Frederick County Real Estate Market Snapshot October 2014
provided by the Highland Group
The real estate market in Frederick continues with a steady demand in October. Here is a snapshot of Frederick County real estate statistics:
Frederick Real Estate Trends for October 2014
Real Estate Statistics in Frederick Md
Average Home Sales Price: $290,900: almost equal to last October. Also up 3% from September’s average sales price.
- Average Single-Family Sales Price: $331,000
- Average Attached Home Sales Price: $223,200
Median Home Sales Price: $259,200: up 1% since last October. Also up 2% from September.
Average Days on Market (DOM): 68 days, higher than last year, still lower than the 5 year average.
Number of Homes Sold: 282, up 18% from last year.
Total Listings in Frederick Md: 1259, up from 989 last October, 27%. The inventory seems to be leveling off, with a balanced market, with a 4 to 5 month inventory.
Newly Under Contract: 308, similar to last year (311).
Sellers got 95% of list price on average, compared to 96% last year. This number has been steady for the year.
- September saw a large number of homes go under contract, sometimes “Pending” is a term you may see. We have a healthy number of 308 new contracts in October. The total waiting to close is 528.
- The inventory has increased throughout 2014, and is now leveling off, as more people are able to see appreciation over last year.
- Cash deals were 13% of sales. As appreciation is expected, we’re seeing more Investors and flippers in Frederick. 51% of loans were with Conventional financing, 21% were FHA. (FHA raised fees recently and we can watch them become less relevant in the market)
- Conventional loans are becoming more affordable. Many loan products are on the market requiring 10% and even 5% down, making them appealing.
- The majority of home sales take place in the $200,000 to $300,000 price range. 36%.
A Quick Visual Chart of Frederick County Real Estate Market October 2014 provided by MRIS (Mid-Atlantic Regional Information System):
*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.