Real Estate Market Activity for Frederick County –August 2016
provided by the Highland Group
It’s been a good year for Real Estate activity in Frederick County. It looks like the increased activity will continue into the Fall. Here is a snapshot of Frederick County real estate statistics:
Real Estate Statistics in Frederick Md
Average Home Sales Price: $313,500, which is up 7% over last year’s August average of $293,500.
- Average Single-Family Sales Price: $354,900, up 6% from last year at this time…$334,600.
- Average Attached Home Sales Price: $233,900, up 5% from last year’s $223,200.
- 266 single-family homes sold, compared to 199, 34% More
- 138 townhomes and condos sold, compared to 116, 19% More
- A total of 404 homes sold in August, (significant!) 28% more than last year’s number of 315.
Median Home Sales Price: $286,000 compared to $265,000 last August: up 8% (This means 1/2 of the homes sold were above $286,000 and half were below that price)
Average Days on Market (DOM) the time it takes to get a contract: 64 days, down from last year (70). It’s taking a shorter time to sell than previously.
Number of Homes Sold: There were 417 new pendings (homes that went under contract) 2% more than last August. The demand is certainly staying steady heading into Fall, pent-up demand is the term we’re seeing a lot. It’s a good time to sell, because the demand is still strong.
Total Listings in Frederick Md: 1163, down 15% from 1370 last year. The inventory is decreasing, but still close to what is usually considered a normal number for Frederick County. We’re seeing a balanced market, for the most part, with a 3-4 month absorption rate.
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. 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 97% of list price on average, compared to 97% at this time last year. This number has been steadily higher over the last year, illustrating the rise in home values.
- Interest rates have been hovering around 3 1/2% recently, incredibly low! See today’s rates.
- Sales have continued 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 777, compared to 666 at this time last year.
- The inventory has decreased at the end of the summer, which is usual for the season, and is lower than last year, but with steady demand, we might see more of a seller’s market. Up until now, 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 within a week, or even in days.
- Cash deals were 11% of sales. As appreciation is expected, we’re still seeing Investors and flippers in the Frederick market. 42% of loans were with Conventional financing, 25% were FHA. 10% were VA.
- **The majority of home sales took place in the $200,000 to $300,000 price range. 34% more than 1/3 of sales.
August 2016 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 Update for August 2016.
Contact Chris Highland to see homes for sale in Frederick Md.