Real Estate Marketing Specialists

Category Archives: Frederick Real Estate Market Statistics

Monthly real estate statistics for the Frederick County Market. A long-term look at what the numbers are doing will help buyers and sellers have a better strategy in purchasing or selling their home.

Frederick Real Estate Market Trends

Frederick Real Estate Market Trends

Frederick County Real Estate Market Update

Provided by The Highland Group  ~ May 2017

Real Estate activity in Frederick County has been very active this spring market. Here is a snapshot of Frederick County real estate market trends in May:

Real Estate Market Trends in Frederick Md

Average Home Sales Price:  $331,153, up 13% from last year in May. (Up 6% from last month)

  • Average Single-Family Sales Price:  $378,689 , up 12% from last year at this time.
  • Average Attached Home Sales Price:  $238,314 , up 5% from last year.
  • 291 single-family homes sold,  up 14%
  • 149 townhomes and condos sold, down 11%. 
  • A total of 440 homes sold in May, up 4%.

All signs of a healthy market!

Median Home Sales Price:   $300,000 compared to $270,990 last year: up 11%.

Average Days on Market (DOM) the time it takes to get a home under contract: 49 days, down 27% from last year (67). This is a direct reflection of higher demand in our market.

Number of Homes Under Contract:  There were 507 new pendings (homes that went under contract) about the same as last May, and very close to the number in April.

Total Listings in Frederick Md: 1056, down 7% from last year. The inventory is a low number for Frederick County, especially when you consider that 250 of these listings are new homes to-be-built. We’re in a seller’s market until the inventory increases, with a 2 month absorption rate.


If demand is still strong for the season and inventory is just barely keeping up with demand, this is a good time to sell! Find Out What Your Home is Worth.


Sellers got 98% of original list price on average, compared to 96% at this time last year. The fact that this number is higher than last year shows that the demand is strong. We also can count on a healthy price appreciation.

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 sell much quicker.

We are seeing lots of multiple offers on homes that are in great condition and priced to sell.


Buyers: Bring Your A-Game


You must be pre-approved by a reputable local lender. If you have a house to sell, you need to get it on the market first, before you make an offer. Better yet, have your home under contract if you want to win in a multiple offer situation.


 See Homes for Sale in Frederick Maryland


What’s Notable:

  • The spring market is hot. Mortgage applications are up, signifying larger numbers of buyers entering the market soon. If you’ve been waiting for the right market to sell, this could be it. High demand and low inventory = seller’s market.
  • If you are a buyer, get prepared before you enter the market. Get ready to make quick decisions. More than half of the homes sold were in the $200,000 to $400,000 range. The competition is stiffest in the $200,000 to 299,000 price range.
  • With about 1050 homes listed on the market, and note that 250 are new construction, that really means that there are about 800 resale homes.

What’s My Frederick Home Worth?


  • Interest rates have recently fallen below 4% again, that’s incredibly low! See today’s rates.
  • 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. This doesn’t mean that seller’s can expect huge increases…they need to remember that the home must still appraise about 90% of the time. Pricing your home too aggressively will cause it to sit on the market longer, and you’ll need to do a price adjustment eventually.
  • Appraisers are projecting a 4% increase in home values for the average home in Frederick County…homes in the $300,000 range, maybe as much as 6% by the end of the year. Less appreciation, if any, for homes in the higher price ranges. But the good news is that homes above $600,000 are selling again.
  • Cash deals were 12% of sales. As appreciation is expected, we’re still seeing Investors and flippers in the Frederick market. The majority of loans were with Conventional financing.
  • **The majority of home sales took place in the $200,000 to $300,000 price range. 30%. Interesting note: The majority of listings (29%) are in the $300,000 to $400,000 price range, where 22% of homes sold.

