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 – Both New and Active Listings took a large step up in September. New Listings are up over 200 from August and up 33.8% from this time last year. Active Listings also increased by over 300 from August and up 4.8% from this time last year. These numbers suggest the inventory crunch that buyers have experienced may be easing.
2. Median Sold Price – Most of the gains in 2013 have now been given back as median home prices fell below the $400k average for the first time since March to $379,000 representing a 2.4% increase over the same period in 2012.
3. Average Days on Market – The ADOM for Montgomery County rose slightly to 44 days in September. Up 11 days for the 2013 low of 33 days across all segments 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 97.2% across all segments for Montgomery County. This is 2% higher than the ASOLP Ratio from September, 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. Are you thinking of a move? Don’t wait, call Wilson Realty Group today, 202-642-5478, and let’s move!