This seems to be the story in our region lately, and it’s no different for Montgomery County. Even as the available inventory of homes for sale increases (at 3,109 active listings, it’s up over 43% from last August), prices remain staunch. The median sale price of a home in Montgomery County for August, 2014 was $414,900, down a mere 0.62% from last August.
Sales continue to lag 2013, however. With 1,027 homes sold in the county in August, we are 7.3% below last August’s sales of 1,108.
Montgomery County Stats – August 2014
Looking at pending sales, we expect this to be a recurring theme next month. Pending home sales are off nearly 9% from last year, foretelling a September with lower numbers than a year ago.
We firmly believe interest rates are critically important to maintaining home values in the region. While steady, rates have been expected to rise by year’s end. For now, we’re doing quite well at adapting to a larger housing supply while maintaining home values.
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 firstname.lastname@example.org.
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@example.com.