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Foreclosures for Sale in Montgomery County, Maryland

By
Industry Observer with Retired

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.

30 Foreclosures for Sale in Montgomery County

Daylily, Kentlands, Spring Flowers IMG_1567

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

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Posted by

Roy Kelley, Retired, Former Associate Broker, RE/MAX Realty Group

Gaithersburg, Maryland  

Show All Comments
Cheryl Thomson REALTOR Ret Army
United Real Estate DC Metro Region (703.216.5635) cheryltee47@gmail.com - Prince William, VA
Associate Broker in Northern Virginia

Roy. I have you in my hip poocket in case someone is looking in that area!

Jul 12, 2012 05:51 AM
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Good afternoon Roy, you are right on. Real Estate is local, market in every city and state is different. Thanks for sharing the news  on foreclosures for sale in Montgomery County Maryland.  Potential buyers would be wise to contact Roy Kelley before home prices going much higher.

Jul 12, 2012 06:16 AM
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Good afternoon Roy.

I see that you do have some great deals on those:

30 Foreclosures for Sale in Montgomery County

 

Jul 12, 2012 06:38 AM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for your comments.  It is always good to receive your feedback.

Dahlia, Kentlands, Spring Flowers IMG_1581

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Jul 12, 2012 08:55 AM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Really important information for home buyers to understand. There are no more, "let's offer 25% below the list price because it is a buyer's market." Best of luck to buyer's in Montgomery County, MD and the information you are providing is essential to their success.

Cal

Jul 12, 2012 11:35 AM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

Roy you do such a good job of posting and follow one can only refer to you when it comes to moving to your area.

Jul 12, 2012 11:55 AM
Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

Roy, Our market also is devoid of foreclosures that are active.  Good information and a reminder that all real estate is local!

Jul 12, 2012 02:27 PM
Roy Kelley
Retired - Gaithersburg, MD

Happy Friday the 13th to all.  Have a great day and a very special weekend.

Jethro Tull Coreopsis, Kentlands, Spring Flowers IMG_0705

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Jul 12, 2012 07:58 PM
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

Roy ....Great report as always!  Have a great day in MD!

Jul 12, 2012 09:20 PM
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home
Good morning Roy Thanks for the post and foreclosure update. Have a great day
Jul 12, 2012 09:23 PM
Dawn Crawley
Dawn Crawley Realty - Pinehurst, NC
Find Pinehurst Homes

Hi Roy, thanks for the note on my blog post. I occaisonall come on ActiveRain, but I now do most of my blog postings on my Wordpress site findpinehursthomes.com. The SEO is a bit better.  I do miss conversing with the many friends I have met on AR, though. Especially you. All is well here in Pinehurst and I hope the same for you and Dolores. I keep track on Facebook!

Jul 12, 2012 10:07 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Good Morning Roy,  How the market have change in our area.  The deals that were there are not there anymore.  Hope you have a great weekend sir.

Jul 13, 2012 12:26 AM
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Hi Roy,  Our foreclosures are way down in Denver as well.  Not sure if the banks are still hanging on to Shadow Inventory, but for now, non-distressed properties are the majority of sales out this way.

Jul 13, 2012 01:43 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Good Afternoon Roy, I have to say I love the way you take the time to explain the market and not just paste stat after stat.  It lets the reader get a real feel of what is going on in your market. Have a great Friday.

Jul 13, 2012 02:21 AM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Roy, good to see how well your market is doing....multiple offers is a good thing; a shortage of lender owned foreclosures..another good thing.

Jul 13, 2012 02:54 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Roy,

This is a wonderful snapshot of your REO market.  And we are delighted that you are experience a shortage of lender owned properties.  Have a great weekend and all the best, A

Jul 13, 2012 06:36 AM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for your comments.  Dolores and I have enjoyed a busy day.  We visited Longwood Gardens in Kennett Square, Pennsylvania.  Longwood Gardens is one of our favorite places to visit.

Inticancha Navajo Princess Lily, Kentlands, Spring Flowers IMG_0707

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Jul 13, 2012 09:12 AM
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