The Market Update for Rentals in Frederick County

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As the housing market sits in some turmoil the rental market always seems to grow legs. With the unfortunate increase in foreclosures, families still have to live somewhere.

The average time a single family home has been on the market in Frederick County is 65 days with an average price of $1900. The average time for a non detached home (i.e. Town House, or Condo) has been a little short at 44 days and with an average price of $1420 a month. This information does not reflect homes that have been listed and rented through property management companies. During the sad time in the housing market the rental prices usually increase until you get to a saturation point. This is where the common renter says they have enough!!!

Below is a chart on what you could possibly purchase with the equivalent rental payment. This chart does not take in considerations for property taxes or insurance. Use it only as a gauge…see your lender for more personalized numbers. Times are good for buyer that has good credit, income and nothing to sell.

Rent vs Loan Amount

  5% 6% 7% 8% 9%
$1,000 $186,282 $166,792 $150,308 $136,283 $124,282
$1,100 $204,910 $183,471 $165,338 $149,912 $136,710
$1,200 $223,538 $200,150 $180,369 $163,540 $149,138
$1,300 $242,166 $216,829 $195,400 $177,169 $161,566
$1,400 $260,794 $233,508 $210,431 $190,797 $173,995
$1,500 $279,422 $250,187 $225,461 $204,425 $186,423
$1,600 $298,051 $266,867 $240,492 $218,054 $198,851
$1,700 $316,679 $283,546 $255,523 $231,682 $211,279
$1,800 $335,307 $300,225 $270,554 $245,310 $223,707
$1,900 $353,935 $316,904 $285,584 $258,939 $236,136
$2,000 $372,563 $333,583 $300,615 $272,567 $248,564

Across the top is the interest rates and down the left side is the payment. In the middle is the POTENTIAL loan amount. Normal house payments include Principal, Interest, Taxes and Insurance. (PITI) Calculations based on a 30 year fixed loan.

Information about the actual rentals were provided by Metropolitan Regional Information Systems.

If you would like assistance in finding a rental property please feel free to contact me.

April 12, 2008 · Filed Under Frederick MD Real Estate, Frederick Market Conditions

2 Comments 

Let’s take a closer look at Middletown Real Estate

Middletown City Hall

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.

Middletown Community Parks

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.

Prices for MIDDLETOWN
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.

Sold in Frederick

Click Picture to get report

Have a great day.

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

1 Comment 

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