Foreclosures for Sale in Montgomery County, Maryland
The residential real estate market in Montgomery County, Maryland is quite active with 1,049 real estate settlements during June at an average sold price of $506,409, up 3.47% from the same month last year. The median sold price was $413,000, up 8.36% from last June.
Many are asking if they can find bargains in the inventory of lender owned foreclosures. When you read the national news about the high inventory of foreclosures, many assume that the information also applies to the local market.
Today, there are 2,560 active listings of homes for sale in Montgomery County. These are the properties listed on MRIS, the regional multiple listing service. 253 (9.88%) of the active listings are short sale pre-foreclosures. Only 30 (1.17%) of the active listings are in the inventory of lender owned foreclosures.
When you take a close look at local markets, the statistics may differ greatly from what is happening in the national market. In Montgomery County, homes are being sold with an average of only 56 days on the market and the average sold price is 96.01% of the average list price.
From the perspective of home buyers and real estate investors, there is a shortage of lender owned foreclosures and they quickly go to contract when properly priced. Many buyers are facing multiple contract completion in preferred locations.
Cash is king and sellers prefer the offers with few contingencies. Those that plan to use mortgage financing should have a pre-approval letter in hand. Please contact us with your questions on the summer real estate market. We will be happy to recommend lenders and guide you through the home purchase process.
Daylily, Kentlands, Spring Flowers IMG_1567
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs