March 18th, 2009 Categories: Foreclosures
In January I provided a snapshot of distress sales in Montgomery County. With a significant increase in contract volume for entry level homes, I hoped to see reductions in the inventory of distress sales. Two months later, the data strongly suggests that we may be through the worst of foreclosures from the sub-prime mortgage melt-down.
Here’s a snapshot of the number of pre-foreclosures (short sales) and bank-owned properties by area:
On it’s own, this snapshot doesn’t tell us how sales are trending. Here’s an overview for Montgomery County for these two periods:
- Mid January: 4,706 listings – 1,234 distress sales = 26.2% Total
- Mid March: 4,647 listings – 1,096 distress sales = 23.6% Total
Let’s compare the number of distress sales in January and March:
|Bethesda, Chevy Chase, Kensington
Gaithersburg, Derwood, Mont. Village
Olney, Ashton, Brinklow, Sandy Spring
Poolesville, Dickerson, Barnesville
Rockville, North Bethesda
Silver Spring, Burtsonsville, Takoma Park
These trends are very encouraging for our real estate market. Our entire real estate market stabilizes as distress sales are worked out of housing inventory. As the the spring real estate market gets underway, we’ll revisit these stats to see if this positive trend continues.
|Do you have questions about the Montgomery County real estate market? Call us at 301-527-9079 or send an email for more info about buying, selling and living in Montgomery County, Maryland.|