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 Chris Highland  ~ September 2017

Real Estate sales in Frederick County is still going strong into the fall. Everything was UP this summer (except the time it took to sell a house). Here is a snapshot of Frederick County real estate market trends in September:

Real Estate Market Trends in Frederick Md

Average Home Sales Price:  $313,500: up 6% from last year at this time.

  • Average Single-Family Sales Price: 358,128: up 7% from last year at this time.
  • Average Attached Home Sales Price: $244,358, up 9% from last year.
  • 220 single-family homes sold,  down 4% from last year.
  • 142 townhomes and condos sold, up 4%. 
  • A total of 362 homes sold, down 1% from last September.

All signs of a healthy market at the beginning of fall! Demand is still strong for the season, so if you’re considering selling your home this fall, it’s still a good time.

Median Home Sales Price:  $294,500, up 9% from last year.

Average Days on Market (DOM) the time it takes to get a home under contract: 41 days, down 29% from last year (58 days). This is a direct reflection of supply and demand in our market…low supply/higher demand, homes are selling quicker in this market.

Number of Homes Under Contract:  There were 330 new pending contracts (homes that went under contract) 10% lower than last September.

Total Listings in Frederick Md: 1195, up 2% from last year. The inventory is a low number for Frederick County, especially when you consider that roughly 240 – 250 of these listings are new homes and to-be-built. That really means that there are about 950 resale homes. We’re in a seller’s market until the inventory increases, with a 2 to 3 month absorption rate.

Frederick Real Estate Trends for September 2017 [Video]:


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 97% of original list price on average, compared to 97% at this time last year. We also can count on a healthy price appreciation in 2017.

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 multiple offers on homes that are in great condition and priced to sell.


Advice for Buyers When the Market is Hot: Bring Your A-Game


In a hot seller’s market, buyers must be prepared before they find a home. 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


Frederick real estate market trends

What’s Notable for Buyers:

  • If you are a buyer, get prepared before you enter the market. Get ready to make quick decisions.  57% of the homes sold went under contract in less than 30 days, and 40% went under contract in less than 2 weeks.
  • The majority of homes sold were in the $200,000 to $300,000 range. The competition is stiffest in the $200,000 to 299,000 price range.
  • Interest rates are still incredibly low! See today’s rates.

What’s My Frederick Home Worth?


What’s Notable for Sellers:

  • All indications are that the market is healthy and serious buyers are still entering the market, even if in smaller numbers than in the spring and summer. If you’ve been waiting for the right market to sell, this could be it. High demand and low inventory = seller’s market.
  • We will expect multiple offers on the homes that are in great condition and priced to sell…which means 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, often losing more than if it had been priced correctly at the start.
  • 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. There is an 12 month absorption rate for homes in the upper price ranges.
  • 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.

September 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 September 2017.

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

Chris@ChrisHighland.com
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 second quarter 2017. 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 Second Quarter 2017

Sold Homes in Villages of Urbana in the second Quarter:

• Number of homes sold: 55,
25 single-family, 30 townhouses

• Median Sold Price: Single-family: $552,500;  Townhouse:  $365,000
• Avg. Sold Price:  Single-family:  $556,800, down 3% from $575,958 last year.  Townhouse: $368,789, up 3% from $357,880 last year.
• Average SP/LP ratio (what % of asking price did homes sell for): Townhouses: 99.9% on average; and 99% for Single-family homes.
• Average DOM, Days on Market: Single-family: 56  Townhouse:  36

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

villages of urbana market trends

 

Active Homes for sale in Villages of Urbana

• Number of homes for sale: 40,
12 single-family homes, 28 townhouses
• Average Asking Price:   Single-family:  $626,875  Townhouse:  $388,690
• Median Asking Price:     Single-family:  $632,450  Townhouse:  $382,500


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 chris@chrishighland.com

Sell Your Urbana Home: Request a no-obligation comprehensive Comparative Market Analysis.

