Frederick County Real Estate Market Update
Provided by The Highland Group ~ February 2017
Real Estate activity in Frederick County is picking up and the spring market is here. Here is a snapshot of Frederick County real estate statistics in February:
Real Estate Trends in Frederick Md
Average Home Sales Price: $286,295 , very close to last year by -1%.
- Average Single-Family Sales Price: $353,484, up 4% from last year at this time.
- Average Attached Home Sales Price: $214,349, up 2% from last year.
- 121 single-family homes sold, 14% less
- 113 townhomes and condos sold, 23% More!
- A total of 234 homes sold in February, almost the same as last year, at 233.
Median Home Sales Price: $251,250 compared to $265,000 last year: down 5%. More homes sold in the lower price ranges, as evidenced by the number of attached homes compared to the number of single-family homes.
Average Days on Market (DOM) the time it takes to get a contract: 77 days, down 21% from last year (97). This is a direct reflection of Demand in our market.
Number of Homes Sold: There were 383 new pendings (homes that went under contract) 9% more than last February. The demand is picking up as we head into the spring market.
Total Listings in Frederick Md: 785, down 23% from 1,021 last year. The inventory is a very low number for Frederick County. We’re in a seller’s market until the inventory increases, with a 2 month absorption rate.
** If demand is still strong for the season and inventory is decreasing, this is a good time to sell!
Sellers got 96% of list price on average, compared to 95% at this time last year. The fact that this number is higher than last year shows that the demand is strong, even though its winter, when the market usually slows down.
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 typically less in demand and homes take a little longer to sell…but not much longer.
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.
- The spring market is here. Mortgage applications are up, signifying larger numbers of buyers entering the market soon. If you’ve been waiting for the right market to sell, this could be it. High demand and low inventory.
- With less than 800 homes listed on the market, and note that 222 are new construction, that really means that there are about 550 resale homes.
- Interest rates have been hovering just above 4% recently, but that’s still incredibly low! See today’s rates.
- 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 13% of sales. As appreciation is expected, we’re still seeing Investors and flippers in the Frederick market. 38% of loans were with Conventional financing, outpacing FHA loans, which were 30%. 8% were VA.
- **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, 26% where 19% of homes sold.
February 2017 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 Trends for February 2017.
Contact Chris Highland to see homes for sale in Frederick Md.