Real Estate Market Activity for Frederick County –October 2016
provided by the Highland Group
Real Estate activity in Frederick County has increased over last fall. Here is a snapshot of Frederick County real estate statistics:
Real Estate Statistics in Frederick Md
Average Home Sales Price: 301,362 , up from last year by 14%, and up 2% from last month’s average of $294,596.
- Average Single-Family Sales Price: $345,763, up 6% from last year at this time.
- Average Attached Home Sales Price: $241,756, up 8% from last year.
- 196 single-family homes sold, compared to 189, 4% More
- 146 townhomes and condos sold, compared to 130, 12% More
- A total of 342 homes sold in October, 7% more than last year’s number of 319.
Median Home Sales Price: $270,000 compared to $265,000 last October: up2%
Average Days on Market (DOM) the time it takes to get a contract: 70 days, up slightly from last year (68). This is a direct reflection of Demand in our market.
Number of Homes Sold: There were 354 new pendings (homes that went under contract) 4% more than last October. The demand is certainly staying steady heading into Fall, pent-up demand.
Total Listings in Frederick Md: 1,147, down 17% from 1,386 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 month absorption rate.
** If demand is still strong for the season and inventory is decreasing, this is a good time to sell!
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 94% at this time last year. The fact that this number is higher than last year shows that the demand is still strong, even though it is fall, when the market usually slows down.
- This Fall is turning out to be a good market to sell. If you’ve been waiting for values to rise, this year has been a good, steady year of rising values. If you’re waiting for a market with less competition, this is it. The inventory is pretty low, while the demand is still high.
- Interest rates have risen just slightly to about 3.7% recently, incredibly low! See today’s rates.
- The number of sales have continued to be healthy as we enter the Fall months, 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 671, compared to 629 at this time last year, an increase of 7%.
- The inventory has decreased going into the Fall, 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 in weeks or even days.
- Cash deals were 14% of sales. As appreciation is expected, we’re still seeing Investors and flippers in the Frederick market. 37% of loans were with Conventional financing, out pacing FHA loans, which were 27%. 11% were VA. Interestingly, 11% were “other” financed.
- **The majority of home sales took place in the $200,000 to $300,000 price range. 34%
National Real Estate Statistics
- Year-to-date, new home sales are running 13.4% ahead of the number in 2015*
- The annual survey of recent homebuyers shows that 88% financed their purchase, according to the National Association of Realtors®, up from 86% last year. First–time homebuyers financed 96% of the home price, on average, while repeat buyers typically financed 84%. *
- The average rate on 30–year fixed–rate mortgages in Freddie Mac’s survey climbed 7 basis points to 3.54% during the week ending November 3.
October 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 October 2016.
Contact Chris Highland to see homes for sale in Frederick Md.