Real Estate Market Activity for Frederick County –November 2016
provided by the Highland Group
Real Estate activity in Frederick County is UP! Eveything’s UP. Here is a snapshot of Frederick County real estate statistics:
Real Estate Statistics in Frederick Md
Average Home Sales Price: $324,357 , up from last year by 12%, and up 7% from last month’s average of $301,300.
- Average Single-Family Sales Price: $372,612, up 13% from last year at this time.
- Average Attached Home Sales Price: $234,611, up 2% from last year.
- 199 single-family homes sold, 4% More
- 107 townhomes and condos sold, 10% More
- A total of 306 homes sold in November, 24% more than last year’s number of 247.
Median Home Sales Price: $294,000 compared to $250,000 last October: up 18%
Average Days on Market (DOM) the time it takes to get a contract: 59 days, down 22% from last year (76). This is a direct reflection of Demand in our market.
Number of Homes Sold: There were 322 new pendings (homes that went under contract) 4% more than last November. The demand is certainly staying steady heading into winter, pent-up demand.
Total Listings in Frederick Md: 1,058, down 16% from 1,266 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. Some smaller communities on the outskirts of Frederick County, Myersville, Thurmont, Woodsboro, are less in demand and homes take a little longer to sell. When we drill down to the neighborhood level, there are differences in demand as well. All reasons to consult an to find out supply and demand in your area.
Sellers got 96% 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 the holidays are approaching when the market usually slows down.
- This Fall did turn 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 winter is it. The inventory is pretty low, while the demand is still high.
- Interest rates have risen just to above 4% recently, but that’s still incredibly low! See today’s rates.
- The inventory has decreased this 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. 46% of loans were with Conventional financing, outpacing FHA loans, which were only 19%. 9% were VA. Interestingly, 12% were “other” financed.
- **The majority of home sales took place in the $200,000 to $300,000 price range. 33%. Interesting note: The majority of listings are in the $300,000 to $400,000 price range, and then the 2nd highest number of listings are in the $400,000 to $500,000 price range.
November 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 November 2016.
Contact Chris Highland to see homes for sale in Frederick Md.