March 2017 Market Statistics provided by MRIS (Mid-Atlantic Regional Information System – A Bright MLS)

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

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


301-401-5119

 

 

Worman’s Mill Neighborhood Market Report

Worman’s Mill Neighborhood Market Report

Worman’s Mill Neighborhood Real Estate Report

Frederick Md Neighborhood Report: Worman’s Mill Spring 2017

The Worman’s Mill Neighborhood Market Report is for the current quarter. Worman’s Mill is a planned community in north Frederick, built by Wormald Builders. The neighborhood has single-family homes, towns, villas and condominiums, and has well-manicured hardscapes and parks throughout.

Wormald is known for detailed, quality building. There is a nature conservancy bordering the neighborhood along the Tuscarora Creek and the Monocacy River, that offers beautiful views and common ground. Worman’s Mill has a clubhouse, pool, tennis courts and several parks throughout the community.


Worman’s Mill Neighborhood Homes for Sale


Worman’s Mill, Frederick Md Area Information:

Worman’s Mill has been under construction since 1988, with the final phase underway now. There are 8 neighborhood clusters within the community, each under the care of the Worman’s Mill Community Conservancy.

Worman’s Mill Boundaries:

The community is located in Northeast Frederick. The ease of commuting and proximity to downtown Frederick make the location ideal.

• East: Waterside Neighborhood
• West: I-15
• North: The Monocacy River
• South: S.R. 26 Worman's Mill Neighborhood

Frederick Md Real Estate Market Information:

Active Homes in Spring 2017 for sale in Worman’s Mill:

Number of homes for sale: 30 active listings. 5 Single-family homes, 9 condominiums, 12 townhouses, 4 Villas [see below]

Average Asking Price: Single-family: $373,600, Condo: $314,000, Townhouse: $367,000, Villa: 454,750.

Sold Homes in Worman’s Mill in previous 3 months: • Number of homes sold: 19

Average Sold Price:

  • 4 Single-family homes: $385,975, @ 99% of the current list price. 30 days on market average
  • 6 Condos: $231,583, @ 98% of the list price. 114 days on market average
  • 12 Townhouses: $338,633. @ 98.4% of the current list price. 55 days on market average.
  • 1 Villas: $515,000 @ 98.5% of list price. 138 days on market average.

Conclusion: Worman’s Mill Community has seen an increase in listings this spring, like most of the communities in Frederick. The average sales price for the community last year was $313,900, the average price this quarter was $326,600, We’re seeing a trend of an increase of 4%.

 


What’s My Worman’s Mill Home Worth?

Use our Advanced Search to See Worman’s Mill Real Estate

See the latest Worman’s Mill Market Trends


This quarterly Worman’s Mill Neighborhood Market Report is sourced from the Metropolitan Real Estate Information Service, MRIS, and is considered accurate, but not guaranteed. For more information on Worman’s Mill or the Frederick real estate market, please contact Chris Highland at eXp Realty: 301-401-5119, or

 

Homeownership, Buying and Selling Frederick MD: What to Expect in 2017

Homeownership, Buying and Selling Frederick MD: What to Expect in 2017

Central Maryland Real Estate Predictions for 2017

It’s that time of year again…and the Highland’s are getting out the crystal ball. I’ll be honest, when the market is in positive territory, we love to share our opinions, without feeling like they’re wild guesses. When there’s a lot of negative news, we’re pretty quiet. In matters of real estate, what can we expect in 2017?

Takeaways:

  • Homeowners can expect more modest gains in home values.
  • We expect demand to continue throughout the winter and into spring in 2017.
  • Interest rates are predicted to climb into mid- and upper-4’s. But…we’ll see…
  • We expect overall increases in sales, but in certain demographics and neighborhoods, there will be a robust real estate market.
  • New home building is back.

Increase in Home Values

In Central Maryland, we’ve seen a healthy recovery over the last 4 years. Most of the gains were seen in 2013, with an increase in the average home price of about 11% throughout the year. In 2014, average sales price increased roughly 1%, and in 2015 it was just over 1%. In 2016 we saw a brisk pace of sales with a less than ideal inventory, so we saw a 2% increase in average sales price over the year. See the chart for comparison:

 

Median sales price, which is often a better signal of what the market is doing, rose 2.5% from $265,700 in 2015, to $272,300 in 2016.

