Frederick County Real Estate Statistics April 2012
Snapshot for April 2012 by the Highland Group
The Frederick County real estate statistics April 2012 show that the market was picking up in April. Here is a snapshot of real estate sales in Frederick County:
|Avg. Price||$260,000||$239,500||+9% ↑|
|Month-Over-Month||$260,000||$260,000 (Mar)||0% ~|
|Median Price||$236,000||$210,000||+12% ↑↑|
|Month-Over-Month||$236,000||$227,500 (Mar)||+4% ↑|
|# homes sold||212||215||-1% ↓|
|Month-Over-Month||212||206 (Mar)||+3% ↑|
|Total Listings||904||1276||-29% ↓↓|
|Inventory||5-6 mos.||8-9 mos.||↓|
|New Pending Sales||306||298||↑ +3%|
|Sale Price as
% of List Price
What’s Notable: Sales Are Up, Prices are Stable, Inventory is LOW.
- The inventory is at 940 homes on the market. 29% fewer homes on the marketthan last year at this time, and the supply not increasing much month over month. We wonder if the low inventory and higher demand will contribute to higher prices? What impact will distressed sales have?“Highest Annual Gain in Median Sale Price in DC Metro Since January 2006” These are the headlines in our emails from MRIS this month. This is based on Aprils Pending Home Sales Index.The DC metro area saw median year-over-year gains of 11.2% We’ve got high demand with low inventory, and traditional listings, those not involving a short sale or foreclosure, represented the highest percentage of closed sales since the foreclosure wave was at its peak. I’m going to go a little more to the cautionary end of this prognostication for two reasons:1.This is for the entire metro area. Frederick County is a different market than Rockville or Bethesda. We still have a large supply of distressed sales that are acting like an anchor on the market. And how do they actually do that?2. Appraisals are affected by comparable homes, and any given neighborhood in Frederick County has it’s share of short sales. These are affecting appraisals and will be for a little while longer. Even though we’re seeing multiple offers on the some of the really great listings, the buyer may win out by going over list price, but when the appraisal comes in lower than that offer, adjustments will have to be made.
- Of the 212 homes sold, 44 or 21% of homes sold were Short Sales, 18 or 8% were foreclosures. 1/3 of sales were distressed properties, still a large influence on prices.
- Only 4% of sales last month were cash deals. The normal amount has historically been 7 – 9%. The number has been high for the entire year, up to 15 to 20%.
With today’s historically low interest rates we’re seeing the most affordable real estate market in decades. The present market is a great opportunity to buy Frederick Real Estate. Contact us with any questions about Frederick County real estate statistics April 2012.
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|The Highland Group
Frederick, Md 21704
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