Wilson Realty Group continues our weekly series highlighting the local market real estate statistics. This week we focus on the Maryland suburbs which include Montgomery County and Prince George’s County.
1. Market Activity – Activity jumped again in April with 250 additional closings over March. However, the 1,504 Closings are over 12% below the 2013 velocity for Montogmery County and Prince George’s County. New Listings and Active Listings continue their Year over Year Growth leading to higher levels of inventory not seen in over a year.
2. Median Sold Price – Median Sold Prices are at their highest levels in 2014 and are showing a Year over Year increase of over 2% across All segments with Attached All Leading the way with an 11.9% increase over April, 2013. The pace across All segments is encouraging and we will keep our eyes on the Attached All segment over the next couple of months.
3. Average Days on Market – The ADOM continues to remain at historically low levels. For April 2014 the ADOM across all segments was 49 days which represents almost a 14% decrease over the same time last year.
4. Average Sold to Original List Price Ratio – Most sellers are still seeing strong offers very close to full price in this market through April. Due to the lack of inventory, there are more buyers than sellers and this is pushing a very high ASOLP Ratio, 97.9%, across all segments.
As DC goes, so goes the Maryland suburbs. So it should be no surprise that both Montgomery and Prince George’s County closely mirror and support the DC Metro statistics. The April numbers are comparable with the similar 2013 timeline as it heated up in the Spring which means that we should see some tapering over the summer if the trend comtinues. At Wilson Realty Group, our business model that puts 2-4% back into your pocket is now more important than ever. Don’t waste anymore of your hard earned money using yesterday’s real estate processes. Call us today, 202-642-5478, to find out how we can help you with your next move.