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 dropped again in July with 160 fewer Closings than June and 250 fewer New Listings in the same time period. This is not surprising as the summer swoon was felt over the entire DC Metro Region.
2. Median Sold Price – Median Sold Prices dropped for the second straight month to $317,000 and are 3.3% below where they were at the same time last year. Only Townhomes and All Attached showed increases since June, but it was not enought to prop up the MEdian Sold Price across All segments.
3. Average Days on Market – The ADOM continues to remain at historically low levels. For July 2014 the ADOM across all segments was 42 days which represents only a 2.4% 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 April. Due to the lack of inventory, there are more buyers than sellers and this is pushing a very high ASOLP Ratio, 98.1%, 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 July numbers are comparable with the similar 2013 timeline as it cooled down during the summer which means that we should see continued tapering over the fall 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.