Monday Market updates

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It’s Open Mic night on Focus On Frederick…I am taking request. Where do you want to see the next weeks market update? What neighborhood? Anyone anyone at all? Just comment or send me an email. I will dig up the numbers for the community.

As for today, here is just a snap shot of the county…

Total Active Homes - 2225
New in the last 2 days - 17
Under Contract last 7 days - 40
Ave DOM for Contract Listings - 116 days
# of Listings with Various Keywords
- Short sale - 122
- Foreclosure - 15
- Bank Owned - 24
- Approval - 133
# listed as Vacant - 338

As for the keywords in the internet remarks, some of the “Short sale” listings said “THIS IS NOT A SHORT SALE” Which makes a big difference if you are buying in a hurry.

Have a great day… and stay dry.

April 21, 2008 · Filed Under Frederick MD Real Estate, Market Condition

3 Comments

Let’s take a closer look at Middletown Real Estate

To me Middletown has been a wonderful bedroom community to Frederick, Rockville and the Washington DC area. Since there isn’t any major businesses in this community of approximately 3,000 residents, most residents work elsewhere. The schools have claims of Blue Ribbon awards for their excellence in education. The town has excellent proprietors and community driven downtown businesses. (My favorites are The Main Cup and The Middletown Sportsland)

This tight knit community shows it’s pride in their preservation of history, community programs and complete support of local sports (Go Knights). They just recently had elections for their township board. Here’s the results from the Middletown Elections on April 7, 2008.

Burgess:
John D. Miller –610
Phyllis G. Thompson –209

Commissioner:
Dixie L. Eichelberger – 251
Vincent A. O’Reilly – 456
Anthony M. Ventre – 472
Bill Williams - 334

The town and it’s citizens have recently been battling the future presence of Dominion Gas in the Middletown Valley. You can read the press releases on the official Middletown Website. They are facing the construction of a gas pumping station off Marker Road. The concern is the impact on the historic value of the area, along with normal industrial noise and traffic. A grass roots citizens actions committee has been created to combines community efforts for the dispute this projects current placement. Their efforts have been documented on their website; Citizens for the Preservation of Middletown Valley.

As with any community, a poorly place industrial facility can negatively impact the surrounding community(s).

Middletown has wonderful developments like the Glenbrook Golf Community, North Pointe, Fountaindale South, Foxfield, Colebrook and a few of the more exclusive neighborhoods like The Vistas at Springdale and The Legends.

The housing numbers haven’t been too enlightening for this area as the mortgage market has taken it’s toll on homeowners. According to RealtyTrac, there are seven homes in Pre-Foreclosure status, nine with proceedings already taking place for foreclosure and three bank owned homes.

Below is the most recent market activity in Middletown.

Market Conditions in Middletown MD 4/9/08

	Active	Under Contract	Sold in last 90 days	Ave. Days on Market
Condos	O	O	O	NA
Town Homes	3	2	2	49
Single Family	83	13	16	169
Total	86	15	18	157

February	2008	2007	Change
Ave Sold Price	$470,488	$527,290	-10.77%
Ave List Price of Solds	$509,687	$531,960	-4.19%
percentage of Avg List Price:	92.31%	99.12%

So what does that tell me? The prices have dropped almost 11% over last year or less than 1% a month. Middletown has been a desirable area but has not been immune to the price depreciation that the rest of the county is experiencing. The absorption rate for this area is 13 months, which is a little higher than the county average. With interest rates still at an all time low, it is a great time to buy, just a tough time to sell if you have either purchased your home in the last few years or if you pulled the equity out of your home.

This chart and others can be found on the Area Prices Page.

If you would like to know what your home is worth, please contact me for a personalized market analysis of your home.

April 9, 2008 · Filed Under Frederick MD Real Estate, Frederick Market Conditions, Market Condition

2 Comments

Market Update for Frederick area and Condos

We are in the beginning of the “Spring Market” and things are off to a good start. Creativity is up in ways of getting buyers out of the news medias grasp. Our office has been running very successful “Bargain Bus” by showing prospective buyers area aggressively priced homes whether it’s a bank owned, short sale, or foreclosure. I have heard from multiple agents that showings have increased on their listings, Open Houses are starting to get people back through them again, and the phones are ringing again. The interest rates are still very low for potential home buyers. Buyers that are on the fence need to do the math on the savings of whether to wait for the prices to come down more (or wait for the interest rates to change.)

Here’s a snapshot of the condos around Frederick.

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

Have a great day.

April 7, 2008 · Filed Under Frederick MD Real Estate, Frederick Market Conditions, Market Condition

Comment

Market update for Frederick

Here’s the most recent sold homes in Frederick county for the past week. It is ranked from lowest price to highest price. I have noticed an increase in activity for the last few weeks. Inventory has just topped over 2,000 homes at 2,003. With the “spring market” upon us…that number will continue to climb through June-July.