Brad Chandler here of Express Homebuyers. I want to share with you July 2011 real estate statistics for Montgomery County, Maryland.
Home prices are up in Montgomery County. The average sales price of a home sold in July was $492,617, an increase of almost 2 percent from a year earlier. There was not much change in the number of homes sold this July, 907, as compared to the same time period last year. Those homes took on average 73 days to sell, a 28 percent increase from a year ago.
What Did Home Supply Numbers Look Like?
Based on 1,042 homes being sold in June there is just over a three-month supply of homes in Montgomery County. To clarify this notion of “supply” what I mean is if buyers bought at the same pace as in June every month moving ahead and no one placed new houses on the market, the supply of homes for sale would deplete in 3 months.
Decreases in Homes Coming on the Market
Sellers are receiving about 94 percent of their listing price. That means when a seller lists a house for $100,000 they sell it for approximately $94,000. The number of homes for sale decreased 10.5 percent from a year ago to 3,424 homes while the number of homes that came on the market decreased almost 18 percent to 1,175 homes.
22 Percent New Contract Increase
Here’s some great news for those who track new contracts! There was a big increase in the number of new contracts that buyers placed on homes for sale in Montgomery County – almost 22 percent from a year ago. Buyer activity surged. I believe this could be for two main reasons. Low interest rates are combining with a perception on the part of buyers that we are at the bottom of the pricing cycle. They think prices will probably increase.
The numbers in this summary tell me we have a healthy real estate market in Montgomery County. If you have any questions about this information or selling your house fast please give me a call.
|Montgomery County, MD||July-2011||July-2010||% Change|
|Avg Sold Price||$492,617||$484,503||1.67%|
|Median Sold Price||$385,000||$376,750||2.19%|
|Avg Days on Market||73||57||28.07%|
|Avg Sold Price to List Price||94.1%||94.8%||-0.75%|