Montgomery County’s inventory of homes for sale is still well above last year’s, but the absorption continues. Montgomery’s inventory of homes for sale is about 31% over last November’s number. Prices slipped a tad from last month, with the median sale price of a home in Montgomery County for November coming in at $399,900, down 0.95% from this time last year.
Days on market remain up compared to last year, with the average home taking 58 days of market exposure to sell.
A “balanced” market will typically have about a six months supply of homes for sale at any given time. This is called the absorption rate. Montgomery County’s absorption rate of 3.77 months puts the county in the “Seller’s Market” column. So yes, it’s a seller’s market. It’s just a slower seller’s market.
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.