Real Estate Market Activity for Frederick County –September 2016
provided by the Highland Group
Real Estate activity in Frederick County is not slowing down for the Fall. Here is a snapshot of Frederick County real estate statistics:
Real Estate Statistics in Frederick Md
Average Home Sales Price: 294,596 , slightly down from last year by 5%, and down 5% from last month’s average of $313,500.
- Average Single-Family Sales Price: $336,134, down 3 1/2% from last year at this time…$348,677.
- Average Attached Home Sales Price: $224,861, down 6 1/2% from last year’s $240,546.
- 230 single-family homes sold, compared to 219, 5% More
- 137 townhomes and condos sold, compared to 112, 22% More
- A total of 367 homes sold in September, 11% more than last year’s number of 331.
Median Home Sales Price: $270,000 compared to $279,900last September: down 3 1/2%
Average Days on Market (DOM) the time it takes to get a contract: 58 days, down from last year (68). It’s taking a shorter time to sell than previously. This is a direct reflection of Demand in our market.
Number of Homes Sold: There were 366 new pendings (homes that went under contract) 2% more than last September. The demand is certainly staying steady heading into Fall, pent-up demand is the term we’re seeing a lot.
Total Listings in Frederick Md: 1,172, down 16% from 1,398 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.
** 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 98% of list price on average, compared to 96% at this time last year. This number has been steadily higher over the last year, illustrating the rise in home values.
- 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 726, compared to 647 at this time last year, an increase of 12%.
- 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 within a week, or even in days.
- Cash deals were 14% of sales. As appreciation is expected, we’re still seeing Investors and flippers in the Frederick market. 43% of loans were with Conventional financing, out pacing FHA loans, which were 25%. 10% were VA. Interestingly, 10% were “other” financed.
- **The majority of home sales took place in the $200,000 to $300,000 price range. 29%
September 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.