November Market Condition Reports

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The totals are in for November. Not a surprise as we get ready to close in on another year on the Frederick MD real estate market. Looks like we will finish up with around a 30% decrease in sales over last year. (which was down 20% from 2005) You can see the total number of listings are starting to decline as well. This is due to the Holidays. It is truly unfortunate for the sellers, because the winter months have some of the more serious buyers out and about. Corporate Relocations always happen throughout the year but are more likely to occur at the end of the year and in the beginning of the year. It seems like most REALTORS® are closing down shop around this time. Some of my busiest months have been in December…just sayin’.

The prices are still coming down over last year as the average days on market increase to 153 days. The prices are going to continue to decline as we see the impact of the foreclosures and bank owned properties increase. The economist don’t have a true idea of the impact as most of their models can’t predict this market yet. It’s purely speculation.

November 2007 Market Totals

  2007 2006 % Change
Total Sold Dollar Volume: $51,875,314 $86,846,551 -40.27%
Average Sold Price: $341,285 $347,386 -1.76%
Median Sold Price: $299,700 $311,950 -3.93%
Total Units Sold: 152 250 -39.20%
Average Days on Market: 153 96 59.38%
Average List Price for Solds: $374,652 $367,970 1.82%
Avg Sale Price as a 91.09% 94.41%  
percentage of Avg List Price:      
       

You can see we are approaching 2004 prices in the housing market.

November Frederick Market statistics Sale price trends

Click to enlarge.

If you are selling in today’s market, it is imperative to price your home correctly. This is not a time to test the market at a higher price. If you would like a personalize Competitive Market Analysis (aka CMA) of your home, just contact me and I will have it for you in a few days.

December 10, 2007 · Filed Under Frederick Market Conditions, frederick real estate

Comments

2 Responses to “November Market Condition Reports”

  1. Margaret Woda on December 11th, 2007 10:52 pm

    Excellent information for Frederick homebuyers and home sellers, Bob. It’s clear you know how important this information is to pricing, and not all real estate agents do. Folks in Frederick would be hard-pressed to find a better qualified agent than you!

  2. gotbob on December 12th, 2007 12:53 pm

    Margaret, you rock!

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