Home Prices Up Nicely, In Spite of Slower Sales
Montgomery County home prices gained nicely in November, even as sales volume decreased by 9.7% from last year. The median sale price of a home in Montgomery County was $403,750 last month, up 10.7% from last year ($364,875). This is good news considering the lower sales volume, with 748 sales in November, compared to 828 a year ago. We are still, however, rebounding from a price decrease throughout the county in August and September.
Days on market remains low, at 44 days, compared to the 5-year average of 65 days for a home on the market in November.
New pending sales are up 6.2% from last year, which should help bolster the market heading into the new year. In fact, looking at the last five years (see chart below) clearly shows the trend of improving pending sales volume.
These numbers tell of a stable market, so assuming interest rates and employment remain steady, we should continue our housing recovery into 2014.
Laura Kittleman is the owner of The Kittleman Group of Keller Williams Select Realtors, based in Ellicott City, MD. She can be reached at 301-785-5889 or [email protected]