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Frederick Real Estate Blog

Frederick Real Estate Market Trends

Frederick Real Estate Market Trends

Frederick County Real Estate Market Update

Provided by The Highland Group  ~ January 2017

Real Estate activity in Frederick County is UP! Everything’s UP. Here is a snapshot of Frederick County real estate statistics in January:

Real Estate Trends in Frederick Md

Average Home Sales Price:  $314,300 , up from last year by 5%, and up 7% from last month’s average of $295,100.

  • Average Single-Family Sales Price:  $375,000, up 11% from last year at this time.
  • Average Attached Home Sales Price:  $219,250, up 3% from last year.
  • 163 single-family homes sold,  22% More
  • 104 townhomes and condos sold, 73% More! 
  • A total of 267 homes sold in January, 38% more than last year. That’s what we call pent-up demand. A sign for a robust spring market ahead.

Median Home Sales Price:   $300,000 compared to $272,500 last year: up 10%

Average Days on Market (DOM) the time it takes to get a contract: 74 days, down 24% from last year (98). This is a direct reflection of Demand in our market.

Number of Homes Sold:  There were 329 new pendings (homes that went under contract) 10% more than last January. The demand is certainly staying steady throughout winter.

Total Listings in Frederick Md: 819, down 24% from 1,072 last year. The inventory is a pretty low number for Frederick County. We’re heading for a seller’s market until the inventory increases, with a 2-3 month absorption rate.

** If demand is still strong for the season and inventory is decreasing, this is a good time to sell!

Keep in mind: In some price ranges, in some areas of the county, there is naturally a higher demand and the market is more competitive for buyers. Some neighborhoods, like Urbana, Middletown and several in the city of Frederick, are in high demand, and have lower absorption rates.  Some smaller communities on the outskirts of Frederick County, Myersville, Thurmont, Woodsboro, are less in demand and homes take a little longer to sell.

When we drill down to the neighborhood level, there are differences in demand as well. All reasons to consult an to find out supply and demand in your area.

Sellers got 96% of list price on average, compared to 94% at this time last year. The fact that this number is higher than last year shows that the demand is strong, even though its winter, when the market usually slows down.


See Homes for Sale in Frederick Maryland


What’s Notable:

  • This Fall did turn out to be a good market to sell. If you’ve been waiting for values to rise, this year has been a good, steady year of rising values. If you’re waiting for a market with less competition, this winter is it. The inventory is pretty low, while the demand is still high.

What’s My Frederick Home Worth?


  • Interest rates have risen just to above 4% recently, but that’s still incredibly low! See today’s rates.
  • The inventory has decreased this winter, which is usual for the season, and is lower than last year, and with increased demand, we might see more of a seller’s market. Up until fall 2016, we’ve seen a balanced market in most communities in the county. We will expect multiple offers on the homes that are in great condition and priced at market… and this will continue to put upward pressure on home prices. Homes that are priced well and in the best condition, and in areas of demand, are sold in weeks or even days.
  • Cash deals were 16% of sales. As appreciation is expected, we’re still seeing Investors and flippers in the Frederick market. 43% of loans were with Conventional financing, outpacing FHA loans, which were only 22%. 6% were VA. Interestingly, 11% were “other” financed.
  • **The majority of home sales took place in the $200,000 to $300,000 price range. 21%. Interesting note: The majority of listings are in the $300,000 to $400,000 price range, where 19% of homes sold, and then the 2nd highest number of listings are in the $400,000 to $500,000 price range, where 17% of homes sold.

January 2017 Market Statistics provided by MRIS (Mid-Atlantic Regional Information System)

*MRIS – Metropolitan Regional Information System – These statistics are not guaranteed but are considered accurate. Frederick County Real Estate Market Trends for January 2017.

Contact Chris Highland to see homes for sale in Frederick Md.


301-401-5119

 

 

Summary
Article Name
Frederick Real Estate Market Trends
Description
Real Estate activity in Frederick County is UP! Everything’s UP. Here is a snapshot of Frederick County real estate statistics in January:
Author
The Highland Group with eXp Realty
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