April, 2011 Real Estate Market Statistics for Montgomery County, MD
During April, there were 837 closed sales in Montgomery County, down 21.78% from last year. The Median Sold Price of $350,000 was up slightly from last year and the Average Sold Price of $436,537 was up 2.65% from last year. The average days on the market was 81 days.
| Total Sold Dollar Volume | $365,381,632 | -19.7% | +7.24% |
| Closed Sales | 837 | -21.78% | +10.71% |
| Median Sold Price | $350,000 | +1.45% | +5.28% |
| Avg Sold Price | $436,537 | +2.65% | -3.14% |
| Avg Days on Market | 81 days | +28.57% | -11.96% |
| Avg Sold to Orig List Ratio | 93.55% | -2% | +0.8% |
The market report that we distributed yesterday showed 3,495 active listings of homes for sale in Montgomery County. 117 (3%) of the properties are lender owned foreclosures. 565 (19%) of the available homes are short sale pre-foreclosures.
Home buyers are discovering that there is an inventory shortage in some preferred locations and price ranges. Well priced properties, including the lender owned foreclosures are frequently attracting multiple contracts. Prospective purchasers really need to understand the dynamics of the current market. All that plan to use mortgage financing should have a pre-approval letter in hand before submitting an offer. The best protection for most is an experience buyer agent and an experienced mortgage loan officer.
First time home buyers are the ones that are really getting a break in the spring market. The home prices are very attractive and mortgage interest rates are still very low. Grants to $7,500 are available to qualified purchasers to assist with the cash requirements of a home purchase. HOC has a wonderful first time home buyer progran using FHA financing. The down payment on HUD home was recently reduced to $100 from the normal 3.5% minimum cash requirement.
Blooming for home buyers in Montgomery County, MD!
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