Silver Spring, MD
http://www.mris.com/reports/marketupdate/Montgomery%20County.pdf
A couple of positive signs of the changing Montgomery County, Maryland real estate market that you'll see from the statistics and graphs:
1. 8/09 sold and settled real estate sales up 17.1% from 8/08 and 2009 year to date is up 14.1% compared to 2008 .
2. 8/09 homes under contract ("pending") is up 38.6% from 8/08---a tremendous amount of more buyers getting off the fence go buy last month,perhaps to take advantage of the first time home buyer tax credit that expires in a couple of months. (There is lobbying going on to extend the credit) and 2009 year to date contracts are up over 30% from 2008.
3. In 8/09 the difference in list price to settled price (not including seller subsidies) was up 1.3% from 8/09 and 2009 year to date is down less than 1% compared to 2008.
4. Active homes for sale in 8/09 were on the market until sale an average 84 days, while in 8/08 it took 98 days on market until a sale. Year to day 2009 homes have been on the market until sale an average of 100 days compared to 101 days in 2008.
5. There was 44.4% less inventory of single family homes on the market in 8/09 compared to 8/08 and 47.4% less inventory of condos/townhouses on the market in 8/09 compared to 8/08.
These statistics are showing more home buyers are making purchases and less homes are now available---an increase in demand for homes. If you are a buyer and see a home that you really like, you shouldn't wait too long before making an offer as these statistics suggest that other buyers may be looking at the same home you are. This is also a good sign for home sellers that if there homes show well, are priced well and are easy for buyers to preview,that they will sell.
Real estate trends and statistics do vary by the city and subdivision you live in. How is your neighborhood? Let's talk.
Life is good!
Adam
adambashein@mris.com
301-943-4370
Adam Bashein
Licensed in MD & DC
Weichert Realtors
7821 Tuckerman Lane
Potomac, MD 20854
301-718-4100 ext. 132
This information report is created by MRIS. It does not account for for sale by owners or sales not through mls.
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