Montgomery County continues to see steady prices, with May’s median home sale price of $431k a 2.62% increase from this time last year.
Montgomery County Stats – May 2014
The average seller is getting about 98.18% of their asking price, quite impressive and even a slight improvement from last month. This is no small feat given the 34.6% increase in inventory over this time last year.
Pending sales have dropped off 9.71%, and the number of homes sold has also slowed by 4.7% from last year.
Fortunately, interest rates are moving within a very steady band, and continue to hover in the 4.3% range, making homes very affordable.
While inventory is up, neighboring Howard County has seen a much larger uptick in inventory. And at 39 days on market, compared to Howard County’s 51, it’s still a very fast market in the region.
We’ll keep our eyes on inventory and interest rates throughout this traditionally hot home selling season!
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 the owner of The Kittleman Group of Keller Williams Select Realtors, and her team works primarily in Montgomery County and Montgomery County, Maryland. She can be reached at 301-785-5889 or [email protected].