 

In 2016, average sales prices for single-family homes increased a 2%, from $341,300 to $349,300

while townhouse sales price increased 3% on average, from $222,300 to 228,500.

 

In 2016 we saw the demand increase 11%, from 3701 units in 2015 to 4093 units in 2016. At the same time, the average monthly inventory decreased by about 9%, shifting the market closer to a seller’s market, but still very balanced with a 4-month inventory throughout most of the year.

 

With a continued demand and an increase in inventory, we see no reason why home values won’t increase in 2017. The reason why we haven’t seen values skyrocket is two-fold:

  • The time on market increased in 2015 to 72 days (from listing to contract). In 2016 it was a very similar 73 days. Demand increased, listings decreased, but buyers still took their time.

The Highland’s take on this: The urgency is gone. 

  • We’ve been hearing that the interest rates are going up for two years now, but it hasn’t happened (significantly). We got a recent bump in rates, but then they just came back down. Buyers are aware of that. The frenzy to take advantage of low rates has dissipated. (The Fed raised rates at the end of 2016.)
  • Due to these factors, average home prices are increasing very modestly. Again, no urgency to take advantage of low prices and rates. Yet.

Real Estate Demand in 2016

As the economy strengthens, more jobs, 2.2 million in 2016, according to Bureau of Labor and Statistics, increasing consumer confidence, especially in the Washington D.C. Metro area, demand should continue at the pace we’ve been seeing for a few years.

Additional Reading:  These 5 Trends Will Shape the Housing Market in 2017

New households are forming, rents are rising (as much as 8% in 2016!), mortgage rates are low, and conditions are good for first-time buyers. In 2016, the majority of homes sold in Central Maryland were in the $200,000 to $300,000 range…many were first-time buyers.


 

Find out: What’s My Home Worth?  Get an online valuation. We’re also happy to do a custom Comparative Market Analysis.


 

Real Estate Inventory in 2016

As more homeowners gain appreciation, we’ll see more homes on the market. There is a large number of homeowners waiting for the return of equity so they can move on with their lives….those we’re calling “right-sizers“. This includes move-up buyers, downsizers, retirees, and those who desire to move to another location. As finances get healthier, we even expect more homeowners able to purchase second homes than we’ve seen in years.

According to Core Logic, Negative equity in U.S. homes (the share of mortgaged homeowners that are underwater, owing more on their home than it is worth) has steadily declined since a high of 31.4% in the beginning of 2012, to the most recent statistic of 6.3%, in the third quarter of 2016. Down from 13% one year ago.

New Home Sales

Frederick Real EstateBuilders have stopped avoiding the lower priced entry-level homes. The median new home price has come down over the last year, which shows that builders are responding with more affordable priced homes.  New homes jumped 16% year-over-year in 2016 nationwide.

In Frederick Md, we have many new construction projects underway.

 

Interest Rate Prognostications

It used to be easier for the economic experts to forecast what interest rates will be. With the increasing global economy, it’s gotten much more complicated to predict what will affect interest rates and what the Fed will do, and how banks and lenders will respond. Most predictions I’ve read are calling for 5% by the end of 2017. We’ll see.

Who’s Buying and Selling?

Millennials are expected to make up a larger portion of homebuyers this year. In 2016 they started to step into the housing market, and are expected to continue in the same pace throughout 2017.

Boomerang Buyers are back. During the housing crisis, more than 7 million homeowners suffered a foreclosure or endured a short sale. Many have healed financially and are ready to enter the homebuying market again. We’ve helped a few get back into homeownership this year. Typically, it takes an average 7 years to recover financially and credit-wise. Since the problems began in 2007, boomerang buyers are in recovery.

