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Blog by Susan Pruden
Cheverly, Maryland
Informal observations about Prince George's County Real Estate and happenings around our local area. I'm Susan Pruden, in Cheverly Maryland and I welcome your comments and participation.

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Are Cheverly Home Prices Dropping?
Posted at Real Estate Bits and Pieces by Susan Pruden
Monday, November 5, 2007
Categorized in: Pricing and Value
Tagged with: cheverly, prince georges county, sales, statistics
So just how much have prices fallen in Cheverly?
Ready for a surprise? Overall, they haven't. Even taking into account seller-paid closing help, sellers are netting more now than they have in any previous year.The sales price alone doesn't tell the whole story, since many sellers are paying closing help in this market. What I expected to find is that sales prices were about the same as last year, but that sellers were losing ground in paying closing help.
What I found is that even with closing help, sellers are still, on average, coming out equal to or ahead of the game in Cheverly. Of course, individual sellers may not be as lucky -- these are averages we're talking about.

In this chart, seller-paid subsidies have been subtracted from the sales price to show the net sales price for the past 3 years. The 3rd Quarter statistics for 2007 aren't complete since the sales data for September isn't all in yet.

Anyway, this was interesting, so I decided to break 2007 down month-by-month.

The July spike reflects a sale above $500,000 in Cheverly Oaks. Also, be sure to look at the number of contracts written per month, as averages can be skewed when there are so few sales.

(C) Susan Pruden.

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