Frederick County Real Estate Market Snapshot – March 2015
provided by the Highland Group
The real estate market in Frederick was quite active in March. Here is a snapshot of Frederick County real estate statistics:
Real Estate Statistics in Frederick Md
Average Home Sales Price: $285,000: up 1% from last March.
- Average Single-Family Sales Price: $334,900, barely down 1.5%
- Average Attached Home Sales Price: $214,100, up 5% from last year.
- A greater number of Townhouses sold this year compared to last: 25% more
- More single-family homes sold compared to last year: 25% more*
Median Home Sales Price: $260,500: up 4% since last March.*
Average Days on Market (DOM) the time it takes to get a contract: 79 days, just about the same as last year (80), but lower than the 5 year average for March (96).
Number of Homes Sold: 276, 24% more than last year. There were 405 new pendings (homes that went under contract) 13% more than last March. The demand is certainly picking up. It’s a good time to sell, because buyers are ready to buy.
Total Listings in Frederick Md: 1034, up 23% from 840 last year. The inventory is increasing, but still too low, considering the demand is up. We’re seeing a seller’s market with a 3 to 4 month absorption rate.
Keep in mind: some neighborhoods, like Urbana, are in high demand, and have lower absorption rates. The communities on the outskirts of Frederick County, Myersville, Thurmont, Woodsboro, Mt. Airy and New Market, are less in demand and homes take longer to sell.
Sellers got 95% of list price on average, compared to 95% last year. This number has been fairly steady, and is above the 5-year March average of 94%, indicating a steady market.
A visual presentation of Frederick Real Estate Statistics for March 2015:
- *More home buyers are able to afford more, and there are more move-up buyers in the market. Interest rates are still historically low. See today’s rates.
- **Sales have started off this spring 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 661, up 6% from last year.
- The inventory has decreased since last summer, which is usual for the season, but still higher than last year. If the inventory stays tight, we will expect multiple offers and this will put upward pressure on home prices.
- Cash deals were 13% of sales. As appreciation is expected, we’re seeing more Investors and flippers in Frederick. 44% of loans were with Conventional financing, 23% were FHA. 12% were VA.
- Owner financing was 0 and we rarely see them these days.
- The majority of home sales took place in the $200,000 to $300,000 price range. 30%.
- The fewest homes sold in the $600,000 to $700,000 price range.
March 2014 provided by MRIS (Mid-Atlantic Regional Information System)
*MRIS – Metropolitan Regional Information System – These statistics are not guaranteed but are considered accurate.
Contact Chris Highland to see homes for sale in Frederick Md.