Wilson Realty Group continues our weekly series on the local real estate market statistics. This week we focus on Montgomery County, MD which contains Beltsville, Laurel, Hyattsville, Glen Echo, Bethesda, Chevy Chase, Cabin John, Olney, Brookeville, Poolesville, Barnesville, Beallsville, Boyds, Dickerson, Rockville, Potomac, Sandy Spring, Ashton, Brinklow, Burtonsville, Spencerville, Clarksburg, Damascus, Germantown, Gaithersburg, Washington Grove, Montgomery Village, Kensington, Garrett Park, Takoma Park and Mount Airy.
1. Market Activity – New Listings took a large step up in January. New Listings are up almost 400 from December and up 7.1% from this time last year. Active Listings also increased in January and up 17.3% from this time last year. While the cold weather has affected almost every other measurable, these statistics suggest that the inventory crunch may be easing.
2. Median Sold Price – The Median Sold Price was down for the second straight month and Market Activity had a lot to do with that. Most all of the gains in 2013 have now been given back as median home prices fell to $375,000 for the first time since March of 2013 when the average price was exaclty $375,000.
3. Average Days on Market – The ADOM for Montgomery County rose to 57 days in January. Up another 4 days for the month but still represents an historically low ADOM assisted by low inventory, low local unemployment and low rates.
4. Average Sold to Origianl List Price Ratio – The ASOLP Ratio stands at 96.1% across all segments for Montgomery County. This is less than 1% higher than the ASOLP Ratio from a year ago, 2012. For the same reasons the ADOM is low, the ASOLP Ratio will continue to remain historically high.
Montgomery County is showing some signs of slowdown in the real estate market. While interest rates and unemployment numbers remain low, inventory is rising at a quicker pace than in other areas of the DC Metro. We will keep following these statistics in order to better assist our clients with specific local and relevant information when making a move. And remember, with our hybrid model you are always saving thousands on your next real estate transaction. Are you thinking of a move? Don’t wait, call Wilson Realty Group today, 202-642-5478, and let’s move!