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Montgomery County, MD Real Estate Market Statistics, March 2013

By
Industry Observer with Retired

Montgomery County, MD Real Estate Market Statistics, March 2013

 

There are 1,809 active listings of homes for sale in Montgomery County, MD.  41 (2.27%) of the available properties are lender owned foreclosures (REO).  134 (7.4%) of the active listings are short sale pre-foreclosures.  Short sale transactions require the approval of the secured mortgage lenders because the proceeds will not cover the outstanding mortgage balances.

Let’s compare the current inventory with the real estate market statistics for March, 2013.  During March, the total sold dollar volume of residential properties in Montgomery County, Maryland was $400,424,125, up 25.56% from the same month last year.  There were 826 closed sales, up 13.15%, at a median sold price of $375,000, up 8.7%.  The average sold price was $484,775, up 10.97% with an average of 58 days on the market.  The average sold to original list price ratio was 96.75%.

There is a shortage of available housing inventory in Montgomery County, MD.  There is a limited selection of properties in the moderate price range.  Prospective home buyer need to allow more time for their search and should be well prepared for multiple contract competition.  Those that plan to use mortgage financing should obtain a pre-approval letter from their mortgage lender as one of the initial steps in the purchase process.

Please contact us for market conditions in specific neighborhoods.  We are always willing to suggest names of loan officers, title companies or home inspectors.

 

Green Spring Gardens IMG_7960

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Posted by

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

Gaithersburg, Maryland  

Show All Comments
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566
Instant reblog again! My intro...This has been something I have given a lot of thought to lately. I get so few notes and cards that I when I do, they are showcased on on my desk top and get quite a few smiles. If notes and cards get this much attention when I receive them, then I should spread the sunshine, too.
Apr 17, 2013 12:18 PM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Roy.  10.9% increase in sales price is great to see.

Apr 17, 2013 07:53 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Roy, This is good information for consumers in your market area. Thanks for sharing.

Apr 17, 2013 08:26 PM
Beth and Richard Witt
New York, NY
The best Retired Brokers !!!!

Up Up and Away... Good to see some good stuff... Happy Day Roy

Apr 17, 2013 08:42 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Very positive market activity, Roy.  For those that doubt the real estate market is in recovery, they should read this.

Apr 17, 2013 09:06 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Roy.... it's a challenge when you're in a sellers' market.... one needs to dig for those listings...

Apr 17, 2013 09:37 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Roy,

Well presented report..Barbra is right it's a challenge when you're in a seller's market to obtain those listings! A 10.9% increase in sales price tells the story..your market is heating up hot and heavy!

Apr 17, 2013 09:51 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Roy, sounds like listing agents in your market are going to need bigger shovels to dig deeper and faster in order to meet demand. Enjoy your day!

Apr 17, 2013 09:57 PM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for your comments.  Yes, Barbara, listing agents are having a difficult time maintaining an inventory.  One of the negative elements is that some sellers are not doing the normal pre-listing improvements and that leads to home inspection and appraisal issues.

 

Green Spring Gardens IMG_7958

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Apr 17, 2013 09:58 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

Buyers and sellers, call Roy Kelley for all Montgomery County MD Real Estate Goals!

Apr 17, 2013 10:19 PM
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Roy: It is a good time for new sellers to enter the market in Montgomery County MD...sure hope many take advantage of the opportunity.

Apr 17, 2013 10:43 PM
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Great market report, Roy. It's good to hear your sales are up and the inventory is down. The low inventory will mean that buyers have to think quickly to get the home they really want.

Apr 17, 2013 10:46 PM
Pat & Steve Pribisko
Keller Williams Greater Cleveland West - Westlake, OH

Roy, this is another excellent market report, with a warning to Buyers to be prepared with a loan pre-approval for potential multiple bid situations.  We are both in Seller's Markets that we didn't expect.

Apr 17, 2013 11:33 PM
Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents

good morning Roy. Love the positive news and of course with your great info the sellers will consider you. Again, best to you and your family. E

Apr 17, 2013 11:33 PM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Roy,

Another time of waves with the inventory disappearing rapidly.  Some sellers do not think they need to do anything to sell a home, because of the perceived frenzy...and that too shall pass. A

Apr 17, 2013 11:37 PM
Roy Kelley
Retired - Gaithersburg, MD

As home prices continue to rise in Montgomery County, Maryland many retirees will have the opportunity to sell their homes and to move to lower cost areas.  Just this morning, a local agent commented on Facebook that two people on her street are moving to Georgia.

 

Green Spring Gardens IMG_7957

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Apr 17, 2013 11:43 PM
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By Real - Alexandria, VA
Alexandria Virginia Homes For Sale

Roy, great market update for Montgomery County! With prices rising and inventory down it's a great time to contact Roy Kelley to sell your Montgomery County home!

Apr 17, 2013 11:52 PM
Debb Janes
Nature As Neighbors - Camas, WA
Put My Love of Nature At Work for You

A shortage of inventory is a problem in most of our markets - sellers need to call Roy today and get that house listed. Come on, mutliple offers and stablizing prizes - what are you waiting for?

Make it a great day Roy. D

Apr 18, 2013 12:25 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Roy,

Anyone thinking about investment opportunities or Real Estate in Montgomery County, MD needs to call Roy Kelly. He's the man with the answers, knowledge, experience and nationally known and recognized in the ActiveRain community.

Apr 18, 2013 02:09 AM
Roy Kelley
Retired - Gaithersburg, MD

Your comments are always welcome and are very much appreciated.

May 11, 2017 08:31 AM
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