Spring Ridge Neighborhood Real Estate Report

Spring Ridge Neighborhood Real Estate Report

Frederick Neighborhood Report: Spring Ridge Second Quarter 2017

provided by the Highland Group

The Summer Ridge real estate report is for the second quarter 2017. Spring Ridge is a planned community, a large neighborhood in east Frederick that offers Single-family houses, townhouses and condominiums, as well as an apartment complex for active adults.

Spring Ridge Boundaries:

The community is located directly from Route 144, Old National Pike, east of the Monocacy River. There are two entrances from Route 144, the main entrance into the market district, and the secondary entrance which accesses Spring Ridge Elementary School.

• East: Bordered by Meadow Road
• West: Monocacy River
• North: Linganore Creek and Lake Linganore
• South: Route 144

Spring Ridge is in the Frederick city limits, the I-70 access is less than a mile east on Rte. 144, making an easy commute to Baltimore and places east. Commuting south to Montgomery County is easy with access to I-270. Close to downtown Frederick, a quick 5 minute drive. Close to Pinecliff Park and the Monocacy River.

Spring Ridge Community Schools

A portion of Spring Ridge students attend the Governor Thomas Johnson High School feeder schools, a portion attend Oakdale High School feeder system. Consult the Frederick County Public School website for details.
Spring Ridge Elementary School, Oakdale Middle School, Gov. Thomas Johnson Middle

Spring Ridge Community Information:

Spring Ridge has a market district, with a Weis grocery store anchoring the commercial strip. Currently, there is a beer & wine store, a restaurant, gas station, and fire station, and more.

Spring Ridge Community also has a professional park, with several medical professionals, dental service, chiropractic, financial services and more.

Learn more about the Spring Ridge Community: Homes for sale in Spring Ridge


Use our Advanced Search to see Spring Ridge Real Estate

What’s My Spring Ridge Home Worth?

See Spring Ridge Real Estate Market Trends


 

Spring Ridge, Frederick Md Real Estate Information:

Spring Ridge consists of almost 1400 homes, 820 single-family homes and 570 townhouses. There are 4 sub-associations within Spring Ridge. Spring Ridge Condominium, Hampton Court I and Hampton Court II Condominiums total 22 buildings with a total of over 300 condos.

The majority of homes in Spring Ridge are Colonial and traditional floor plans, built between the years 1990 and 2002. Most homes were built by Kettler Forlines, Lovell Regency, NVR Homes, Regency, and Rivermead.

Spring Ridge Real Estate Market Information:

Real estate market data from the second Quarter of 2017:

  • Number of homes sold, 31 total: 13 single-family; 14 townhouses; 4 condominiums; last year
  • Average Price of single-family homes sold: $459,854   UP 7% from last year, $428,339, the same as last quarter.
  • Average DOM (Days on Market) for Single-family homes: 24
  • Average Price of townhouses sold: $274,086 ; Up 1% from last quarter, and down 1% from last year
  • Average DOM for townhouses: 30
  • $172,475… $172,501 for condominiums; the same as this time last year.
  • Average DOM for condos: 25
  • Median price of homes sold: $475,000, (up from $460,000 last quarter) for single-family homes;  $267,000, (up from $255,000 last quarter) for townhouses; $174,900, (up from $172,200) for condos;
  • Sold Price as Percent of List Price: Single-family homes – 99.4%, townhouses – 99.7%, condos – 99.5%. The fact that homes are selling for nearly 100% of list price, on average, is a sign of strong demand, and a healthy, appreciating market in Spring Ridge.
  • There were 11 out of 31 homes that sold for 100% or more of list price at time of sale.
  • There were 19 seller subsidies.

Notes on statistics: The demand for  homes in Spring Ridge Community was the same as the second quarter 2016. Prices have leveled off for townhouses and condos, but Single-family homes saw a considerable gain of 7%.

spring ridge real estate

Homes Currently for sale in Spring Ridge Community

There are currently 15 homes on the market:

  • 7 single-family homes, average list price: $479,114
  • 3 condominiums, average list price: $171,933
  • 5 townhouses, average list price: $283,940

Homes for sale in Spring Ridge:

