June 2011 Elkton MD Real Estate Statistics
For Zip Code 21921
June sales for Elkton MD fell from 35 properties to 29. This reverses the trend we were seeing since February, when the market usually holds pretty steady. I had thought that the trend would continue as pendings were still strong, but contract fallout seems to have occured as pendings are also down to 53 from 58 in May. With economic uncertainty at an all time high, we may see the market weaken over the next few months.
Sales are still lagging behind 2010 Levels
New Listing Volume was weak again which is a positive note for existing sellers. As we clear inventory, prices should stabilize and entice more buyer activity, especially with rates so low.
Overall Elkton Remains the strongest area for the whole county accounting for almost half the sales in the Month of May!
The Bottom Line:
The looming debt Crisis could cause havoc in the markets. But we still have historically low rates and good inventory, when you combine those factors it makes this the best time in a generation to buy a home, but try to convince anyone of that fact.......
Steve Hubbell, Realtor® - Internet Marketing Specialist - The "Bay Property Team" was formed in 2006 by Susan and Steve Hubbell to specialize in helping Buyers and Sellers invest in Waterfront and Water Access Properties in Chesapeake City, Elkton, Earleville, and Warwick in Cecil County MD. We also serve, Georgetown, Galena, and Kennedyville in Kent County MD and surrounding areas. (800)-890-0381