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 – The overall market slowdown from April continues across almost all segments with a nice uptick in closings to finish the year 7.7% higher than 2012.
2. Median Sold Price – After a 2013 high in June and July, median sold prices receeded again in December for the Maryland suburbs. However, all segments are still higher than this time last year with prices across all segments up 6.1% from the same time in 2012.
3. Average Days on Market – The ADOM continues to remain at historically low levels. For December 2013 the ADOM across all segments was 53 days which represents almost a 21% 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 December. Due to the lack of inventory, there are more buyers than sellers and this is pushing a very high ASOLP Ratio, 97%, 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. While the year-end numbers are lower than their 2013 heights, most all statistics reflect improvements over the same time period in 2012. 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.