November Market Condition Reports

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

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.

Market Conditions for Condos in Frederick County

Condos seem to have been the litmus test of the real estate industry. As the sales increase so do the rest of the market. I guess it’s a matter of where either one starts or one finishes their home buying process. First Time home buyers find the price of condos to be an attractive place to start their real estate portfolio. Condos are usually the right size, more luxurious than their previous apartment, definitely better looking than their room at Mom and Dad’s and most cases maintenance free. So condos are usually an excellent choice for getting a start on your homeownership.

On the other end of the spectrum, you have the “empty nesters” down sizing. Couples that have raised their family, had the big house with the picket fence and are now tired of cutting the grass, raking leaves, cleaning all those empty rooms and end up heading over to the condominium purchase. The Active Adult communities are made up of condominium association with features and amenities conducive to the lifestyles of the 55 and older crowd. You find this demographic prefers something more on the luxurious side. They want the finer things in life as they spend (and prepare for) their retirement. Condos allow them security, community, and maintenance free living.

Condo Market 12/03/07

If you are interest in more information about any of the condos in Frederick, feel free to contact me. I will gladly find you the information that you need.

Edit: Market Conditions provided for Freda

Overlook Condos market conditions

Market Conditions in Brunswick MD

This little town is nestled along the Potomac River just off Route 17. A very popular area as the prices were increasing in the mid-2000s, Brunswick MD real estate has been a test of time. The attraction to this area was two fold; Affordable housing prices and commuter convenience to Washington DC.

As the gas prices began to soar, the first time home buyers from the Greater DC area started to flock to the area. New homes were build in Galyn Manor and existing home prices began to sail. Plenty of speculators dumped money in remodeling the older homes and offered them at attractive prices.

This sleepy little railroad town has its own MARC train stop and a few quick commuter routes to Northern Virginia and other major metro areas like Rockville and Bethesda. Located about half way between Leesburg, VA and Frederick, MD, this makes Brunswick attractive to the avid shopper. You have the Leesburg Outlets only 18 miles away and in the other direction, you have FSK Mall in Frederick.

Market Conditions in Brunswick MD 11/26/07

*data is under review due. I will update if needed.

Also noteworthy about the area, there were only 5 homes in preforeclosure status, 5 in foreclosure status and only one Bank Owned property in the Brunswick, Knoxville area as of 11/26/07.

Have a great day.

Is there a twinkle of hope on the horizon???

If you listen to the media… we are still in a housing slump. They love to cause chaos and fear. It’s all for the ratings… NAR (National Association of REALTORS (r) has released statements that this seems to be as low as it gets. (it may stay flat but won’t get worse) The word must be getting around. In my little world, I am starting to see more and more activity happening. My phone is beginning to ring again. (Here I have be blaming Verizon all this time.) Historically, this time of year is slow, regardless of the market conditions. But I am seeing more activity with my colleagues also.

Looking at the condos from last month there was an increase in contracts over last year. A 43.5% jump actually… This is a good sign of things to come. Inventory in Frederick and Washington counties seem to be dropping off (1675 active listings). A couple things could be happening here… Sellers are waiting for the spring market or they have dropped anchor and decided to stay awhile. The sales have not lowered the inventory, the sellers have. Hopefully this leveling is stays steady for a while. Too much inventory is not healthy either. As for the prices, surprisingly the average is still up in Frederick by just a little. Average Sales price is $347,386 and the median sales price is down by 2.04% to $311,950. So, what does that say? Buyers are looking at a lower price range, but the prices of the house are about the same as last year. What I am seeing in most prices, yes some are lowering in overpriced neighborhoods, but for the most part it is not the value of the home that is going down, its the seller’s situations. If you haven’t been paying attention to the media (they are right about one thing), the first steps of the ARMs are starting to appear. Some sellers cannot afford the increase, forcing them to price below market price. The other situation, sellers have been caught up in between houses (new construction homes)…forcing them to drop the price to get a buyer. Builders don’t care what your situation is…they built a house for you…you’re buying it. Now, builders have also found themselves in a sticky situation with too much inventory on the books. They have deeper pockets than most sellers, so they offer 1000s of dollars in upgrades on their already drastically reduced homes in order to get a sale before the end of the year. Unfortunately this has/will have affected your future appraisals and prices along with the other seller’s personal situations. There is no getting by it. When you gotta go, you gotta go.

It will be interesting to see what the spring market has to offer. Stay tuned for more!!!

Here are some stats from last month in Frederick County

Washington County last month;

105 solds
1245 active listings
113 Days on Market
91.2% of list price.

Washington county is also seeing buyers looking at much lower priced homes. The average was down by 2.82% to $248,904 with a median price of $225,000 (down 4.26%) You can count on one hand how many homes over $450,000 sold last month.

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