A glance at 2007 Market Conditions

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The Frederick market has seen better days. 2007 wasn’t one of them. It wasn’t a complete failure for the housing market. It really started out strong at the beginning of the year but really tapered off the second half.

Here are some some stats that I have pulled off of MRIS and FCAR websites. Monthly, Metropolitan Regional Information Systems and Frederick County Association of REALTORS® provide statistics to their members and to the public. Everyone likes to know what is happening in the real estate market…of course the media loves to generalize the whole nation. But you have to understand that real estate is always local. The numbers I am supplying you here, might not apply to other parts of Maryland.

You can see the prices fluctuated over the last three years have actually remained the same. However 2007 is closing in on 2004’s average price just above $300,000.

As you can see as stated above, the prices really have remained pretty flat for the last couple years. Depending on what expert you listen to, the market in my opinion is going to stick around here for sometime. I would believe by the end of 2008 to 2009 will we start to see an increase in prices again. (Just my humble opinion as I see it today.)

Big jump in the Average Days on Market over the last few years.

The average number of sold home have dropped considerably over the last few years.

Well there you have it. The numbers don’t lie, we haven’t had the best of times lately in the market. I must reiterate what I have said in the past…it hasn’t been the best for sellers that have just purchased their home in the last couple years. You still have equity in your home if you purchased prior to 2004 providing you didn’t already spend it in form of a Home Equity Line of credit (HELOC) That seems to be a common complaint…I am losing money. Really your not, you have chose to spend it already.

Buyers this is truly your time to buy. So I will leave you with this… a look at the history of the Interest rates over the last 30 years.