What is the market for detached properties in the 21703 Zipcode of Frederick Maryland?
Is Now a Good Time to Sell?
In 21703, the median sold price for Detached properties for December was $280,000, representing an increase of 20.4% compared to last month but a decrease of 22.3% from Dec 2014. This increase in the median sold price seems to be more of a response to the unexpected drop in November, but both November and December decreased from the previous year. (The median sold price for Detached properties for November was $232,500, representing a decrease of 25% compared to last month and a decrease of 31.4% from Nov 2014.)
The number of properties sold last month = 37 = shows a positive trend, exceeding the five year average of 34.
The average days on market for units sold in December was 75 days, 13% below the 5-year December average of 86 days. This trend was similar for all the listings in the 21703 zipcode.
There was no month over month change in new contract activity with 16 New Pendings; a 6.1% MoM increase in All Pendings (new contracts + contracts carried over from November) to 35; and a 12.3% decrease in supply to 57 active units. Year to date there was a 1.1% increase in listings from the year before.
This activity resulted in a Contract Ratio of 0.61 pendings per active listing, up from 0.51 in November and an increase from 0.40 in December 2014. The Contract Ratio is 16% higher than the 5-year December average of 0.52. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.
Comments(1)