The statistics are in for July 2016! Rockville is a place that buyers gravitate to for its green space, intelligent development and good schools. Each home in Rockville is located within a short walk of a city park, and the City is home to more than 1,000 acres of parkland, composed of 33 passive and 32 active parks. With community centers, a nature center, civic center, swim and fitness center, golf course and senior center, and a full range of outdoor recreation amenities, we are committed to offering a variety of recreational opportunities for all residents.
Buyers have found a lot to like in Rockville this summer. Closed sales were strongly up last month to 173 homes, slightly over the five year average of 158 properties.
New pendings also slightly down over the five year average. There were 142 pending sales in July versus 146 pendings on a five year average.
After several years of tight inventory, sellers are finally putting homes on the market, bringing an increase in supply and new listings were 337 in July versus the five year average of 312. This is a positive note in the market. Happily, it is not increasing the months of supply which remain at 2.6 months , the same as the five year average.
The average sold price in July is up over the five year average although only slightly. One would expect an improvement in the average sold price since five years ago we were coming out of a significant market adjustment.
Happily, the average days on market for a sold property is the same as the five year average.
ROCKVILLE DETACHED PROPERTIES
In Rockville, MD, the median sold price for Detached properties for July was $473,745, representing a decrease of 0.7% compared to last month and an increase of 5.9% from Jul 2015.
The average days on market for units sold in July was 30 days, 10% below the 5-year July average of 33 days. There was an 11.5% month over month decrease in new contract activity with 77 New Pendings; a 22.5% MoM decrease in All Pendings (new contracts + contracts carried over from June) to 110; and a 13.6% increase in supply to 159 active units.
This activity resulted in a Contract Ratio of 0.69 pendings per active listing, down from 1.01 in June and a decrease from 0.77 in July 2015. The Contract Ratio is 16% lower than the 5-year July average of 0.82. 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.
In short, this may well be the time to put your single family home on the market because the contract ratio suggests that the market is moving quietly in the buyer's favor.
If you are looking for a new home, you should certainly check out these single family homes!
All Rockville Homes Under $750,000
All Rockville Homes Between $750,000 and $1,000,000
All Rockville Homes Between $1,000,000 and $2,000,000
All Rockville Homes Over $2,000,000
ROCKVILLE TOWNHOUSES
In Rockville, MD, the median sold price for Attached/Townhouse properties for July was $670,000, representing an increase of 14.5% compared to last month and an increase of 11.7% from Jul 2015.
The average days on market for units sold in July was 16 days, 49% below the 5-year July average of 31 days.
There was a 16% month over month decrease in new contract activity with 21 New Pendings; no MoM change in All Pendings (new contracts + contracts carried over from June) with 33; and a 6.7% decrease in supply to 56 active units.
This activity resulted in a Contract Ratio of 0.59 pendings per active listing, up from 0.55 in June and an increase from 0.46 in July 2015. The Contract Ratio is 11% lower than the 5-year July average of 0.67. 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.
Unlike the single family numbers, the contract ratio for townhomes favors the seller, although it is lower than the five year average. This is definitely a market to watch! If you are thinking of selling your home, be sure to give the Lise Howe Group a call at 240-401-5577 or email us at lise@lisehowe.com.
If you are looking for a new townhome in Rockville, check out these links below.
All Rockville townhomes under $500,000
All Rockville townhomes between $500,000 and $1,000,000
All Rockville townhomes above $1,000,000.
ROCKVILLE CONDOS
In Rockville, MD, the market for condos is very strong! The median sold price for Condo & Coop properties for July was $324,000, representing an increase of 3.2% compared to last month and an increase of 8.4% from Jul 2015.
The average days on market for units sold in July was 49 days, 25% above the 5-year July average of 39 days. There was a 33.3% month over month decrease in new contract activity with 44 New Pendings; a 24.1% MoM decrease in All Pendings (new contracts + contracts carried over from June) to 63; and a 2.5% increase in supply to 122 active units.
This activity resulted in a Contract Ratio of 0.52 pendings per active listing, down from 0.70 in June and an increase from 0.51 in July 2015. The Contract Ratio is 17% lower than the 5-year July average of 0.62. 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.
Like the single family numbers and townhome numbers, this suggests that we are moving toward a buyer's market, so if you are considering selling your condo, this might be the time to do it - before the buyer market really begins in the fall! If you are thinking of selling your home, be sure to give the Lise Howe Group a call at 240-401-5577 or email us at lise@lisehowe.com.
If you are interested in buying a condo either as your personal residence or as an investment property, check out these links below!
Condos and Coops in Rockville Under $300,000
Condos and Coops in Rockville Between $300,000 and $500,000
Condos and Coops in Rockville Between $500,000 and $750,000
Condos and Coops in Rockville Between $750,000 and $1,000,000
Condos and Coops in Rockville Over $1,000,000
Get Detailed Reports about Rockville
If you would like detailed demographic information about Rockville as well as school reports or market trends and statistics (including recent sales in the area) please visit my website,www.thelisehowegroup.com.
Would you like to know how much your home in Rockville is Worth?
There are a number of sites on the internet that will give you 'estimates' for what your home will sell for. These sites use public records and usually some kind of algorithm to try to produce a value for your home. These sites also publicly state their 'error rates'. That means they aren't correct, they are simply an estimate based on incomplete data. To find out more about why Zillow estimates, for example, are so often wrong, just click here!
We would love to do a free comparative market analysis of your home or condo in Rockvilleand let you know what could expect to get in today's market if you are considering selling. Our valuation is based on up to date data for homes that have recently sold in the area. Our valuation is not based on a formula that relies on public records which can take months to update. Please visit my website in order to get your free property evaluation for your Rockville home or condo.
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