Montgomery County, Maryland Weekly Real Estate Report: Foreclosures & Short Sales Update

Montgomery County, Maryland Weekly Real Estate Report:  Foreclosures & Short Sales Update

119 (3%) of the homes for sale in Montgomery County are lender owned foreclosures.

Prospective home buyers and those that plan to sell their homes need to be alert when considering the sales that have taken place and the current inventory of available properties.  Knowing the market is mandatory if for those that are seeking the best results.  Lender owned foreclosures and short sale pre-foreclosure offerings compete with individual owners for the attention of home buyers.  Fortunately, lender owned foreclosures (REO) have been selling well in Montgomery County and the total number is no longer large enough to adversely impact the overall market.  However, some individual neighborhoods do have a disproportionate number of foreclosures.

Short sale pre-foreclosures are the most difficult sector to analyze.  The unknown factor is the required third party approval that is mandatory since the sale proceeds will not cover the outstanding mortgages.  The initial perception may differ somewhat from reality when considering short sale listings.  Many of the short sale listings have unrealistically low prices that are unlikely to receive the needed lender approval.  Every week,  some of the short sale properties are advertised for trustee sale auctions at the court house steps.  The short sale sector creates an artificial market and is a very negative influence in the area.

119 ( 3%) of the 3,520 homes for sale in Montgomery County are REO properties while 546 (16%) are short sale pre-foreclosures.

Lender Owned Homes:  

There are 66 lender owned foreclosures (REO) for sale at or BELOW $250,000.  Click on the listing number to see the full property description. Sort by column headers.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-141196398-8

There are 53 lender owned foreclosures (REO) for sale at or ABOVE $250,000.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-141196470-688

Short Sale Pre-foreclosures:

There are 546 active listings of short sale pre-foreclosures offered for sale in Montgomery County.  

There are 281 short sale listings at and below $250,000.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-141196629-646

In the price range at and above $250,000, there are 265 short sale pre-foreclosures on the market.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-141196650-328

Home buyers need to be very selective when submitting offers on short sale listings to avoid the disappointment of a cancelled sale after much time has past.

During April, there were 837 closed sales in Montgomery County, MD and the average sold price was $436,537 with an average of 81 days on the market. The average sold price was up 2.65% from last year. The zip code reports provide a better picture of the various segments of the market activity in the county. Just ask us to email a zip code report to you.

The real estate market statistics for the past month may be viewed by clicking on the following link:  http://www.rbintel.com/statistics/montgomery-county-md  The new statistics are posted on the tenth of each month.

All the active listings of homes for sale in Maryland may be viewed on Homes Prospector at www.roykelley.com

Trustee sale schedules and many of our real estate blog posts may be viewed at www.roykelley.net

Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.

 Blooming for Maryland home buyers and investors.