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:
- *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.
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.