FREDERICK MD 21704 REAL ESTATE TREND INDICATOR

By Roy Kelley

Industry Observer with Retired

September 16, 2009 08:03 AM

FREDERICK MD 21704 REAL ESTATE TREND INDICATOR

If you are planning to purchase or sell a home in Frederick in zip code 21704, you will want to know the trends of the market. The following report is for the past month and the statistics are compared with the same month last year. There were 86 active listings of homes for sale during the month. There were 23 new listings and 11 went to pending new contracts. The sold dollar volume was up 7.83% from last year. The number of homes sold was 12 and the same as last year. The average days on the market was 50 days from 137 days last year. The average sale price was 98.89% of the average list price. The median sold price was $445,000. The market is still soft which means that it favors buyers. Foreclosures and short sales listings still influence the area market. Buyers are finding it more difficult to qualify for mortgage financing and the trend is to the use of FHA financing which has a minimum cash requirement of 3.5% of the purchase price. FHA Streamlined 203(k) financing allows borrowers to include up to $35,000 of home improvements in the mortgage amount. First time buyers have the benefit of the currently available $8,000 federal tax credit for purchases completed before the end of November. All prospective buyers are advised to obtain pre-approval for mortgage financing before submitting an offer. More investors are buying because the prices on lender owned foreclosures are the lowest in several years.

Metropolitan Regional Information Systems, Inc. ZIP Code Statistics - <$100K to >$5M Format

ZIP Code: 21704 Frederick, MD
From: 08/01/2009 to 08/31/2009 Statistics generated on: 09/09/2009

	Residential Unit Sales Number of Bedrooms	Active Listings		Time on Market
Price Class	2 Or Less	3	4 or More	Condo Coop	Ground Rent	Residential	Condo Coop	Ground Rent	of Units Sold (No. of Units)
Under $100,000	0	0	0	0	0	1	0	0	1 -30 Days	9
$100,000 - 149,999	0	0	0	0	0	0	0	0	31-60 Days	1
$150,000 - 199,999	0	0	0	0	0	1	0	0	61 - 90 Days	0
$200,000 - 249,999	0	0	0	0	0	4	0	0	91-120 Days	0
$250,000 - 299,999	0	1	2	0	0	17	0	0	Over 120 Days	2
$300,000 - 349,999	0	1	1	0	0	6	0	0	Total	12
$350,000 - 399,999	0	0	0	0	0	9	0	0
$400,000 - 449,999	0	0	1	0	0	8	0	0	Type of Financing of Units Sold (No. of Units)
$450,000 - 499,999	0	0	4	0	0	10	0	0
$500,000 - 599,999	0	0	2	0	0	16	0	0	Conventional	5
$600,000 - 699,999	0	0	0	0	0	8	0	0	FHA	6
$700,000 - 799,999	0	0	0	0	0	1	0	0	VA	1
$800,000 - 899,999	0	0	0	0	0	1	0	0	Assumption	0
$900,000 - 999,999	0	0	0	0	0	2	0	0	Cash	0
$1,000,000 - 2,499,999	0	0	0	0	0	2	0	0	Owner Finance	0
$2,500,000 - 4,999,999	0	0	0	0	0	0	0	0	All Other	0
$5,000,000 & Over	0	0	0	0	0	0	0	0	Unreported	0
Totals	0	2	10	0	0	86	0	0	Total	12
Grand Totals	12	86

	2009	2008	% Change
Total Sold Dollar Volume:	$ 4,851,250	$ 4,499,000	7.83 %
Average Sold Price:	$ 404,271	$ 374,917	7.83 %
Median Sold Price:	$ 445,000	$ 349,800	27.22 %
Total Units Sold:	12	12	0.00 %
Average Days on Market:	50	137	- 63.50 %
Average List Price for Solds:	$ 408,822	$ 394,976	3.51 %
Avg Sale Price as a percentage of Avg List Price:	98.89 %	94.92 %

Total NEW listings:	23
Total Properties Marked Contract:	7
Total Properties Marked Contingent Contract:	4
Total NEW pendings (Contracts + Contingents):	11