College Park, MD...Home of the Terps (who just upset Duke in basketball). This is not your typical "college town". College Park has a large residential component with distinct neighborhoods that have varying price ranges. Oddly enough, Berwyn Heights, which has a separate government complete with a separate town hall and police force and everything shares the same zip code. So the table and charts you see here also include Berwyn Heights.

90-day stats for Single Family properties in
COLLEGE PARK, MD as of February 26, 2010
Median List Price $216,165 Average List Price $231,782
Total Inventory 96 Price per Square Foot $121
Average Home Size 2,304 Median Lot Size 7,212
Average # Beds 3.88 Average # Baths 2.19
Homes Absorbed 10 Newly Listed 11
Days on Market 278 Average Age 57

Low prices, relatively high inventory and extremely long days on market. As we have been winding our way through some of the towns in northern Prince Georges County, MD you may have seen a trend. In case you missed it, here it is: falling home prices, lots of homes on the market and a long time to find a buyer for those homes. The only remedy for this is to price the home so that someone, anyone will see that it is a good value. Whether you call this a "bargain" or "giving it away" the sad fact is that unless a home is in pristine condition and priced aggressively you can expect the house will sit on the market without a buyer for a very long time.

Median Price for homes in COLLEGE PARK, MD All ZIP Codes

Median Price for homes in COLLEGE PARK, MD All ZIP Codes as of February 26, 2010 is $216,165
Inventory for homes in COLLEGE PARK, MD All ZIP Codes

Inventory for homes in COLLEGE PARK, MD All ZIP Codes as of February 26, 2010 is 96
Average Days on Market for homes in COLLEGE PARK, MD All ZIP Codes

Average Days on Market for homes in COLLEGE PARK, MD All ZIP Codes as of February 26, 2010 is 278

Median Price is the only bright spot. Of course, median price only helps with showing a trend and does not speak to particular neighborhoods (e.g., Hollywood, College Park Woods, Yarrow, etc.). It is mildly encouraging, though, that after a precipitous drop, prices seem to be bouncing back slightly.

Someone mus have told all the home sellers that prices had started to bounce back a little because, all of a sudden a lot more homes are one the market (the inventory chart). This is not an encouraging sign. It just means that there are a ton more short sales and foreclosures or that people are trying to catch the wave of the home buyer tax credit combined with the spring market. Either scenario puts downward pressure on home prices.

Days on Market seems to be taking a little bit of a dip which is a good thing. Still. Do you want your house on the market for close to a year?!?