  1. 4 beds, 3 baths
    Home size: 3,296 sq ft
    Lot size: 10,442 sqft
    Year built: 2000
    Days on market: 0
  2. 3 beds, 2 baths
    Home size: 2,008 sq ft
    Lot size: 7,404 sqft
    Year built: 2001
    Days on market: 4
  3. 2 beds, 2 baths
    Year built: 1998
    Days on market: 6
  4. 3 beds, 3 baths
    Lot size: 1,600 sqft
    Year built: 1993
    Days on market: 7
  5. 5 beds, 4 baths
    Home size: 2,752 sq ft
    Lot size: 11,070 sqft
    Year built: 1994
    Days on market: 15
  6. 6 beds, 4 baths
    Home size: 4,254 sq ft
    Lot size: 11,281 sqft
    Year built: 1997
    Days on market: 17

See all Real estate in the Spring Ridge tract.
(all data current as of 10/20/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.



Use our Advanced Search to see Spring Ridge Real Estate

What’s My Spring Ridge Home Worth?

See Spring Ridge Real Estate Market Trends


For more information on Spring Ridge or the Spring Ridge real estate market, please contact Chris Highland at Turning Point Realt Estate: 301-401-5119; email: Chris@ChrisHighland.com

Enjoy our Spring Ridge Neighborhood Video:

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 Second Quarter 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.

Learn more about the community: Worman’s Mill Homes for Sale

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 for sale in Worman’s Mill:

Number of homes for sale: 18 active listings. 5 Single-family homes, 5 condominiums, 7 townhouses, 0 Villas [see search link below]

Average Asking Price: Single-family: $434,760, Condo: $371,400, Townhouse: $355,638.

Worman’s Mill Home Sales Second Quarter 2017

Sold Homes in Worman’s Mill in the second quarter 2017: • Number of homes sold: 24

Average Sold Price:

  • 6 Single-family homes: Average Sold Price: $491,600, @ 98% of the current list price. 62 days on market average
  • 5 Condos: Avg. Sold Price: $226,300, @ 99% of the list price. 45 days on market average.
  • 12 Townhouses: $314,300. @ 99% of the current list price. 22 days on market average.
  • 1 Villas: $280,000 @ 97% of list price. 9 days on market.
  • Homes in Worman’s Mill got on average, 98% of list price at time of sale.
  • 11 of 24 homes sold for 100% of list price.
  • There were 7 seller subsidies.

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 quarter was $326,600, the average price this quarter was $338,875, We’re seeing a healthy trend of appreciation increase of 4%.

wormans mill real estate


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, for buyer representation or to learn about our listing pricess, please contact Chris Highland at eXp Realty: 301-401-5119, or Chris@ChrisHighland.com

 

Lake Linganore Real Estate Market Report

Lake Linganore Real Estate Market Report

Lake Linganore Neighborhood

This Lake Linganore real estate market report is for the second quarter 2017. Lake Linganore at Eaglehead is a lake community in southern Frederick County that offers a beautifully natural setting. The 14 villages at Lake Linganore surround the largest private lake in Maryland, with 3 smaller lakes and amenities like 3 swimming pools, golf course, playgrounds, and nature trails, and more.

The Villages of Lake Linganore at Eaglehead Area Information:

Lake Linganore Location:

• East: Ben’s Branch of the Linganore Creek and Boyer’s Mill Road
• West: Eaglehead Road and Plantation Road
• North: Gas House Pike
• South: Eaglehead Drive

Lake Linganore is a community of 13 villages centered around a system of lakes: Lake Linganore, 250 acre-lake system, Lake Anita Louise, Lake Merle, and Lake Marion. Located 8 miles east of Frederick, there are presently x homes, on a total of 3700 acres of rolling hills. A little more than 1700 homes have been approved to be built on the remaining 950 acres. The Lake Linganore Association has information on community events and happenings.


Learn more about Lake Linganore at Eaglehead Community homes for sale.


Lake Linganore Real Estate Information

Lake Linganore at Eaglehead has a mix of single-family homes, townhouses and condominiums. The styles are in keeping with a lake community, Cape Cod, Colonial and Contemporary homes.

  • Condominiums are located in Audubon Terrace
  • Townhouses are located in Pinehurst, Audubon Terrace and Summerfield

Lake Linganore was conceived in 1968. Most of the homes have been built since the 80’s, as the population of Frederick County began to grow. The majority of home were built in the 90’s, but building continues.

