Local real estate news continues to be a topic of conversation as home owners are concerned over their loss of equity these days. The old adage "location is everything" may even be at risk.
Conventional wisdom said that exemplary public schools such as found in Severna Park, helped prices remain stable in recessionary times.
A recent look at the October market statistics for Severna Park may contradict that kind of thinking.
See link to RBI report, http://tinyurl.com/http-octobersalesreport-com
Median Sold Price is one way economist determine the value trend of real estate. This differs from the average by identifying the middle sale within the group of sales. For October 2011, the 11th sale or median was $422,033 or -6.97% below October of 2010.
However, one month does not provide enough data to constitue a trend. By taking a rear view approach, the YTD numbers tell a different story. The percentages were up for six out of the last 10 months when comparing year over year by month.
Therefore, a year over year trend will need to be looked at before determining whether home values are up, down or leveling out for 2011.