Market update for Frederick

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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.

Click Picture to get report

Have a great day.

March 24, 2008 · Filed Under Frederick MD Real Estate, Frederick Market Conditions, Market Condition

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Urbana MD Real Estate Market Conditions

Urbana Maryland has been a sought after area through the early parts of 2000s and continues to have appeal to home buyers. It is one of the established newer communities in Frederick County and it’s conveniently located for access to Montgomery County and Washington DC. In its final phases, the businesses have started to settle down. There is still plenty of room for growth. The housing market in zip code 21704 makes up about 5% of total market in Frederick County. With that said here is a snap shot of homes in the Urbana Area.

Total Homes on market - 106
Total Townhouse - 33
Total Single Family Homes - 72
Total Condos - 1
Under Contract - 1
Sold in the last 90 days - 29
Absorption Rate - 9 months (check here for a comparison)

Have a great day and remember if you need a personalized look at your neighborhood, please feel free to contact me.

Bob

February 18, 2008 · Filed Under Frederick MD Real Estate, Frederick Market Conditions, Market Condition

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Frederick Housing Market Update

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.)

Housing count by types

Date	Condos	Town Homes	Single Family	Total Homes
8/9/2007	183	527	1521	2310
8/20/2007	185	542	1525	2332
8/28/2007	182	553	1513	2334
9/10/2007	190	544	1508	2326
9/17/2007	191	555	1509	2338
10/3/2007	188	550	1480	2302
10/15/2007	175	543	1470	2272
11/10/2007	162	536	1387	2166
11/26/2007	164	516	1347	2108
12/10/2007	154	497	1308	2039
12/31/2007	153	478	1241	1952
1/7/2008	143	453	1167	1840
1/20/2008	145	468	1196	1879
1/30/2008	143	493	1212	1915
2/11/2008	145	502	1230	1944

February has historically been the beginning of the Spring Market lately. Last year I feel our Spring Market was in February and March and then dwindled off from there. This year seems a little slower start in the activity than last year. However, the activity is picking up. There are homes that have picked up in scheduled showings and actually contracts are being written on homes now too.

Sellers continue to show your home in the best light as possible and Buyers talk to your lenders. The changes in lending requirements have really shut down the 100% financing. Chances are today you will need at least 5-10% as a down payment. That’s why you really need to be talking to your lender. If you need one I have a list of Preferred Lenders in Frederick that will gladly assist you.

Also if you need assistance finding the right home…you can call me.

Have a great day.

February 11, 2008 · Filed Under Frederick Market Conditions, Market Condition

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Lets talk about Absorption Rate in Frederick County

Ab-what? Are we cleaning up a spill? Or a paper towel commercial? No. But similar idea…

The absorption rate is the rate at which the current real estate inventory would be absorbed by the current buying trends, if no more homes came on the market. (don’t try looking this definition up…this is the way I translate it.) Most real estate glossaries define it as follows;

Absorption Rate = Total Active homes divide by last months solds

The problem I see with using only last month, if it was historically a slow month then you think you have a high absorption rate. I prefer to looked at an average of the last six months. I feel that gives you a better idea of the real absorption rate. Why? The last six month will have some peaks and valleys that will be flattened out and give a much more stable number. Sure, you can do a whole year but might miss a current trend indicator that might be on a climb or decrease. An indicator of the market is the amount of months on the market on what type of market you are in.

Less than six months = Sellers Market ( High prices, low inventory, shorter days on market, less contingent contracts)

Six Months = Normal market.

More than six months = Buyers Market (Lower prices, high inventory, longer days on market, seller concessions, contingent contracts)

Below you have a table of the latest absorption rates of some of the areas in Frederick County. To put it into perspective, I have also added adjoining county averages. First blush looks like homes closer to the Washington DC area are moving fast than further out.

Market update in and around Frederick County 2/4/08

Area	Active	Contract	Sold in last 90 Days	Absorption Rate
Adamstown & Point of Rocks	33	8	16	6 Months
Brunswick & Knoxville	70	12	22	12 Months
Frederick	1100	135	281	10 Months
Ijamsville	45	6	6	17 Months
Middletown & Myersville	120	15	24	13 Months
New Market	122	16	27	13 Months
Thurmont & Emmitsburg	111	11	22	12 Months
Walkersville & Woodsboro	82	7	15	11 Months

Frederick County	1893	228	448	11 Months
Montgomery County	4822	963	1553	8 Months
Washington County	1316	122	218	16 Months
Howard County	1592	286	531	8 Months
Carroll County	1083	138	267	10 Months

Clearly we are in a Buyer’s Market. The Adamstown and Point of Rocks area are experiencing a much better market than the rest of the area.

If you don’t see your town above, send me an email and I will send you one. (it has to be in Maryland…that license thing restricts me from going elsewhere)

February 4, 2008 · Filed Under Frederick Market Conditions, Market Condition

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