Montgomery County continues to enjoy a stronger real estate market than other jurisdictions in the state. The number of homes sold is even up slightly compared to last year (0.8% higher, with 1,260 sales last month compared to 1,250 a year ago). Prices remain flat, however, and this month are 3.49% lower than this time last year, with a median sale price of $415,000.
Montgomery County Stats – June 2014
What’s really remarkable is the number of cash buyers in Montgomery County. There were 206 cash purchases in the county last month, far exceeding FHA and VA financing, and representing over 16% of sales in the county.
We continue to see leading indicators that give us pause.
- Average days on market, while still low for the region, are trending up. Last month the average days on market in Montgomery County rose to 38 from 33, a 15.2% increase.
- Active listings are up over 40%, to 3,127 homes for sale county-wide. Increased supply tends to dampen price increases, and sustained excess inventory can even put a downward pressure on prices.
- The list to sale price ratio, or the amount sellers received compared to what they are asking, dipped over half a percent, from 97.9% to 97.3%. While not a huge decrease, this means buyers are seeing more negotiating power in the current market.
- Foreclosure starts are up 28% in Maryland. While Montgomery County has traditionally seen fewer foreclosures than neighboring counties, when these homes hit the market, they tend to sell on the lower end of an area’s price range.
Even as we see weaker leading indicators, we are blessed to have a very low 4.5% unemployment rate in Montgomery County, second best in the state. Strong local employers, including the federal government, have historically insulated us from major housing price shocks.
As always, the numbers that matter most are yours. Drop us a line for a complimentary market analysis of your home or neighborhood. We’re happy to help!
Laura Kittleman is a partner at The Kittleman Group of Keller Williams Select Realtors, working primarily in Howard County and Montgomery County, Maryland. She can be reached at 301-785-5889 or [email protected].
Tom Yeatts is a partner and Associate Broker with The Kittleman Group of Keller Williams Select Realtors. He can be reached at 443.364.8867 or [email protected].