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When you are planning to purchase or sell a home or investment property in Montgomery County, Maryland, you need to know about the current real estate market conditions. The May Real Estate Trend Indicator report shows that the number of housing units sold was down 24.78% from last year. The dollar sales volume was down 33.39%. The average time that a listing is on the market was 103 days. Home sellers need to anticipate the longer time that it is taking for marketing.  For many, it is a good idea to obtain a firm contract on your present home before contracting to purchase your next home. The average price as a percentage of list price was 92.37%  This shows that it is still a buyer's market. It is interesting to note that the median sold price was down 7.87% from last year.     

The reduced number of options for mortgage financing has also impacted the market. Now, a high percentage of buyers are using FHA financing. Buyers and sellers should be aware of the new Maryland restrictions on stated income and no doc financing that went into effect on June 1, 2008. Buyers should always ask about the estimated total for real estate taxes for new buyers since that figure may be higher that the amout paid by the current owners.  

Metropolitan Regional Information Systems, Inc.  

Real Estate Trend Indicator - <$100K to >$5M Format

Montgomery County, MD

Roy Kelley, Associate Broker, RE/MAX Realty Group

Email:  roykelley@mris.com  Home Search Website:  www.roykelley.com


From: 05/01/2008 to 05/31/2008                Statistics generated on: 06/06/2008

  Residential
Unit Sales
Number of Bedrooms		 Active Listings   Time on Market
Price Class 2
Or Less  
3		 4
or More  		 Condo
Coop		 Ground
Rent		 Residential Condo
Coop		 Ground
Rent		 of Units Sold
(No. of Units)
Under $100,000 0 0 0 2 0 3 25 0 1 -30 Days 262
$100,000 - 149,999 1 1 0 9 0 10 114 0 31-60 Days 125
$150,000 - 199,999 4 5 0 22 0 85 311 0 61 - 90 Days 75
$200,000 - 249,999 5 18 2 37 0 258 380 1 91-120 Days 42
$250,000 - 299,999 1 34 10 23 0 513 256 0 Over 120 Days 249
$300,000 - 349,999 3 47 10 29 0 539 132 0 Total 753
$350,000 - 399,999 4 38 23 24 0 688 101 2    
$400,000 - 449,999 2 22 41 6 0 482 42 0 Type of Financing
of Units Sold
(No. of Units)
$450,000 - 499,999 2 14 28 5 0 410 33 0
$500,000 - 599,999 1 31 38 6 0 567 57 0 Conventional 524
$600,000 - 699,999 4 13 46 4 0 389 23 0 FHA 124
$700,000 - 799,999 1 9 36 2 0 273 12 0 VA 15
$800,000 - 899,999 0 8 23 0 0 208 8 0 Assumption 21
$900,000 - 999,999 0 2 13 0 0 114 0 0 Cash 59
$1,000,000 - 2,499,999 1 1 40 0 0 568 24 1 Owner Finance 0
$2,500,000 - 4,999,999 0 0 1 1 0 76 0 0 All Other 10
$5,000,000 & Over 0 0 0 0 0 11 0 0 Unreported 0
Totals 29 243 311 170 0 5194 1518 4 Total 753
Grand Totals 753 6716    
    2008   2007   % Change
Total Sold Dollar Volume: $ 381,131,679 $ 572,156,175 - 33.39 %
Average Sold Price: $ 506,151 $ 571,585 - 11.45 %
Median Sold Price: $ 410,000 $ 445,000 - 7.87 %
Total Units Sold: 753 1,001 - 24.78 %
Average Days on Market: 103 78 32.05 %
Average List Price for Solds: $ 547,957 $ 595,830 - 8.03 %
Avg Sale Price as a
percentage of Avg List Price:		 92.37 % 95.93 %  
Total Number of NEW listings  
taken for the month: 1897

Total Number of Properties   		  
marked Contract for the month: 600
Total Number of Properties     
marked Contingent for the month: 430

Total Number of NEW pendings        		  
(CONTRACTS + CONTINGENTS): 1030

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2008 - Information deemed reliable, but is not guaranteed.

Please contact Roy Kelley & Associates for all of your residential real estate needs. We represent buyers as their exclusive buyer agents. There is a very large number of lender owned homes in the current housing inventory.  During the next few months, buyers will have an unusually large selection of properties and the lenders will be highly motivated to accept reasonable offers for their REO homes.  

Your Real Estate Advisor,  

Roy Kelley  

Roy Kelley & Associates

Associate Broker, RE/MAX Realty Group

6 Montgomery Village Avenue, Suite 200 Gaithersburg, MD 20879 USA   Direct:  301-921-4569   

Client Assistance:  301-670-8996

Email: roykelley@mris.com    Fax:  301-921-4586  Main Office:  301-258-7757 x 569

Home Search Website For All Available Homes: www.roykelley.com  

Real Estate Professional since 1960.  Comprehensive solutions for residential real estate needs.

 

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Real Estate Agent: Roy Kelley (RE/MAX Realty Group)
Roy Kelley
Gaithersburg, MD
More about me…
RE/MAX Realty Group

Office Phone: (301) 921-4569
Email Me
Comments from an associate broker with over 40 years of experience in the residential real estate field. REO and foreclosures expert in Maryland.