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Frederick Md Real Estate Trends June 2016

Frederick Md Real Estate Trends June 2016

Real estate statistics in Frederick County Maryland for June 2016:

provided by the Highland Group

June 2016 Snapshot:

Home Sales:

The number of homes that sold in June was a large number compared to other times of the year, yet just slightly below this time last year: 462 homes sold, just -4% overall from last year but still higher compared to last month’s 455 homes.

The number of homes that went under contract was also up, up 18% over last June. The Summer market in 2016 is continuing to be marked by high demand.

Here’s a breakdown of sales by home type:

Of the 362 homes that sold in June, single-family home sales were up ↑ 5%, townhouse and condominium homes were down ↓ 8% across Frederick County.

Sellers on average, got 97% of listing price across the board, compared to 96% at this time last year. This has been a consistent number for the last year.

Inventory:

The inventory of homes for sale in Frederick County has been on the low end. There are 1219 homes on the market this June, compared to 1338 last year. Down 9%, in a market where there is even more demand than last year.

Supply and Demand

This spring, there has been a 2 month supply of homes in most neighborhoods in Frederick County. (This means that if no new listings were added to the inventory, it would take this many months for the existing inventory to sell.) As demand is increasing, shown by the large number of sold homes and the large number that went under contract, and the increase in the selling price compared to list price; this is leaning towards a high-demand market, favoring sellers.

If you’ve been waiting to put your home on the market, this spring is a good opportunity. The homes that sell quickly and for top dollar: homes that are in the best condition compared to similar homes, and homes that are priced at market…and are in a price range that is in demand. 

Average Sold Prices

Average sold price across Frederick County was up 6%. That breaks down to these differences: Average prices on single-family homes were up 5%, while average prices on attached homes were up 1%.  Average prices are increasing in a healthy and steady line.


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Median Sold Prices:

The median sold price is up from last June: $295,000, up 7%. (This means that half the homes sold were above and half were below $295,000)

We’ve seeing a split market again in Frederick:

  • Homes under $300,000 are in high demand and are seeing modest appreciation.
  • Homes between $400,000 and $500,000 are taking longer to sell and have hit a plateau in price appreciation.
  • Homes priced over $600,000 are struggling. Prices are not appreciating, and time on the market is around 180 days. That price range is not in demand.

However, June marked a change in this trend…we saw 51 homes sold in price ranges above $500,000. This was compared to 33 homes sold in that price range in May, and increase of 55%. We’re seeing more move-up buyers active again.

Days on Market:

In June 2016 it took a little less time to sell homes overall, 60 days on average, compared to 62 last month. These numbers are variable depending on neighborhoods and the different demand in locations.

 

Synopsis

In Frederick County…some neighborhoods are in demand, some not; some price ranges in demand, some not, but even then, depending on the neighborhood. It’s still a bifurcated market due to low demand in the higher price ranges. Overall demand is increasing, and we are waiting to see if prices are also increasing…we’ll have a better idea at the end of the summer.

There are pockets of high sales and appreciation, and pockets of low demand and depreciation. All reasons to reach out to a local real estate expert.

Contact Chris Highland for information on the real estate market in your Frederick neighborhood. 301-401-5119  or  

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Frederick Real Estate Trends June 2016
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Frederick Real Estate Trends June 2016
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Sales are brisque and average prices are climbing. Interest rates are incredible! Read more on the blog:
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The Highland Group
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