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Foreclosures for Sale in Montgomery County, Maryland

By
Industry Observer with Retired

Foreclosures for Sale in Montgomery County, Maryland


There are 2,537 active listings of homes for sale in Montgomery County, Maryland.  These are the properties that are listed on MRIS, the regional multiple listing service.  253 (9.5%) of the available homes are short sale pre-foreclosures. Only 25 (.985%) of the properties are lender owned foreclosures (REO).

The overall number of listings is historically low for a county that has almost a million residents. The short sale pre-foreclosures give an indication of the number of families that will be unable to meet their mortgage loan obligations.  The number of short sale listings is typically misleading because all of them require approval of the secured lenders and that approval will not take place for a many of the offered listings.

With less than one percent of the inventory as lender owned foreclosures home buyers and real estate investors have a very limited selection in this sector. This is a surprise to many prospective purchasers that have the impression that there are large numbers of foreclosures in the area.  Residential real estate markets are always local and the national and regional news and statistics may not provide an accurate picture of the local conditions.

In June, there were 1,049 closed sales in Montgomery County at an average sold price of $506,409 with an average of 56 days on the market.  Many think that the buyers' market has changed to a sellers' market. Prospective home buyers and investors that plan to use mortgage financing should have a pre-approval letter from their lender as an initial step in the purchase process.  Those that require a financing contingency will not be taken seriously in the current market.

We are always available to advise home buyers and real estate investors and will be happy to recommend lenders and title companies that will provide excellent service.

25 Foreclosures For Sale in Montgomery County, Maryland

Coneflower, Kentlands, Flowers IMG_2764

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  

Comments (11)

Team Honeycutt
Allen Tate - Concord, NC

Thanks for sharing the information on foreclosures in Maryland.  We have so many in our area now. We have areas that I thought we would never see a foreclosure in but that has all changed.  I always look forward to your posts because I know I will be blessed with a beautiful picture.  Thank you.

Betty

Jul 16, 2012 02:18 AM
Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

Roy, That is some interesting information!  I would have thought that there would be a higher percentage of REO properties.  Our market is really similar, we just don't have a lot o foreclosures left in our market.

Jul 16, 2012 02:22 AM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Roy,

Good summary of the market and foreclosures in Montgomery County Maryland.

Jul 16, 2012 05:11 AM
Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker
RVA Home Team - Richmond, VA
RVA Home Team - Winning with Integrity.

It is always great to have a wonderful lender to refer to. Great information on the amount of foreclosures in the area. I know things have been busy up in the NOVA area!

Jul 16, 2012 06:56 AM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for your comments.

Have an outstanding week with your camera in hand.

Clematis, Kentlands, Flowers IMG_2771

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Jul 16, 2012 07:43 AM
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Roy, Very informative post for the people of Montgomery County, Maryland.  Hope you and Dolores are enjoying a great Monday my friend.

Jul 16, 2012 08:36 AM
Nick T Pappas
Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Roy, yes buyers are still a little surprised that there are few foreclosures in some areas...every market is most definitely local.

Jul 16, 2012 10:32 AM
Yolanda Cordova-Gilbert
Richmond, TX

Roy,

          It sounds like your market has turned into a Sellers market too! It seems like all home builders are not decreasing their incentives. The prices just keep getting higher!

Jul 16, 2012 11:43 AM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Roy, There certainly are not many foreclosure homes for sale in Montgomery County, Maryland. Real Estate in certainly local alright.

Jul 16, 2012 01:51 PM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Our market didn't have the REO market that many other states across the country had. We had our share, but reading about other areas, we didn't do as bad. Nice thorough report on Montgomery County, Maryland...

Jul 16, 2012 09:20 PM
Roy Kelley
Retired - Gaithersburg, MD

We have another beautiful day in Maryland. Dolores is taking a day trip to play golf at the Penn National Golf Course in Fayetteville, PA.

Aug 03, 2016 09:57 PM