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Frederick Real Estate Market Trends April 2016

Frederick Real Estate Market Trends April 2016

Real estate statistics in Frederick County Maryland for April 2016:

provided by the Highland Group

April 2016 Snapshot:

Home Sales:

The number of homes that sold in April was up quite a large number: 23% overall, 355 homes sold. The number of homes under contract was also up, a huge 35% over last April. 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 April, single-family home sales were up 29%, townhouse and condominium homes were up 15% across Frederick County.

Sellers on average, got 96% of listing price across the board, the same is last April. 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 1137 homes on the market this April, compared to 1161 last April. Down 2%, in a market where there is even more demand than last year.

Supply and Demand

Leading up to spring, there has been a 3 to 4 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 may be 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. (see chart below)

Average Sold Prices

Average sold price across Frederick County was only up less than 1%. Even with increased demand, prices are not improving as one would expect. Average prices on single-family homes were up 4%. Average prices on attached homes were down 2%.


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Median Sold Prices:

The median sold price is up from last April: 265,000, up 7%. 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. Here is a picture of sales per price range:

frederick real estate

Days on Market:

In April 2016 it took longer to sell homes overall, 82 days on average, which is above the 5-year April average of 77 days.

Synopsis

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. 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  

Summary
Frederick Real Estate Market Trends April 2016
Article Name
Frederick Real Estate Market Trends April 2016
Description
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 agent.
Author
The Highland Group

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