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 – January reflected a continuation of the strong winter season for Montgomery County. In almost all areas, the market activity out performed the same period last year. Closed Sales were up 2.4%, New Pendings were up 10.5%, New Listings were up 1.3% and Active Listings were up 24.5%. All of these numbers suggest we are gearing up for a very strong spring in Montgomery County.
2. Median Sold Price – In a shocking turn of events, the Median Sold Price is lower than January 2014 by 1.2%. Detached homes and Condo prices were the biggest drag on that decline. As the Spring selling season arrives we would expect prices to increase again across the board in Montgomery County but we will be keepoing an eye on this trend.
3. Average Days on Market – The ADOM for Montgomery County jumped to 74 days in January across all segments. The ADOM is up 29.8% from the same time last year which is a significant increase. Historically, the spring selling season has the lowest ADOM of the year and the winter has the highest so we will keep our eyes on the market to see if the 2015 numbers reflect history.
4. Average Sold to Original List Price Ratio – The ASOLP Ratio stands at 94.4% across all segments for Montgomery County. This is 1.8% lower than the ASOLP Ratio from a year ago. This is the lowest ASOLP since March, 2012 and is another statistic to pay attention to this spring.
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!