Montgomery County’s residential home sales are starting to show some signs of strain. Days on market have been creeping up, currently sitting at an average of 39 days, up from 35. While homes still sell in Montgomery County relatively quickly, it’s a sign of a slower market than last year’s.
Montgomery County has significantly fewer home sales than last year, with 1,059 sales last month compared to 1,280 in July of 2013, a 17.3% decrease. Prices continue to remain flat. This month’s median sale price is $429,000, down 1.5% from this time last year.
Montgomery County Stats – July 2014Homes on the market remain elevated, with 3,071 active listings in July, up 36.7% over last year. This is pretty much the story of 2014 – more homes on the market, fewer sales, but prices on pace with last year’s. We are encouraged by the firmness of prices, but wonder how long it can last. If interest rates head up, we believe prices will face significant downward pressure, so our eyes are on the mortgage markets.
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@example.com.
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 firstname.lastname@example.org.