November Market Condition Reports
December 10, 2007 by Bob Carney
Filed under frederick real estate, Market Conditions
The totals are in for November. Not a surprise as we get ready to close in on another year on the Frederick MD real estate market. Looks like we will finish up with around a 30% decrease in sales over last year. (which was down 20% from 2005) You can see the total number of listings are starting to decline as well. This is due to the Holidays. It is truly unfortunate for the sellers, because the winter months have some of the more serious buyers out and about. Corporate Relocations always happen throughout the year but are more likely to occur at the end of the year and in the beginning of the year. It seems like most REALTORS® are closing down shop around this time. Some of my busiest months have been in December…just sayin’.
The prices are still coming down over last year as the average days on market increase to 153 days. The prices are going to continue to decline as we see the impact of the foreclosures and bank owned properties increase. The economist don’t have a true idea of the impact as most of their models can’t predict this market yet. It’s purely speculation.
November 2007 Market Totals
| 2007 | 2006 | % Change | |
|---|---|---|---|
| Total Sold Dollar Volume: | $51,875,314 | $86,846,551 | -40.27% |
| Average Sold Price: | $341,285 | $347,386 | -1.76% |
| Median Sold Price: | $299,700 | $311,950 | -3.93% |
| Total Units Sold: | 152 | 250 | -39.20% |
| Average Days on Market: | 153 | 96 | 59.38% |
| Average List Price for Solds: | $374,652 | $367,970 | 1.82% |
| Avg Sale Price as a | 91.09% | 94.41% | |
| percentage of Avg List Price: | |||
You can see we are approaching 2004 prices in the housing market.
Click to enlarge.
If you are selling in today’s market, it is imperative to price your home correctly. This is not a time to test the market at a higher price. If you would like a personalize Competitive Market Analysis (aka CMA) of your home, just contact me and I will have it for you in a few days.
Bob Carney
