Montgomery County, MD Real Estate Market Statistics, April, 2013
There are 2,046 active listings of homes for sale in Montgomery County, Maryland. 51 (2.49%) of the available properties are lender owned foreclosures (REO). 117 (5.72%) of the listed homes are short sale pre-foreclosures. Short sale transactions require the approval of the secured mortgage lenders since the proceeds will not fully cover the outstanding mortgage obligations.
During April, 2013, the total sold dollar volume of residential real estate in Montgomery County, MD was $485,609,222, up 19.91% from the same month last year. There were 985 closed sales, up 12.96%, with a median sold price of $402,550, up 10.29%. The average sold price was $493,004, up 6.15% with an average of 50 days on the market. The average sold to original list price ratio was 98.02%.
The inventory of available homes for sale is very low when compared with the demand by purchasers that are anxious to take advantage of the very low mortgage interest rates. Because of the limited selection, home buyers should allow more time for their search and all prospective purchasers
Home buyers and real estate investors that plan to use mortgage financing should seek pre-approval by their lender as one of the initial steps in the home purchase process. Those without evidence of financial ability to close will not be taken seriously by home sellers and their listing agents.
Please contact us for current market information for specific communities. We will also provide comparable sales data for prospective home sellers. Please let us know if you need a referral to a mortgage lender or help with the selection of a title company or home inspector.
Tulip, Kentlands IMG_4330
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs
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