Montgomery County, MD Real Estate Market Statistics, July, 2013
There are 2,210 active listings of homes for sale in Montgomery County, Maryland. 72 (3.26%) of the available properties are lender owned foreclosures (REO). 161 (7.29%) of the listings are short sale pre-foreclosures. Short sale transactions require the approval of the secured mortgage lenders since the anticipated proceeds of a sale would not fully satisfy the outstanding mortgage obligations.
During July, 2013, the total sold dollar volume of residential properties in Montgomery County, MD was $677,458,922, up 39.56% from the same month last year. There were 1,280 closed sales, up 31.69%, with a median sold price of $435,500, up 10.29%. The average sold price was $529,265, up 5.98%, with an average of 35 days on the market. The average sold to original list price ratio was 98.1%.
Home buyers need to be well prepared for the current market conditions including the possibility of multiple contract competition. There is a shortage of active listings of homes for sale in the county. Investors and home buyers that are seeking fix-up opportunities are focusing their attention on REO listings. Many prospects still avoid short sale offerings because of the uncertainty of obtaining lender approval within a reasonable time period.
Home buyers and real estate investors that plan to use mortgage financing are advised to have a pre-approval letter in hand. Home sellers and listing agents demand proof of the ability to obtain financing.
Please contact us for current market conditions in specific areas of interest. We are always willing to suggest names of reliable loan officers and home inspectors.
Butterfly, Lewis Ginter Botanical Garden IMG_8868
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs
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