Market Conditions Frederick MD

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Here’s a snap shot of what has been going on the last seven days.

Note the trends…most homes are sold below the asking price. The average days on the market for these homes are 173 days with the average selling price of $360,000.

The fastest mover on this list was 5712 Charstone Ct. This end unit was priced moderately compared to other end units in the neighborhood. There was an $8,000 seller credit on the full price. This home looked like it was ready to sell based on the numerous interior pictures. The slowest mover was the new town house in Urbana. This model was on the market for almost two years. This is not very uncommon with new homes. They tend to market new homes way before they even break ground. What is notable about this home, the orginal list price was $509,000. So, the builder settled for a 17% reduction. I am sure there were other incentives that they used to entice the buyers. Builders always have a package deal to encourage buyers like low interest loans, finished basements and large amounts of seller help. Seller help (subsidy, concession) was given on seven of the 17 homes listed. This is not uncommon in today’s market.

There are currently 123 active listings in the Urbana Development. Ranging in price from $344,999 to $1,198,000. Townhomes to large single family homes. There are currently 2310 active listings in our MLS for Frederick County.

Typically this time of year the market slows down even more with vacations. Somethings to remember about this market… If you are selling in this market, you are also buying in this market. You may have to take a beating on your price now, but so will the seller of your replacement home. If you are buying in this market, there is no time like the present. The homes are prices well and the interest rates are still low. The longer you wait to see if the market turns around, you are going to lose out on some very good deals. Your new home will appreciate over time…

The information provided is from the Metropolitian Regional Information System. The information is deemed accurate but not guarenteed.