Right-Sizers, …basically, anyone who has been waiting for enough equity to move on, whether it be up, down or away. With negative equity down to 6%, we think many homeowners will be able to sell.

What Are they Buying and Selling?

We’ve seen a bifurcated market in Frederick Maryland for several years. Homes priced under $350,000 are appreciating, particularly townhouses. Homes priced over $500,000 are not appreciating much, and in most neighborhoods are taking longer to sell. Luxury homes, above $750,000 are beginning to sell again. But price appreciation is something we’re not seeing yet.Villages of Urbana Neighborhood

We expect a little more trickle up in the real estate market this year, as we will inevitably see more move-up buyers. The exception to most of these market trends is Urbana. The Urbana real estate market is and has been much more robust than most of Frederick County. The time on market is measured in days, while it’s measured in months in many outlying communities, like Myersville, Thurmont and Walkersville.


 

Find out: What’s My Home Worth?  Get an online valuation. We’re also happy to do a custom Comparative Market Analysis.


 

2016 Real Estate Market Trends

One of the national trends that we are seeing here in Maryland is the move to the city. Downtown Frederick is once again seeing increased building and an influx of home buyers.

  • Maxwell Square is complete, with the last row to be built. After 10 years of a stall, and a new builder taking over, the luxury townhouse-condominiums on 5th Street sold between $375,000 and $450,000.
  • Several infill homes have been built in 2015, from the Hemby homes on 5th Street, to several one-off’s here and there. We will more than likely see more in the coming year, as well as more renovations on older downtown Frederick homes.
  • North Pointe is in the final stages, with six homesites left. (as I type this…)
  • Just 4 blocks from downtown Frederick, the Eastchurch development on East Church Street is well underway. KB Home, Richmond American Homes and Wormald Homes are building condos, towns and single-family homes.

Another trend is the Demand for Amenity-rich suburbs. As some buyers get priced out of city centers, they’re looking at suburban housing but in a different light than in the past. The neighborhood “town center” has become a big demand. We see that in the newer developments in Frederick: Tuscarora Creek, Eastchurch, and Market Square. The Worman’s Mill town center is next on the agenda, finally coming to fruition after about 20 years.

Also called “Surban” communities—suburban neighborhoods offering the most desired features of urban and suburban living—will attract the most households in the United States over the next ten years, according to a demographic study by the Urban Land Institute.

Real Estate Trends that Never Go Out

No matter whether we find ourselves in a buyer’s or seller’s market, or no matter what demographic we are reaching, some things remain constant:

Sellers – If you want top dollar for your home, it must be in the best condition for the comparable homes in your market, and it must be priced right. These things never change.

Right-Sizers – Regardless of the market, deciding whether it’s the right time for you is a life-style choice. The right time to sell and down-size, up-size or move away, is when it makes sense to you…and when you have enough equity to do so.

First-Time Buyers – Interest rates are the number one item that affects affordability, over price of home. See this article on the affect of interest rates. Even so, with all the changes in market dynamics, there are basic questions you need to ask yourself to determine if this is the right time for you: Job Security, good credit, a plan to stay 5-7 years, a bit of money for a down payment, and the ability and desire to own your own home. Read more: Six Considerations Before you Buy Your First Home

 

Homeownership, Buying and Selling: What to Expect in 2017

Sellers, if you’ve been waiting for home prices to recover, 2017 may be a good year for you to be able to sell. The demand will be there, and even though the competition will also be present, if your home is in good condition and priced at market, you should have success. It promises to be a good year for sellers.

Buyers, if you’ve been on the fence, 2017 should prove to be a good year to buy. There will be many homes to choose from, interest rates will more than likely remain in the low-to mid- 4% range, still historically low, and home prices have been appreciating slowly, off to a modest increase. It promises to be a good year for buyers.

Here’s to a prosperous and happy 2017 to our readers and friends! Contact Chris Highland if you are considering a sale or purchase in 2017.


