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 – October reflected a continuation of the weak fall season for Montgomery County. In almost all key areas, the market activity underperformed the same period last year. Closed Sales were the lone bright spot up 7.2%, New Pendings were up 0.2%, New Listings were down 13.9% and Active Listings were down 20.8%. All of these numbers suggest Montgomery County is in a treacherous spot as counties surrounding them are all showing strong signs of growth.
2. Median Sold Price – The Median Sold Price is higher than October 2015 by 3.7%, up to $403,488. Detached homes and Condo prices were the biggest influence on that increase. As the winter selling season arrives we would expect prices to pull back across the board in Montgomery County but we will be keeping an eye on this.
3. Average Days on Market – The ADOM for Montgomery County jumped to 55 days in October across all segments. The ADOM is 14.1% lower from the same time last year which is a significant improvement. Historically, the fall selling season has the 2nd highest ADOM of the year and the winter has the highest so we will keep our eyes on the market to see if the final 2016 numbers reflect history.
4. Average Sold to Original List Price Ratio – The ASOLP Ratio stands at 97.2% across all segments for Montgomery County. This is 2.0% higher than the ASOLP Ratio from a year ago. This reverses a two month drop in ASOLP Ratio and hopefully begins a new upward trend through the end of the year.
Montgomery County is showing some signs of slowdown in the real estate market. With a pending increase in interest rates and unemployment numbers in flux, 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!