NOVEMBER, 2008 RESIDENTIAL MARKET REPORT - MONTGOMERY COUNTY, MARYLAND

NOVEMBER, 2008 RESIDENTIAL MARKET REPORT - MONTGOMERY COUNTY, MARYLAND

The  Residential Market Report for Montgomery County, Maryland, is now available. This report, provided by the Greater Capital Area Association of Realtors, compares the recent multiple listing service inventory of available homes with the inventory in the same month last year. It serves to inform current owners and prospective purchasers of the real estate market conditions in Montgomery County.  

Statistics for the past month

To see the graphics and additional details on these statistics, please visit http://gcaarrocks.com/ which is the home page for GCAAR.  On the lower right side of the page, you may click on the current Home Sale Statistics.

The total number of new listings for the month was 6980 which was 20.1% below last year. The total number of active listings was 3,687 which was 7.7% below the number last year.  There were 540 new sales contracts for the month. The current inventory represents a seven month supply of homes for sale unless the sales volume increases. The settlements for the month were down 5.5% from last year with at total of 410. Settlements for the year to date numbered 6,208 homes or a 15.6% decrease from last year.  Lender owned foreclosures are still impacting the market since that is where the buyers are finding the lowest prices.   

The total number of condominium listings during the month was 217, a decrease of 40.1% from last year.  The total of the active condominium listings inventory was 1,146 units for a  decrease of 3.7%. The largest inventories were in the $200,000 to $400,000 price range.  Condominium contracts for the month totaled 112. Settlements for the month were down 8.9% and settlements so far this year were down 30%.  

Visit http://www.roykelley.com  for access to Homes Prospector and all of the homes listed for sale on MRIS, the regional multiple listing service.  

Please contact Roy Kelley & Associates for all of your residential real estate needs.  It is very important to have professional representation in this changing market.  

Your Real Estate Professional,

Roy Kelley  

Roy Kelley & Associates

Associate Broker, RE/MAX Realty Group   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: www.roykelley.com Blog:  http://activerain.com/blogs/roykelley  

LENDER OWNED FORECLOSURES (REO)     Email us with your requirements if you wish to receive a list of lender owned homes for Montgomery County or Frederick County, MD. Currently, about 150 new lender owned homes are listed in Montgomery County each month.  

LOAN LIMITS WILL BE REDUCED ON JANUARY 1, 2009 We have posted several emails and blogs on this topic. If you are in the market to purchase or refinance a home and will need a loan of more than $625,000, you should immediately discuss your needs with your loan officer.  

HOME PERFORMANCE ENERGY AUDITS BEGINNING JANUARY 1, 2009   Before signing a contract for a single family home the seller must provide the buyer with the following information::

1. General educational information on energy-efficiency improvements and energy audits approved by the Department of Environmental Protection.
2. Twelve month energy usage and cost history such as utility bills, or other history, on electricity, natural gas, and oil consumption.

FIRST TIME HOME BUYER TAX CREDIT   The credit is available for new or resale homes purchased on or after April 9, 2008 and before July 1, 2009.  It is for first time buyers but there is a liberal definition of first time buyers.  Buyers do not need to make any special application for the credit.  The credit does need to be included on your income tax return.  Single tax payers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.  Partial credit may be available to others.  The credit reduces the tax bill or increases the refund. The credit will be paid even if the tax payer owes no tax or the credit is more than the amount owed for taxes.  A very important point to remember is that the tax credit works like an interest free loan and must be repaid over a 15 year period.