 

Find out: What’s My Home Worth?  Get an online valuation. We’re also happy to do a custom Comparative Market Analysis.

Frederick County Real Estate Market Snapshot January 2016

Frederick County Real Estate Market Snapshot January 2016

Frederick County Real Estate Market Snapshot January 2016

provided by the Highland Group

The real estate market in Frederick was dampened a bit by winter storm Jonas in January. Three feet of snow tends to put a squash on a a lot of eXp Realtyactivity. Here is a snapshot of Frederick County Md real estate statistics:

Real Estate Statistics in Frederick Md

Average Home Sales Price:  $298,500: down a negligible half% from last January.

  • Average Single-Family Sales Price:  $337,000, down just under 1% from last year.
  • Average Attached Home Sales Price:  $212,600, down 9%
  • 60 Townhouses sold this year compared to 59 last year: 1.7
  • More single-family homes sold compared to last year: 134 compared to 100, or 34% more

Median Home Sales Price:   $272,500: down 2.6% since last January.

Average Days on Market (DOM): 98 days, higher than last year (85), and higher than the 5 year average for January (94).

Number of Homes Sold:  194, up 22% over last year. There were 300 new pendings (homes that went under contract) about the same as last January.

Total Listings in Frederick Md: 1072, up 7% from 1000 last January. A “normal” market is about 1200, with a 4-5 month absorption rate.

Sellers got 94% of list price on average, the same as 94% last year. This number has been fairly steady throughout the year, indicating a steady market.

What’s Notable:

  • More home buyers are able to afford more, and there are more move-up buyers in the market. Interest rates are still historically LOW, back down under 5%.
  • The inventory has decreased since summer, which is usual for the season, but still higher than last year. We expect an increase by spring, so Buyers will have more choices, sellers will have a bit more competition.
  • Cash deals were 17% of sales. As appreciation is expected, we’re seeing more Investors and flippers in Frederick. 40% of loans were with Conventional financing, 20% were FHA. 10% were VA.
  • The majority of home sales took place in the $200,000 to $300,000 price range. 24%. Close behind, 22% of the homes sold in the $300K to $400 K range. *People are moving up and can afford more.

 

*MRIS – Mid-Atlantic Regional Information System – These statistics are not guaranteed but are considered accurate.

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


301-401-5119

Villages of Urbana Real Estate Report

Villages of Urbana Real Estate Report

Villages of Urbana Neighborhood Market Report

provided by the Highland Group – eXp Realty

The Villages of Urbana Real Estate Report is for the recent quarter. Villages of Urbana is located in Southern Frederick County, on route 355 and off exit 26 on I-270. There are over 2600 homes in the Villages of Urbana.

The Villages of Urbana Neighborhood is a newer neighborhood in Frederick Md that has been built primarily since the 90’s, and is still seeing new homes constructed. Single-family homes, townhouses and condominiums are available, from the following builders: NV Homes, Ryan Homes, Main Street Homes, Parkwood Homes, Advantage Homes.

Villages of Urbana offers many great amenities, including a clubhouse, pools, tennis courts, hiking and biking trails, a new town center with great restaurants and shops, Giant Food, new schools, new state-of-the-art library, and more.

Directions to the Villages of Urbana

Take I-270 to Urbana exit (Rte. 80). Turn left on route 80 to the traffic circle. Proceed to second right onto Sugarloaf Pkwy. Cross over route 355 to Villages of Urbana.

Villages of Urbana Schools

See School Attendance Areas and boundary maps on the FCPS Website.

Nearby Attractions:

  • The Urbana Regional Park has several ball fields, playground and picnic pavilions.
  • Monocacy Battlefield is a 5 minute drive up route 355.
  • Sugarloaf Mountain is minutes away, a beautiful place to hike and picnic.
  • Several Golf and Country Clubs are minutes away: West Winds, Clustered Spires, Holly Hills, P.B. Dye, Worthington Manor, and Whiskey Creek Golf Courses.
  • Like the Villages of Urbana Association Facebook Page for the latest updates.

