For homeowners in Montgomery Country, Maryland, home prices are improving. Fortunately the area has a fairly healthy market.
The median sold price is up slightly while the average sold price improved significantly from the previous year. It’s still not easy to sell a house fast, though. There has been a significant drop in units sold and a significant increase in days on market.
In terms of supply, in February 2011 there were 525 homes sold. When divided into the number of active listings, it signifies a 6-month supply of houses. This is a slight increase from the prior month, and it indicates a healthy market (defined by a 5-6 month supply).
Active listings were down in Montgomery County, and new listings were significantly down. This is most likely a result of the legal battles between the US government and the banks that are stalling the release of foreclosed properties. REOs, or Real Estate Owned, are what a bank calls the properties they take back through the foreclosure process.
|Montgomery County, MD||Mar-2011||Mar-2010||% Change|
|Avg Sold Price||$450,671||$398,807||13.00%|
|Median Sold Price||$332,450||$324,250||2.53%|
|Avg Days on Market||92||69||33.33%|
|Avg Sold Price to List Price||92.8%||95.5%||-2.81%|
If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.