Happy May, everybody!
It continues to be a "seller's market" in most of Maryland and Washington, DC, with a lot less inventory (homes on the market for sale) than buyers in the market. Last year it was a seller's market until the late spring and then it softened up, with less buyer's out there during the second half of 2012.
GCAAR's March 2013 'Housing Report' is out and there are some interesting statistics about the Montgomery County, Maryland single family homes, especially if you are thinking of selling:
*New listings were down by 17.8% compared to March 2012 and comparing year to date 2013 with year to date 2012, listings are down by over 30%.
---If you put your home on the market, it should garner a lot of attention because there are so few homes on the market. Just make sure your home shows well and priced correctly, because buyers are concerned about overpaying. You may get multiple bids, but I wouldn't guarantee that they will go over asking price.
*Settlements were up over 15% in March 2013 from March 2012 and year to date 2013, settlements are up by nearly 9% from 2012.
Just because buyers and sellers came to an agreement and ratified a contract, doesn't mean the sale will go through to settlement. There are many steps in the home sale process and I am here to walk you through them when you are ready to move. More buyers and sellers are eager to keep deals together. This can be attributed to buyers being aware of the competition and lack of inventory. Sellers are also eager to make sure deals stay together so they can move on to the next stage in their lives. If you list your home for sale today, it seems as though the odds are greater than 2012 that when your home goes under contract, the deal will stay together. And, if the deal does fall apart, with a lack of inventory, if your home is positioned correctly another buyer will purchase your home.
The price point with the most settlements was $300k-$399k (many buyers in that range) -139 settlements, followed by 97 successful settlements for homes priced between $400k and $499k.
The fewest settlements were on the opposite ends of the price spectrum: 6 for homes priced up to $149,900 and 6 for homes priced from $1,250,000 1 $1,4999,999.
Clearly and not coincidentally, the price range with the most sales contracts in March 2013 was between $300k and $399,999, with 209 contracts. There were 141 contracts for homes priced in the $400k -$499,999 price range followed by 139 contracts for homes priced in teh $200k-$299,999k price range. Then there is a big drop in sales contract.
So there is a price range that is clearly seeing the most real estate activity.
March 2013 was a great month for real estate activity. According to GCAAR, there were 969 ratified contracts. The last time we saw a number higher than that was April 2012, when there were 989 ratified contracts. In May 2012 there were 964 ratified contracts. After that, sales activity dipped down to 479 ratified contracts in December 2012. So we saw over two times as many ratified contracts in March 2013 as we saw in December 2012.
So, the Montgomery County, Maryland market for single family homes seems very healthy.
It is a great time to get in the market as a buyer with the still historic interest rates and an amazing time for sellers with the lack of inventory. The key for sellers is to make their homes appealing to buyers and their realtors. The last thing you want to do is sabatage the efforts to sell your house, with such things as limited showing times and requiring either the listing agent or seller to be at the home. Even in a hot market, a home will turn ice cold if agents and their buyers perceive that the owners are going to be difficult, starting with making it harder to preview their homes.
If you or someone you know is thinking about moving, contact me for a free, no hassle private conversation to discuss what is brewing in the housing market and how I can help you achieve your real estate goals.
I always have time for and greatly appreciate your referrals.
Life is good!
Call Adam: (301)943-4370
Licensed in MD & DC
Adam Bashein
Long & Foster Real Estate, Inc.
O: (301)469-4700 - ask for Adam
Information deemed to be accurate, but not guaranteed. Data from GCAAR. Market conditions vary be city, subdivision and zipcode
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