Learn more about Homes for Sale in the Villages of Urbana


Villages of Urbana, Frederick Md Real Estate Information First Quarter 2017

Sold Homes in Villages of Urbana in the First Quarter:

• Number of homes sold: 40,
21 single-family, 19 townhouses

• Median Sold Price:   Single-family:  $515,000  Townhouse:  $305,000
• Avg. Asking Price:    Single-family:  $564,100  Townhouse:  $337,300
• Average Sold Price:  Single-family: $550,400   Townhouse:  $330,700
• Average SP/LP ratio (what % of asking price did homes sell for):  Single-family: 98%  Townhouse: 98%
• Average DOM, Days on Market: 49 Single-family: 55  Townhouse:  44

Conclusion: Villages of Urbana is a neighborhood that is in demand.
Prices are accelerating in the Spring of 2015, with a shorter time on market than last year.

Active Homes for sale in Villages of Urbana:

• Number of homes for sale: 55,
23 single-family homes, 32 townhouses
• Average Asking Price:   Single-family:  $585,670  Townhouse:  $418,100
• Median Asking Price:     Single-family:  $549,900  Townhouse:  $367,900


Use Our Advanced Map Search  to see Villages of Urbana Real Estate

What’s My Home Worth?

See current Villages of Urbana real estate market trends

 


For more information on Villages of Urbana or the Urbana housing market, contact Chris Highland at eXp Realty: 301-401-5119 

Sell Your Urbana Neighborhood, Frederick Md Home
Request a no-obligation comprehensive Comparative Market Analysis.

Frederick Md Real Estate Market Update June 2015

Frederick Md Real Estate Market Update June 2015

Frederick Real Estate Statistics June 2015

provided by the Highland Group

Real Estate activity has picked up significantly this summer.  Here is a snapshot of Frederick County real estate statistics:

Real Estate Statistics in Frederick Md

Average Home Sales Price:  $303,100: down ↓ 6% from last June, the same as last month.

  • Average Single-Family Sales Price:  $352,800, down 3% from last year.
  • Average Attached Home Sales Price:  $217,200, down 8% from last year.
  • A greater number of Townhouses sold this year compared to last: 77% more, 177 compared to 100 last June.
  • 42% More single-family homes sold compared to last year: 306 compared to 214.
  • A total of 483 homes sold in June, a huge 54% over last year!

Median Home Sales Price:   $275,000: down ↓ 7% since last June.

Average Days on Market (DOM) the time it takes to get a contract: 62 days, up from last year (47), but lower than the 5 year average for March (69).

Number of Homes Sold:  483, 54% more than last year. There were 440 new pendings (homes that went under contract) 15% more than last June. The demand is certainly picking up. It’s a good time to sell, because buyers are ready to buy.

Total Listings in Frederick Md: 1338, up 9% from 1228 last year. The inventory is increasing to what is usually considered a normal number for Frederick County, but the demand is up, almost twice what it was last year. We’re seeing a seller’s market with a 2 to 3 month absorption rate.

Keep in mind: some neighborhoods, like Urbana, are in high demand, and have lower absorption rates. The communities on the outskirts of Frederick County, Myersville, Thurmont, Woodsboro, are less in demand and homes take a little longer to sell.

Sellers got 96% of list price on average, compared to 96% last year. This number has been fairly steady, and is above the 5-year June average of 95%, indicating a steady market.