Lake Linganore market data from the second quarter of 2017.

Active Homes for sale in Lake Linganore:

  • Number of homes currently for sale: 75
  • 21 are new homes and 9 homes to be built
  • 70 Single-family homes, average list price: $457,405 (compared to $447,000 last quarter)
  • 5 townhouses, average list price: $311,838 (compared to $332,900 last quarter)
  • 0 condos at this time

Sold Homes in Lake Linganore Second Quarter 2017:

• Number of homes sold: 63, 55 single-family, 7 townhouses

  • Avg single-family: $410,225, 99.4% of list price, 62 days on market on average
  • Avg Town: $255,057 $244,571, 98.3% of list price, 21 days on market
  • Avg Condo: no condos sold in the second quarter.

Average Sold Price: $393,471, up 8% from $361,544 at this time last year.
Average SP/LP ratio (what % of asking price did homes sell for): 99%
Average DOM (Days on Market): 62 (last year – 59)

Conclusion: Lake Linganore Community is a great community for active nature lovers. New homes are under construction in the newer communities. The average sales price is roughly 15% higher than the average home prices in Frederick County.

lake linganore real estate

Homes for Sale in Lake Linganore:

  1. 4 beds, 3 baths
    Home size: 2,400 sq ft
    Lot size: 5,839 sqft
    Year built: 2018
    Days on market: 1
  2. 4 beds, 3 baths
    Home size: 2,500 sq ft
    Lot size: 9,920 sqft
    Year built: 2018
    Days on market: 2
  3. 4 beds, 4 baths
    Home size: 2,766 sq ft
    Lot size: 10,500 sqft
    Year built: 2017
    Days on market: 2
  4. 3 beds, 4 baths
    Home size: 4,295 sq ft
    Year built: 2010
    Days on market: 5
  5. 4 beds, 3 baths
    Home size: 1,596 sq ft
    Lot size: 7,204 sqft
    Year built: 1992
    Days on market: 16
  6. 4 beds, 3 baths
    Home size: 3,012 sq ft
    Lot size: 11,203 sqft
    Year built: 2018
    Days on market: 16
  7. 5 beds, 4 baths
    Lot size: 13,290 sqft
    Year built: 1994
    Days on market: 21
  8. 3 beds, 3 baths
    Home size: 2,589 sq ft
    Lot size: 2,199 sqft
    Year built: 2014
    Days on market: 21

See all Homes for Sale in Lake Linganore.
(all data current as of 10/20/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

For more information on Lake Linganore at Eaglehead, please contact Chris Highland at eXp Realty: 301-401-5119  or Chris@ChrisHighland.com


Use or Advanced Search to see Homes for Sale in Lake Linganore

What’s my Lake Linganore Home Worth?

See current Lake Linganore real estate market trends


Sell Your Lake Linganore Home: Request a Comparative Market Analysis

lake linganore

Tailwinds Over Frederick Balloon “The Liberty”

Baker Park Real Estate Market Trends

Baker Park Real Estate Market Trends

Baker Park Neighborhood Market Report Second Quarter 2017

provided by the Highland Group – eXp Realty

Frederick Md Neighborhood: Baker Park

Baker Park
Covered Walking Bridge in Baker Park

Baker Park is an established neighborhood in the center of Frederick that offers stately homes surrounding the 58 acre linear park.

You’ll find many Victorian homes built in the first half of the 1900’s, some Colonials and Arts & Crafts homes also. Most of the homes were built on larger city lots, with lovely tree-lined streets.

There is one area of Baker Park where you’ll find brand new “yet historic” homes. Known as Baker Park Estates, the development has custom homes under construction by Mitchell & Best home builders priced at $1.35 million and started out with seven lots for sale at $475,000 each. The lots are each about one-fourth of an acre. Buyers can work with an architect and custom builder of their choosing but must follow community guidelines for their architectural style. Buyer representation is a option that new home buyers will want to consider.

