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 step back in September signaling the entrance of the fall market. Active Listings climbed to 608 and up a whopping 53.1% from this time last year. Sold Listings dropped from August to 201, but are 6.9% higher from this same time last year. With inventory increasing, we should expect to see a corresponding rise in buyer activity especially with interest rates as low as they are. However, the market activitiy remains lower than expected given current conditions.
2. Median Sold Price – The Median Sold Price is down again for the second straight month. The average price across all segments in September is $390,000, down from $429,000 in July and 2.9% higher than September, 2013.
3. Average Days on Market – The ADOM for Montgomery County jumped to 53 days in September across all segments. The ADOM is up 7 days from August and is 20.4% higher than at the same time last year. The ADOM still represents an historically low ADOM assisted by lower inventory, low local unemployment and low rates.
4. Average Sold to Origianl List Price Ratio – The ASOLP Ratio stands at 96% across all segments for Montgomery County. This is 1.2% lower than the ASOLP Ratio from a year ago. This is the lowest ASOLP since January, 2013 and something for us to keep an eye on going forward.
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!