MoCoRealEstate

Montgomery County weekly market update

November 18th, 2008 Categories: Market Updates

Here’s the first weekly snapshot the current real estate market for Montgomery County, Maryland. There are some trends that stand out:

• For the four weeks from October 20th through November 16th, 668 homes went under contract.  This is a healthy 15% higher than the 579 sales during the same period in 2007.

• Over twice has many homes listed below $300,000 sold in this period compared to last year.  Unit sales for higher price ranges were lower reflecting continued downward price pressures.
• Although the number of unit sales was higher, the total list price for these contracts was down 11% — $278 million vs $311 million in 2007. This is a lot of sales, but there’s also of available inventory available.
• There are 5,083 homes available for purchase for a total list price of $2.9 billion dollars — about 7.0 months of inventory.

Charts below summarize an overview of the last four weeks.  Generally speaking, the ‘closer in’ to Washington D.C. a home is, the more expensive it will be.  Activity for homes priced over $800,000 has declined the most in both units and total volume.

Contracts 4 Weeks from October 20th through November 16th

Available Inventory by Area and Price Range

As you look around your neighborhood, to these trends reflect what you are seeing?  Add a comment and let us know.

Posted by Bruce Lemieux

This entry was posted on Tuesday, November 18th, 2008 at 8:38 pm and is filed under Market Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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