Learn more about the neighborhood: Homes for Sale in Baker Park Frederick Md

 

Baker Park, Frederick Md Area Information:

Baker Park Boundaries:

Baker Park Neighborhoods surround the linear park on both sides, for several blocks. Many times people refer to the neighborhood as Baker Park/Hood College, including the homes that are adjacent to the college and Frederick Memorial Hospital. But Baker Park proper, extends from:

  •  East: N. Bentz Street
  •  West: I-15
  • North: Dill Avenue
  • South: West Patrick Street/144
  • Hood College Neighborhood runs between Dill Avenue and 7th Street

 

Baker Park is a sought-after location, with real estate values that consistently average about 40% above the average sales price for Frederick County. The Linear Park is the favorite for City of Frederick residents with the Bell Tower as one of the main attractions. There is an amphitheater where summer concerts take place, a pool, playgrounds, tennis courts and more.

Although Baker Park and Hood College are not part of the Historic District, the majority of the homes are older homes with significant architectural detail and beauty. The homes you will find in this neighborhood are single-family homes, mostly built before mid-century. All are custom-built, and none are alike.

Culler Lake Baker Park
Culler Lake

 

Baker Park, Frederick Real Estate Market Information:

Real estate activity from the 1st quarter, with current Baker Park Listings:

Sold Homes in Baker Park 2nd quarter 2017:

• Number of homes sold: 8 homes sold, 6 single-family homes, 1 duplex, 1 condominium

• Average Sold Price

  • Single-family: $678,959
  • Fairfield Condominium Sold Price:  $249,000
  • Dill Ave. Duplex Sold Price:  $265,000 (Short Sale)

• Average SP/LP ratio (what % of asking price did homes sell for): 100.5% of List Price at time of sale.

• Average Days On Market: 107 … without the Short Sale, which took 383 days to sell, the average DOM was 67.

Another note about Days on Market, or DOM, one house that was first listed for $975,000, eventually sold for $775,000 after 285 days.

Opinion: This is a classic situation of overpricing at the time of listing, leading to multiple price drops, and finally a stigmatized listing that gets lowball offers. baker park real estate

Five homes sold for 100% of list price or more, and sold in under 14 days, 3 sold in less than 7 days. These homes were priced properly from the start. One home was sold for 12% over list price in 7 days!

Average Year Built:  1929

Fairfield Condominiums were built in 1990. The condo sold at 100% of list price, and was on the market for 14 days.

Baker Park real estate

 


Use our Advanced Search:  Homes for Sale in Baker Park

Find Out: What’s My Home Worth?


Active Homes for sale in Baker Park:
Number of homes for sale: There are 4 active single-family listings in Baker Park, and one condominium in Fairfield Condominiums.

• 300 Fairview Avenue:  Asking Price: $424,900, a 4 bedroom, 3 full and 1 half bath, single-family Cape Cod style home. It’s been on the market 317 days, original list price $467,900.

• 209 Rockwell Terrace: Asking Price $869,000, a 5 bedroom, 3 full and 1 half-bath single-family Colonial home. It’s been listed for 30 days at the original list price.

• 700 Rosemont Avenue, Asking Price $1,249,000, a 6 bedroom, 3 full and 1 half-bath single-family Georgian style home, built in 1925. It has been listed for 6 days, with a $20,000 price reduction already. It has 4 levels, an extra 3rd floor kitchen, 3-car garage, and 2 fireplaces, on .65 acre lot…gorgeous!

• There is one To-Be-Built home listed at $1,375,000 by Mitchell & Best custom builders in Baker Park Estates. There are only 9 new homes in this beautiful neighborhood. These grand homes have a $50,000 outdoor living allowance for deck, patio and rear landscaping!

• The Condo is listed at 102 Mercer Court, #214, a first-floor condo with 2 bedrooms, 2 full baths, listed at $239,900. Built in 1993, it’s been listed for 126 days and the original list price was $249,900.


Be Represented

Contact the Highland Group for buyer representation and a personal tour of Baker Park real estate.


Sell Your Baker Park Home 
Contact the Highland Group: Real Estate Marketing Specialists for the 21st Century


Enjoy our Video: A Summer Day in Baker Park

 

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 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.