 008

Since our last update in late January the market has remained relatively stable.  And we seem to be absorbing the inventory just a little bit faster thanks to an unusually active February.  There are currently 115 homes actively for sale in the Piney Orchard community.  This is down just slightly from 130 in January. 

Actively listed homes for sale

• 12 single family homes priced $380,000 - $795,000
•  58 Townhomes priced $280,000 - $575,000
• 45 Condominiums priced $240,000 - $415,000

Under contract properties

• 29 homes, townhomes and condos currently under contract

Sold properties

• 38 homes have sold and settled since 1/1/08
• 5 single family homes priced $505,000 and $750,000
• 27 townhomes ranging in price from $273,000 - $401,000
• 6 condominium units priced from $256,000 - $280,000

Average Days on Market

• Single family homes 138 days
• Townhomes 122 days
• Condominiums 110 days

We are seeing the under contract signs speed up a bit thanks in part to to recent FHA price guideline increases for Anne Arundel County, and stabilizing interest rates.  Buyers are still shopping for super bargains though and as we see foreclosures and short sale listings increasing in Piney Orchard and across Anne Arundel County we're likely to see prices remaining stable.

It's a great time to be a home buyer in Piney Orchard!  

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