What’s happening with the Condos in Frederick now

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Baker Park Bridge Frederick MD

You remember my post about the condos from last month. Well, it’s a new year and there has been some major drops in the over inventory. I wanted to see the impact it had on the condos. Frederick County dropped 200 homes from last month according to my tracking. As of today, there are active 1840 homes on the MRIS MLS today. (1/7/08)

Frederick Condo Market 1/7/08

Condo Assoc. Active Contract Sold in last 90 Days Price Range
Ambertowne 11 1 2 109,900-159,900
8th St Mews 7 1 2 189,900-219,900
Creekside Plaza 9 O O 397,900-1,180,000
Jefferson Chase 9 O 1 159,900-202,900
Mill Crossing 12 O 1 209,900-249,900
Maxwell Place 4 O 1 325,000-673,750
Monacacy Overlook 4 O O 190,000-205,000
Old Farm Station 7 O 4 155,000-235,000
Ridgeview II 5 1 3 215,000-260,000
Springridge 6 1 3 225,000-249,900
Wormans Mill 6 O 1 239,900-369,900
All Frederick County 142 13 44 115,000-1,180,000

There was a drop of 16 condos in the active column (about a 10% drop.) But they didn’t convert to sales or contracts. The sales were relatively the same. The listing either expired or they decided to withdraw from the market. The market overall on New Years day seen a 10% drop in inventory. I am guessing the listings all expired on 12/31/07.

There has been little or no movement in the pricing. The biggest drop has been at the Jefferson Chase Condos. They lowered the high-end. The new Condos out at Old Farm Station and Riverview II are still the fasted movers right now. Springridge is not too far behind. My guess is the prices is key for Old Farm Station while Brand New is a key selling point for Riverview II

January 8, 2008 · Filed Under Frederick MD Real Estate, Frederick Market Conditions, Market Condition

Comments

2 Responses to “What’s happening with the Condos in Frederick now”

  1. Jack Boardman on January 9th, 2008 3:47 am

    Bob: Ya gotta know I can’t speak to Condos with any authority except they are not doing well here unless very aggressively priced–and even then…! We overbuilt/rehabbed condos in this area and when sales fell they seemed to take the hardest hit.

  2. Frederick Housing Market Update | Focus On Frederick.com on February 11th, 2008 6:23 am

    [...] If you’re new here, you may want to subscribe to my RSS feed or Subscribe by email on the right. Thanks for visiting!Todays update we will take a quick look at the inventory levels in Frederick County over the last six months.  The inventory is still up over last year at this time by almost 400 homes.  Interestingly, the number of Condos have decreased while everything else has continued to climb.  They have been seeing about 15 sales a month on average.  (Here my latest on the Condo market in Frederick County.) [...]

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