The Laurel Maryland real estate tax credit incentive is over.
The tax credit created a rush of buyers trying to buy a home before the April 30th deadline. Both first time home buyers and move up buyers tried to take advantage of the Federal Tax Credit. The rush of buyers for Maryland real estate in April will reduce the number of Maryland home buyers this summer.
Seller activity in Laurel Maryland did not outpace buyer activity.
This is the continuation of a recent trend in Maryland. This type of pace will shrink the inventory of available homes and should help stabilize the market. This shrinking inventory can be seen in Montgomery County Maryland and Prince Georges County Maryland. These counties have just under a five months supply of homes. This is pretty much a balanced market.
Helping shrink the inventory for Laurel Maryland real estate has resulted in the dropping prices of homes. The median sales price dropped just over seven percent from last May 2009. This continues the downward trend that started back in 2007. However this also reflects less of price drop than in previous Mays. Prices dropped over 14% from May of 2008 to May of 2009 in Montgomery and Prince Georges Counties in Maryland.
A good note for sellers of Maryland real estate is the fact that they are getting 95% of list price for their homes. This is a big jump from last May 2009 when sellers were only getting about 90% of list price for their homes. This is also a further indication of real estate market stabilization.
What does the future of Laurel Maryland real estate hold?
Some feel the financial troubles of Europe will help keep interest rates down. In addition, jobs created by the stimulus package in the Maryland area will help the local economy and boost consumer confidence. These factors should be good for Maryland real estate.