The average sales price of a home sold in May was $467,000, an increase of almost 11 percent from a year earlier. 884 homes were sold in Montgomery County in May, that’s over 22 percent less than last May. Those homes took on average 69 days to sell, a fairly healthy number. While it’s a big percentage increase ¾over 35% ¾ it’s only a little more than two more weeks.
Speaking of healthy, based on 884 homes sold in April, there is a 4-month supply of homes in Montgomery County. How does this “supply” term work? Quite simply, if buyers continued to buy at the same pace as they did in April each month going forward, and there were no new homes placed on the market for sale, the supply of houses for sale would run out in 4 months.
Sellers are getting on average over 94 percent of their listing price. In real numbers, if a seller listed the home for $100,000, they would sell it for $94,000.
The number of homes for sale remains about the same from a year ago while the number of homes that came on the market increased by roughly 8 percent. The most dramatic percentage change in the numbers was new contracts that buyers placed on homes for sale ¾ they increased over 35 percent from a year ago. This indicatesa surge in buyer activity. It may be a combination of lower interest rates coupled with buyers perception that we are at the bottom of the pricing cycle and prices will likely increase. National real estate news repots things are bad everywhere ¾ don’t fret since real estate is local. While nationally, prices have fallen 7 percent since mid-2010, it’s the opposite in Montgomery County.
All these factors indicate a very healthy real estate market in Montgomery County. If you have any questions about this information or selling your house fast please contact us at the number above.
|Montgomery County, MD||May-2011||May-2010||% Change|
|Avg Sold Price||$467,285||$421,129||10.96%|
|Median Sold Price||$357,250||$345,000||3.55%|
|Avg Days on Market||69||51||35.29%|
|Avg Sold Price to List Price||94.6%||96.2%||1.60%|
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.