January 2017 has been the busiest January in Montgomery County, MD since 2007 with 704 homes sold. Just to put this into perspective, 411 transactions settled in January of 2009, 521 in 01/2013 and 646 in January of last year. But not only the number of closed sales is up, so are pending sales and new listing activity. 1,010 new homes came on the market in all of Montgomery County, MD in January and they are needed! Given the sales pace over the last year, the active inventory represents a supply of only 1.7 months.*
The numbers are looking just as good for Silver Spring, MD alone:
186 homes sold in January 2017 with an average sales price of $352,953 - an increase of 30K over last year. Homes also took less time to sell. The average days-on-market decreased by 10 to 50 days.
The Silver Spring, MD Real Estate market is buzzing with activity! Rising interest rates, consumer confidence, low unemployment rates all have something to do with it - and, I suspect, so does the weather. Sans a blizzard this Winter and warmer weather, the Spring Real Estate Market is well under way!
*Source: GCAAR January 2017 Montgomery County Market Trends Report