June 28th, 2009 Categories: Silver Spring
More homes sell in this part of Montgomery County than any other area. The relatively high inventory for homes priced under $200,000 isn’t intuitive given that the entry level market in Montgomery County is so hot right now. The explanation — this segment is dominated by condos. Financing for condos is tougher with higher down payments and many condo developments don’t qualify for FHA loans. When FHA isn’t an option, a buyer needs more money down – 20% or more. Condo fees also diminish a home’s affordability. Take condos out of the mix and inventory is around 2.5 months for homes priced under $300,000.
Compared to the entire Montgomery County real estate market, demand for homes in just about every segment is slightly lower. Sales for homes priced under $600,000 make up 95% of all sales activity here.
These stats show inventory in late June 2009 and the number of contracts for the previous six months.
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