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 – Almost across every metric, the Maryland Suburbs significantly outperformed December 2013. Closed Sales were up 10.2%, New Listings were up 22.4% and New Pendings were up 11%. This is fantastic news for the region and continues from our surprisingly strong fall. Higher levels of inventory homes and low interest rates were certain contributors to these numbers.
2. Median Sold Price – Median Sold Prices increased for the second straight month to $307,500 and are 9.8% higher than where they were at the same time last year! While these are not yearly highs, they signify a strong real estate market.
3. Average Days on Market – The ADOM continues to slowly creep higher from the summer lows. For December 2014 the ADOM across all segments was 61 days which represents a 15.1% increase 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 rise in inventory, there are still more buyers than sellers but the ASOLP Ratio fell slightly again to 96%.
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 December numbers are much better than the similar 2014 timeline as the market really picked up this winter. At Wilson Realty Group, our business model putting 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.