Real estate statistics in Frederick County Maryland for May 2016:
provided by the Highland Group
May 2016 Snapshot:
The number of homes that sold in May was up quite a large number: 21% overall, 423 homes sold. The number of homes under contract was also up, up 20% over last MAY. The Spring market in 2016 is marked by high demand.
Here’s a breakdown of sales by home type:
Of the 355 homes that sold in May, single-family home sales were up 20%, townhouse and condominium homes were up 24% across Frederick County.
Sellers on average, got 97% of listing price across the board, similar to last May. This has been a consistent number for the last year.
The inventory of homes for sale in Frederick County has been on the low end. There are 1141 homes on the market this May, compared to 1296 last year. Down 12%, in a market where there is even more demand than last year.
Supply and Demand
This spring, there has been a 2 to 3 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, 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 only down 3%. That breaks down to these differences: Average prices on single-family homes were down 6%, while average prices on attached homes were up 5%.
Median Sold Prices:
The median sold price is down from last May: 270,000, down 4%, but up from last month. We’re 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. When a few large employers left Frederick County, there were several higher paying jobs that left and weren’t replaced. The demand for homes in the higher price ranges has diminished, while many of those homes are still on the market.
Days on Market:
In May 2016 it took a little less time to sell homes overall, 67 days on average, which is above the 5-year May average of 70 days.
It’s a strange market in Frederick County…some neighborhoods 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, but prices are not really increasing commensurately.
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