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Real Estate Trends in Severna Park

Median Home Prices decline in Severna Park for October.

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. 

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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