Dear Montgomery County Home Sellers: this market is still a HOT one. We need you!
♣ Most homes sell for more than asking price. In March 2021 the average list-to-sales price ratio climbed to 102.2%
♣ the median sales price increased to $502,250, 8% higher than in March 2020
♣ Homes don't linger on the market, but sell within days. The average DOM (days on market) is down to 21 days for all of Montgomery County. It's single digits for most subdivisions.
♣ While the number of new listings is up - way up from February (not a surprise, it's seasonal) - so are the number of pending sales.
♣ Inventory is in short supply while buyer demand is strong and steady. Just compare 867 active listings in March 2021 to 1,424 a year earlier. The current inventory is half of the 5 year average!
Why is there such an inventory shortage?
"The U.S. housing market needs nearly 4 million single-family homes to meet the nation’s demand, according to a new analysis from Freddie Mac. The 3.8 million shortfall marks a 52% increase in the housing shortage since 2018." REALTOR Magazine April 16th, 2021
Home builders are behind in construction, are facing difficulties, shortages and rising costs of materials.
Economic recovery, impact payments, increased confidence, pent-up demand plus low cost of borrowing money is fueling the strong buyer demand.
Montgomery County, MD Home Sellers: this market needs you!
Call 240.593.2860 to discuss if now is the best time for you
to sell your home.
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