The Realtor’s Corner – By Sue Collins, ReMax 100

Since the real estate and housing markets seem to be the hottest topics around today, I thought I would take this opportunity to share some of the statistics I can access through our local MLS.

To give you a feel for recent real estate activity in Whittier, I have compiled a summary of active, sold, and withdrawn properties for 2007 though Feb 29, 2008. This does not include any of the data for new homes bought directly from Drees Homes.

There is no doubt there has been a downward adjustment in the prices of homes in Frederick County during the last two years. While it may be disappointing to look at the decline in average home prices in our neighborhood, remember that prices are dropping everywhere. There are homes in Holly Hills, Amber Meadows, Clover Hill, Spring Ridge, Villages of Urbana, etc. that are selling for substantially less than what they would have sold for in 2005. Throughout Frederick County, the state of Maryland, and across most of the country, prices are declining. But the good news is it won’t last forever!

The real estate market goes in cycles and we will work our way out of this downward cycle just as we have done in the past. Let’s hope that recent actions by the Federal Reserve to lower interest rates will give many potential home buyers the impetus they need to begin their house-hunting in earnest and we will see a positive upswing in the market. Of course the magic question on everyone’s minds is: when? Although nothing is certain in these volatile times, we hope to see some signs of recovery in 2008. In the meantime, keep those shutters painted and the landscaping fresh. We can all do our part to help Whittier stand out in a challenging market.