Frederick County Real Estate Market Update
Provided by The Highland Group ~ March 2017
Real Estate activity in Frederick County is picking up and the spring market is here…and it’s HOT. Here is a snapshot of Frederick County real estate statistics in March:
Real Estate Trends in Frederick Md
Average Home Sales Price: $299,950, up 3% from last year in March.
- Average Single-Family Sales Price: $345,450, up 2% from last year at this time.
- Average Attached Home Sales Price: $231,900, up 2% from last year.
- 196 single-family homes sold, up 14%
- 131 townhomes and condos sold, 5% More
- A total of 327 homes sold in March, up 10%.
Median Home Sales Price: $271,000 compared to $260,000 last year: up 4%.
Average Days on Market (DOM) the time it takes to get a contract: 81 days, down 11% from last year (91). This is a direct reflection of Demand in our market.
Number of Homes Sold: There were 486 new pendings (homes that went under contract) 1% more than last March.
Total Listings in Frederick Md: 947, down 17% from 1,140 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 2-3 month absorption rate.
** If demand is still strong for the season and inventory is decreasing, this is a good time to sell!
Sellers got 98% of list price on average, compared to 96% at this time last year. The fact that this number is higher than last year shows that the demand is strong. We also can count on a healthy price appreciation.
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.
We are seeing lots of multiple offers on homes that are in great condition and priced to sell. One agent told us he had 11 offers on a listing in a matter of days.
Buyers: Bring Your A-Game.
You must be pre-approved by a reputable local lender. If you have a house to sell, you need to get it on the market first, before you make an offer. Better yet, have your home under contract if you want to win in a multiple offer situation.
- 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 1000 homes listed on the market, and note that 222 are new construction, that really means that there are about 600 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.
- Appraisers are projecting a 4% increase in home values for the average home in Frederick County…homes in the $300,000 range. Less appreciation for homes in the higher price ranges.
- Cash deals were 12% of sales. As appreciation is expected, we’re still seeing Investors and flippers in the Frederick market. The majority of loans were with Conventional financing, 46%.
- **The majority of home sales took place in the $200,000 to $300,000 price range. 33%. Interesting note: The majority of listings (26%) are in the $300,000 to $400,000 price range, where 24% of homes sold.
March 2017 Market Statistics provided by MRIS (Mid-Atlantic Regional Information System – A Bright MLS)
*MRIS – Metropolitan Regional Information System – These statistics are not guaranteed but are considered accurate. Frederick County Real Estate Market Trends for March 2017.
Contact Chris Highland to see homes for sale in Frederick Md.