May 24th, 2009 Categories: Market Updates
Does it seem like there are fewer homes available in Montgomery County? Jeannette and I have had the same feeling while working with our buyers over the last several weeks. A snapshot of housing inventory confirms that supply continues to shrink. From mid April to mid May, the total inventory of available homes went down to just over 4,300 homes – a reduction of 5%. The number of distress and bank properties went down even more – down 13% from last month.
I absolutely do believe that we’ve found a bottom for entry level homes in Montgomery County. We’ve seen sustained transaction volume there and distress properties are definitely being removed from the market. Anecdotally, I feel like the market for homes in the $500Ks to $600Ks are firming up as well. This is definitely the case in North Potomac, Darnestown and Germantown. I’ll run some stats soon to see if the data backs me up on this.
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