The real estate market outlook, based on results for the month of September 2009, remains fairly consistent with the findings for the month of August.   There were 119 homes sold in Charles County during the month of September compared to 115 homes sold in August. While the number of transactions was about the same over the previous month, when we saw a 20% increase in sales activity over August of 2008, the number of sales transaction actually fell over 10% in September compared to September of 2008.

On a very positive note, the decline in the average price, while still down, rose from -22.57 in August to -16.39 in September. We are also seeing an increase in the amount of homes selling in the “over $400,000” price range which has been lack-luster for most of the year.  I have been in several $400k+ transactions this month where there have been multiple offers.  There is an article on Yahoo News indicating homes that are priced correctly to the market are seeing multiple offer situations, and I can verify that to be the case.

Inventory remains consistent and unchanged compared to the data for August 2009.  Out of 1274 listings Active on the market, 256 new active listings were added during September, and there were 166 new contracts pending, which is down slightly from August.

As for properties in Foreclosure, Realtytrac.com reported 181 new properties in default for the month of September in Charles County.  The rate of new defaults continues to out-pace the total monthly rate of sale, which is an ongoing trend.  The total number of properties in Charles County that are in some state of Foreclosure (including Bank-owned) has remained steady at 942 properties, compared to 938 during the month of August.   The number of properties in a state of Foreclosure continues to be of concern, and all these numbers are not reflected in the MRIS Trends Report because the majority of these homes are not currently being actively sold at this time.  

Last month I told you that Lennar Homes had come out with some aggressive pricing on 3-story, 1-car townhomes. They have just broken ground on a new subdivision of single family homes, called Gleneagles, located on Billingsley Road, near Piney Church Road in Waldorf. They have introduced 2-car garage, 3 bedroom, 2.5 bath, single-family homes beginning at $259,990, which is also seen as fairly aggressive.

The $8,000 tax credit program is scheduled to end on November 30, 2009. There has only been speculation that this program, or something like it, will be extended. I would expect the public will be made aware of the plans prior to the Thanksgiving Holiday.

Rental activity continues to remain strong.  There are currently 198 rentals on the market. Over the past 30 days 62 homes have been rented in Charles County. The available rental inventory has remained consistent all year.