A visual presentation of Frederick Real Estate Statistics for June 2015:

Frederick real estate

What’s Notable:

  • *More home buyers are able to afford more, because Interest rates are still historically low. See today’s rates.
  • Sales have started off this summer with a higher demand than last year, we had a higher number of homes go under contract than last year, sometimes “Pending” is a term you may see. The total waiting to close is 749, up 12% from last year.
  • The inventory has increased, which is usual for the season, and is higher than last year, but with increasing demand, it still is considered a seller’s market. We will expect multiple offers on the homes that are in great condition and priced at market… and this will put upward pressure on home prices. Homes that are priced well and in the best condition, and in areas of demand, are sold within a week.
  • Cash deals were 13% of sales. As appreciation is expected, we’re seeing more Investors and flippers in the Frederick market. 47% of loans were with Conventional financing, 26% were FHA. 8% were VA.
  • Owner financing was 1 and we rarely see them these days.
  • The majority of home sales took place in the $200,000 to $300,000 price range. 28%.
  • A larger number of homes sold in the $500,000 and up price range, than we’ve seen in a while (42) which signals that the move-up market is coming back.

June 2014 provided by MRIS (Mid-Atlantic Regional Information System)

*MRIS – Metropolitan Regional Information System – These statistics are not guaranteed but are considered accurate.

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


301-401-5119

Frederick County Real Estate Market – April 2015

Frederick County Real Estate Market – April 2015

Frederick County Real Estate Market Snapshot – April 2015

provided by the Highland Group

The real estate market in Frederick was up in demand over last April. Here is a snapshot of Frederick County real estate statistics:

Real Estate Statistics in Frederick Md

Average Home Sales Price:  $282,600: down ↓ 1% from last April.

  • Average Single-Family Sales Price:  $332,100, down 2%
  • Average Attached Home Sales Price:  $215,800, the same as last year.
  • A greater number of Townhouses sold this year compared to last: 9% more
  • More single-family homes sold compared to last year: 13% more*

Median Home Sales Price:   $248,000: down ↓ 3% since last April.

Average Days on Market (DOM) the time it takes to get a contract: 71 days, up from last year (56), but lower than the 5 year average for March (86).

Number of Homes Sold:  289, 11% more than last year. There were 486 new pendings (homes that went under contract) 26% more than last April. The demand is certainly picking up. It’s a good time to sell, because buyers are ready to buy. And the inventory is still relatively low.

Total Listings in Frederick Md: 1161, up 17% from 992 last year. The inventory is increasing, but still too low, considering the demand is up. We’re seeing a seller’s market with a 3 to 4 month absorption rate.

Keep in mind: some neighborhoods, like Urbana, are in high demand, and have lower absorption rates. The communities on the outskirts of Frederick County, Myersville, Thurmont, Woodsboro, Mt. Airy and New Market, are less in demand and homes take a little longer to sell.

Sellers got 96% of list price on average, compared to 96% last year. This number has been fairly steady, and is above the 5-year April average of 94%, indicating a steady market.

A visual presentation of Frederick Real Estate Statistics for April 2015:

Frederick Md Real Estate

What’s Notable:

  • *More home buyers are able to afford more, and there are more move-up buyers in the market. Interest rates are still historically low. See today’s rates.
  • Sales have started off this spring with a higher demand than last year, we had a higher number of homes go under contract than last year, sometimes “Pending” is a term you may see. The total waiting to close is 794, up 17% from last year.
  • The inventory has increased, which is usual for the season, and is higher than last year, but with increasing demand, it still is considered low. If the inventory stays tight, we will expect multiple offers and this will put upward pressure on home prices. Homes that are priced well and in the best condition, and in areas of demand, are sold within a week.
  • Cash deals were 16% of sales. As appreciation is expected, we’re seeing more Investors and flippers in the Frederick market. 41% of loans were with Conventional financing, 28% were FHA. 7% were VA.
  • Owner financing was 0 and we rarely see them these days.
  • The majority of home sales took place in the $200,000 to $300,000 price range. 42%.
  • Only 21 homes sold in the $500,000 and up price range.

March 2014 provided by MRIS (Mid-Atlantic Regional Information System)

*MRIS – Metropolitan Regional Information System – These statistics are not guaranteed but are considered accurate.

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


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Frederick Md in Spring

Charles Trail Mansion, 106 E. Church Street in Frederick Md.  The Trail Mansion was built in 1852 by Col Charles E. Trail. It has been a funeral home since 1939.

