Wondering what's happening with real estate in Montgomery County Maryland? Here are the numbers for January 2023.
Notice that New Listings and Pending Sales are up this month over last month, but both are down compared to last year. Closed Sales are down from last month, land from last year. We often see a drop because of the winter holidays.
There isn't much of a surprise that prices are up from last year. We saw huge escalations in price in 2022. The prices dropped from December to January. Again not a surprise. Interest rates made some buyers nervous and the active ones got better deals and we typically see lower prices in January and February.
There are a lot fewer active listings this January compared to the 5-year January Average which will mean fewer sales in the next month or months. Properties are sitting on the market for an average of 34 days and are selling at about 97.2% of their original list price.
Now is a great time to buy. Even with interest rates slightly elevated (they've been coming down) there is less competition and sellers are negotiating, not standing strong on their prices.
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