Real Estate Market Activity for Frederick County –September 2015
provided by the Highland Group
Real Estate activity has picked up significantly over the summer. It looks like we may not see as much of the usual slowdown in the Fall. Here is a snapshot of Frederick County real estate statistics for the month of September:
Real Estate Statistics in Frederick Md
Average Home Sales Price: $312,100: up ↑ 11% from last September, also up from last month.
- Average Single-Family Sales Price: $348,700, up 9% from last year.
- Average Attached Home Sales Price: $240,500, up 16% from last year.
- More homes have sold this year over last year, both single family houses: 21% more, and 15% more townhouses.
- A total of 331 homes sold in Sept, 19% more than last year.
Median Home Sales Price: $279,900: up ↑ 10% since last last. (This means more homes sold in the lower price ranges than last year.) We’ve seen a lot of movement in the price ranges below $300,000.**
Average Days on Market (DOM) the time it takes to get a contract: 68 days, up from last year (55), the same as the 5 year average for September (68).
Number of Homes Sold: There were 358 new pendings (homes that went under contract) 13% more than last September. The demand is certainly staying steady heading into Fall, pent-up demand is the term we’re seeing a lot. It’s a good time to sell, because buyers are ready to buy.
Total Listings in Frederick Md: 1398, up 8% from 1300 last year. The inventory is increasing to what is usually considered a normal number for Frederick County, but the demand is up, as well. We’re seeing a seller’s market with a 2 to 3 month absorption rate.
Keep in mind: some neighborhoods, like Urbana, Middletown and several in the city of Frederick, are in high demand, and have lower absorption rates. The communities on the outskirts of Frederick County, Myersville, Thurmont, Woodsboro, are less in demand and homes take a little longer to sell.
Sellers got 96% of list price on average, compared to 96% at this time last year. This number has been fairly steady, and is close to the 5-year September average of 95%, indicating a steady market.
A visual presentation of Frederick County Real Estate Market Update for September 2015:
- More home buyers are able to afford more than a few years ago, because Interest rates are still historically low. See today’s rates. As a matter of fact, For the 11th consecutive week, the average on 30-year mortgage rates has stayed below 4%.
- 30-year fixed-rate mortgages: averaged 3.76 percent, with an average 0.6 point, dropping from last week’s 3.85 percent average. Last year at this time, 30-year rates averaged 4.19 percent.
- Sales have continued this summer with a higher demand than last year, we had a higher number of homes go under contract than last year, sometimes “Pending” is a term you may see. The total waiting to close is 647, an increase of 16% over last year at this time.
- The inventory has increased, which is usual for the season, and is higher than last year, but with increasing demand, it still is considered a seller’s market. We will expect multiple offers on the homes that are in great condition and priced right for the market… and this will put upward pressure on home prices. Homes that are priced well and in the best condition, and in areas of demand, are sold within a week, or even in days.
- Cash deals were 12% of sales. As appreciation is expected, we’re still seeing Investors and flippers in the Frederick market. 43% of loans were with Conventional financing, 29% were FHA. 7% were VA.
- **The majority of home sales took place in the $200,000 to $300,000 price range. 35% more than 1/3 of sales.
September 2015 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 September 2015.
Contact Chris Highland to see homes for sale in Frederick Md.