JULY, 2009 RESIDENTIAL MARKET REPORT - MONTGOMERY COUNTY MD

JULY, 2009 RESIDENTIAL MARKET REPORT - MONTGOMERY COUNTY MD

The  Residential Market Report for Montgomery County, Maryland, is now available. This report, provided by the Greater Capital Area Association of Realtors, compares the recent multiple listing service inventory of available homes with the inventory in the same month last year. It serves to inform current owners and prospective purchasers of the real estate market conditions in Montgomery County.  

Statistics for the past month

To see the graphics and additional details on these statistics, please visit http://gcaarrocks.com/ which is the home page for GCAAR.  On the lower right side of the page select the current Home Sale Statistics.  

The total number of new listings for the month was 1,024 which was 17.6% below last year. The total number of active listings was 2,427 which was 45.9% below the number last year.  There were 1,028 new sales contracts for the month. Contracts for the year to date totaled 5,860, up 29.5% from last year. The current inventory represents less than a three month supply of homes for sale and the sales volume is increasing. The settlements for the month were up 39.9% from last year with at total of 905.  Settlements for the year totaled 4,669, up 16.6% from last year. Lender owned foreclosures are still impacting the market since that is where the buyers are finding the lowest prices. Buyers are facing multiple contract competition on many of the well priced homes. Sales are up and the inventory is down. Have we reached the bottom of the market in Montgomery County?  Only time will tell. This is a wonderful market for home buyers. It is also a good time for home sellers that are moving up in price range.

The total number of condominium listings during the month was 340, an increase of 1.8% from last year. The total of the active condominium listings inventory was 960 units for a  decrease of 23.5%. The largest inventories were under the $400,000  price range.  Condominium contracts for the month totaled 270, up 60.7% from last year. There were 179 settlements for the month and 1,002 year to date, up 3.1% from last year.  

Visit http://www.roykelley.com  for access to Homes Prospector and all of the homes listed for sale on MRIS, the regional multiple listing service. This access includes the lender owned foreclosures.

Please contact Roy Kelley & Associates for all of your residential real estate needs.  It is very important to have professional representation in this changing market.  

Your Real Estate Professional,

Roy Kelley  

Roy Kelley & Associates

Associate Broker, RE/MAX Realty Group  

Direct:  301-921-4569   Client Assistance:  301-670-8996

Email: roykelley@mris.com    Fax:  301-921-4586  Main Office:  301-258-7757 x 569

Home Search Website: www.roykelley.com Homes Prospector provides access to all available home listings.

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Recipient of the RE/MAX International Lifetime Achievement Award - 2008