Frederick Md Real Estate Market - August 2014 by Chris

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Slide Notes

We’re seeing the real estate market in Frederick continue it's recovery this summer with a steady demand. Here is a snapshot of Frederick County real estate statistics August:

Frederick Md Real Estate Market - August 2014

Published on Nov 19, 2015

Frederick County Real Estate Market Snapshot August 2014

provided by the Highland Group

We’re seeing the real estate market in Frederick continue it's recovery this summer with a steady demand. Here is a snapshot of Frederick County real estate statistics August

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PRESENTATION OUTLINE

Real Estate Market Report

Frederick Md - August 2014

We’re seeing the real estate market in Frederick continue it's recovery this summer with a steady demand. Here is a snapshot of Frederick County real estate statistics August:

Photo by Forsaken Fotos

Home Prices

Average and median home prices are up over last year and the previous month of July.

Photo by A Guy Taking Pictures

Average Sold Price

Overall: $302,400
Up 4% from August 2014
Single-Family: $338,250 +0%
Attached: $223,700 +5%
Normal growth = 3 - 5%

Average Sold Price

Overall: $302,400
Up 4% from August 2014
Single-Family: $338,250 +0%
Attached: $223,700 +5%
Normal growth = 3 - 5%

Average Home Sales Price: $302,400: up 4% from last August. Very close to July's average sales price.

Average Single-Family Sales Price: $338,250
Average Attached Home Sales Price: $223,700

Median Home Prices

Overall: $289,950
Up 10% over August 2013
Up 5% over July
Equal to 5 year August Median

Median Home Sales Price: $290,000: up 10% since last August. Up 5% since July.

Market Trends

We're seeing a healthy demand as people are back from "vacation mode". The inventory has increased as more people are able to see appreciation over last year.

Photo by gotbob

Average Days on Market (DOM) is 67 days, +22% from August 2013

Average Days on Market (DOM): 67 days, up 22% from last August, up 34% from the previous month of July.

On average, a home in Frederick Md is on the market just over 2 months before a contract for sale is procured.

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Average Days on Market (DOM) is below the 5 year average time it has taken to sell a home in Frederick, showing the improvement in the real estate market.

Home Sales

348 homes sold in August
Up 12% from August 2013
Up 15% from July
Newly Under Contract 315
Up 9% from August 2013

Number of Homes Sold: 348, up 12% from last August (312), up 15% from July (303).

Newly Under Contract: 315, up 9% from last August.

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Inventory

Total Listings: 1311
937 in August 2013
Up 40%
Close to a Balanced Market

Total Listings in Frederick Md: 1311, up from 937 last August, 40%.

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Active Listings in Frederick are above the 5-year average for August. The increase in inventory shows the pent-up market of homeowners who have been underwater, but are now seeing appreciation.

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Financing

Cash Deals were 14%
Compared to normal 7- 9%
Conventional Loans - 49%
FHA Loans - 26%
Sellers got 96% of List Price (avg)

Cash deals were 14% of sales. Investors and flippers are finding a good market in Frederick this summer. 49% of loans were with Conventional financing, 18% were FHA. (As FHA raises fees, they become more irrelevant in the market)

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Sellers got 96% of list price on average, compared to 96% last August. This is slightly higher than the 5-year average, showing the increase in values.

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