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 – Active Listings took a large step up in May signaling a large shift in inventory. Active Listings are up almost 500 from April and up a whopping 34.6% from this time last year. Sold Listings also increased in May by over 225 from April, but are 4.7% lower from this same time last year. With inventory increasing, we may be seeing the end of the rabid Seller’s market that has permeated the local area for the last 18 months.
2. Median Sold Price – The Median Sold Price is up again for the second straight month. The average price across all segments in May is $431,000, up from $400,000 in April and 2.6% higher than May, 2013.
3. Average Days on Market – The ADOM for Montgomery County fell to 39 days in January across all segments. The ADOM is down 5 days from April, 2013 but is higher by 2.6% than at the same time last year. The ADOM 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 98.2% across all segments for Montgomery County. This is less than 1% higher than the ASOLP Ratio from a year ago, 2013. 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!