Reading time: 3 ? 4 minutes
The Frederick Summer real estate market has come to an end. Here is a snapshot of real estate sales in Frederick County for August:
| County-wide | ?? 2011 | ???? 2010 | ?% Change |
| Avg. Price | $266,800 | ? $267,900 | ??? -0% ~ |
| M-Over-Month | $266,800 | ? $261,000 | ??? +2%? ? |
| Median Price | $233,000 | ? $237,900 | ??? -2% ? |
| M-Over-Month | ?$233,000 | ? $235,000 | ??? -1% ~ |
| DOM | 98 | ? 93 | ??? +5% ? |
| # homes sold | 227 | ? 227 | ? ? ? ~ |
| M-Over-Month | 227 | ? 221 | ??? +3% ? |
| Total Listings | 1244 | ? 1734 | ??? -28% ? |
| Inventory | 5-6 mos. | ? 8-9 mos. | ? ? ? ? |
| Pending Sales | 261 | ? 221 | ? ? ? ? |
| Sale Price as % of List Price | 93% | ? 93% | ? ? ? ~ |
What?s Notable:
- We are seeing a trend month after month, average and median prices are rising ever so slightly, even though they are less than last year at this time.? Prices are starting to stabilize.
- The inventory is shrinking. We have more than a quarter fewer homes on the market than last year at this time, and the supply keeps decreasing month over month.? The simple rules of supply and demand start to come into play, and steady home prices, in spite of the number of distress sales that we are experiencing.
- The inventory absorption rate is down to 5 or 6 months, which is historically a balanced market, favoring neither the buyer or seller.
- The number of pending sales last month was higher. (one note about pending numbers:? more pending sales are falling apart these days because of short sales and appraisal issues.? New post to come on this issue.)
- 14% of sales last month were cash deals. The normal amount has historically been 7 ? 9%. This number represents a lot of investor purchases, which have been high for most of the spring and summer.
Add historically low interest rates to the mix, and you?ve got a great recipe for buying Frederick Real Estate.
Related posts:
- Frederick Real Estate Market Update ~ July 2011
- Frederick Real Estate Market Update ~ June 2011
- Northern Maryland Regional Real Estate Update ? August 2011
- Real Estate Terminology ~ Absorption Rate
- Frederick Real Estate Online
Source: http://frederickrealestateonline.com/2011/10/02/frederick-county-real-estate-statistics-august-2011/
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