 

 

Frederick Md Real Estate Outlook 2015

Frederick Md Real Estate Outlook 2015

2015 Real Estate Predictions for Frederick County

Many real estate predictions for 2015 are full of positive notes, both nationally and locally. The housing market in Frederick Md has seen a steady recovery over the last 2 years …and we expect to see a healthy market in 2015. Frederick Md Real Estate Outlook 2015:

Frederick Md Real Estate Trends 2015:

We expect increased sales, as the economy strengthens, and we expect normal moderate price increases throughout the year. Overall, economic indicators in Frederick County are good. Frederick Real Estate Outlook 2015:

  • Several sources report job growth. Frederick’s proximity to Washington D.C. has always been a bit of a shelter from severe economic downturns, as a large number of people commute south for employment. Unemployment in Frederick is low.
  • Nationally, economic indicators like rising consumer confidence, and mild job creation are leading real estate prognosticators to favor a better market in 2015.
  • Rising rents are a predictor of more first time buyers getting into the market. rents have risen to a 7-year high, rising a huge 4.9% over 2014 alone. Many would-be homeowners will most likely decide it’s cheaper for them to buy.
  • Pent-up Demand will probably be unleashed. With average home prices on the rise, more homeowners have been able to put their homes on the market, so the inventory has increased. Buyers will have more choices in 2015.
  • Mortgage rates are predicted to increase in the second half of the year. These predictions are always difficult, so…we’ll see.
  • Fannie Mae just lowered the minimum down payment for first-time buyers to 3%, (from 3.5%) which is great news.

Contact Chris Highland for detailed neighborhood statistics and Frederick real estate expertise.

Frederick Md Real Estate Trends – End of Year 2014

Frederick Md Real Estate Trends – End of Year 2014

Year-End 2014 – Real Estate Trends

The Frederick Md real estate market in 2014 was a different market than we saw in 2013. Home prices inched up, but not at the rate of the previous year. Here are some charts to illustrate the main trends:

Average Home Prices in Frederick County

2014 average home sale prices Frederick Md

For most of 2014, the average price of sold homes in Frederick County held steady with the prices in 2013, but did not really increase significantly. The overall yearly average this year was $292,000 compared to $293,000 last year.

Median Home Prices in Frederick County

Median Home Prices in Frederick Md

The Median home price the number that is right in the middle of all the home prices that sold. The median price for the entire year in 2014 was $262,000, in 2013 it was $265,000. A negligible 1% difference.

Home prices are very steady throughout this year.

Frederick Real Estate Inventory

The number of homes on the market increased throughout this year. During the first quarter the number of homes increased about 25% over the same time in 2013. Throughout the summer the increase reached 44% over last summer. By the end of this year, the inventory is just under 1200, a normal market.

In July and August, the inventory reached 1300, which for the first time in several years, was above the 5-year average. An increase in inventory shows, among other things, that more homeowners are above water and able to put their homes on the market. But inventory is only half of the story, demand is the other half.

Home Sales in Frederick County

Frederick County Home Sales 2014

With the exception of June and July, every month in 2014 had an increase over last year in the number of homes sold. This year a total of 3111 homes sold, in 2013 the number of homes that sold was 2753. An increase of 13%.

Real Estate Trends

Throughout the year, sellers got 95% to 97% of their list price when sold. Last year, the average was about the same. This shows that prices are holding steady. This year, that number was above the 5 year average for the entire year.

Time on the market has also decreased over the year. This year was the first year that the average number of Days on Market was less than the 5 year average. It is taking less time to sell a home.

2014 Overall

 

Last year we saw a turn in the market with larger increases in sales prices and other statistics, much like a market correction. Real Estate sales in 2014 continued to increase in numbers, showing the increased demand that is a good sign, but the increase in sales prices has slowed.  The inventory has increased along with the demand, creating what many refer to as a “normal” market, with absorption rates about 5 or 6 months.