For Zip Code 21921
May sales for Elkton MD continued on an upward trend to 35 properties. We have been seeing this trend since February . It appears this may continue in June and beyond based on the pending contracts made a modest increase. This may be seasonal increases but there is positive signs for the next few months.
Sales however are still below 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 whold county accounting for almost half the sales in the Month of May!
The Bottom Line:
We should start to see some price stabilization, for now...But there are some signs that the large financial institutions will begin putting foreclosures on the market again. Word is that they will be placing them on the market in a staged approach, (a few a month) so as not to de-stabilize the market. Only time will tell.
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