Condo Investors are starting to come out
April 22, 2009 by Bob Carney
Filed under Market Conditions
I have been getting a good bit of inquiries about the condo market in Frederick. I have been watching the activity with the condos, because I feel this is where it will really start to turn first. Kind of like a rolling snowball, it starts small then grows and grows.
So lets take a look at what’s happening to day in the condos around Frederick County.
Frederick Condo Market 4/22/09
| Condo Assoc. | Active | Contract | Sold in last 90 Days | Price Range |
|---|---|---|---|---|
| Ambertowne | 11 | 1 | 2 | 58,900-134,900 |
| Ballenger Creek | 2 | O | 3 | 149,900-215,000 |
| 8th St Mews | 0 | 1 | O | 189,900 |
| Creekside Plaza | 8 | 1 | O | 353,900-990,000 |
| Echo Glen | 1 | 2 | 3 | 162,900-169,900 |
| Jefferson Chase | 5 | 1 | O | 145,850-165,900 |
| Mill Crossing | 6 | O | O | 174,000-219,900 |
| Maxwell Place | 4 | 1 | 1 | 274,900-524,900 |
| Monacacy Overlook | 2 | 1 | 1 | 139,900-179,900 |
| Old Farm Station | 7 | 1 | 1 | 119,900-199,000 |
| Ridgeview II | 2 | 3 | 1 | 165,000-199,900 |
| Springridge | 5 | 1 | 1 | 199,999-242,000 |
| Stuart Mechanic | 5 | 1 | 2 | 130,000-180,000 |
| Wormans Mill | 1 | O | 1 | 250,000-289,500 |
| All Frederick County | 110 | 21 | 28 | 58,900-990,000 |
These are very encouraging numbers you can see improvements over the last six months to a year. You can see by the numbers above some of the hotter areas like Ballenger Creek and Echo Glen are doing better than others. Prices are still coming down (and you can see some sellers are still pretty stubborn about there asking price.) Activity is picking up in all parts of the market but prices are still on a decline. I don’t think we will see an increase or at least a stabilization in prices for another six months to a year, but homes are definitely selling at a much faster rate than this time last year.
Here’s a snap shot of last year around this time.
Frederick Condo Market 4/7/08
| Condo Assoc. | Active | Contract | Sold in last 90 Days | Price Range |
|---|---|---|---|---|
| Ambertowne | 6 | 1 | 2 | 113,000-159,900 |
| 8th St Mews | 5 | 2 | 1 | 189,900-219,900 |
| Creekside Plaza | 5 | O | O | 397,900-1,180,000 |
| Jefferson Chase | 4 | O | O | 149,900-192,900 |
| Mill Crossing | 13 | O | 1 | 209,900-269,900 |
| Maxwell Place | 5 | O | 1 | 325,000-673,750 |
| Monacacy Overlook | 6 | O | O | 174,900-215,000 |
| Old Farm Station | 12 | O | 1 | 179,900-250,000 |
| Ridgeview II | 10 | O | 1 | 210,000-250,000 |
| Springridge | 6 | 1 | 2 | 175,000-249,900 |
| Wormans Mill | 8 | O | O | 234,000-369,900 |
| All Frederick County | 171 | 15 | 30 | 115,000-1,180,000 |
Investors contact me for a more detailed look at these markets for potential rental income.
Bob Carney
