To answer this question, let’s start by looking at the year end. Since the recession, consumer confidence has increased as the economy has stabilized. Interest rates and mortgage rates are expected to increase throughout the year. In November, a new President was elected. The market is currently adjusting to expectations of policies his administration will put into place.
Sales have been increasing across most Maryland counties, though not as much in Montgomery and Prince George’s Counties which have a lower inventory. The increase in sales has caused inventory to decrease from 5.6 months in November 2015 to 4 months in November and 3.1 months in December 2016. Prince George’s and Montgomery County are under 2 months. Decrease in inventory will cause an increase in sales price.
November:
Montgomery County
Sales increased 14.9% from Nov 2015 compared to Nov 2016 to 951 units
Average price decreased 4.6% for the same period to $487,387
Prince George’s County
Sales increased 12.6% from Nov 2015 compared to Nov 2016 to 735 units
Average price increased 11.2% for the same period to $270,205
December:
Montgomery County
Sales decreased 7.1% from Dec 2015 compared to Dec 2016 to 953 units
Average price increased 4.9% for the same period to $515,130
Prince George’s County
Sales increased 3.9% from Dec 2015 compared to Dec 2016 to 880 units
Average price increased 8.2% for the same period to $273,330
Now let’s look a the last year of market activity. The yellow lines show active listings and the blue lines show closed sales.
Market Activity – Montgomery County
Market Activity – Prince George’s County
Market Activity – Washington DC
Neighborhood Breakdowns:
Silver Spring
Market Activity
Pricing Trends
Pricing Ratios
Notice it is not below 97.5%. It was 100% in May and June.
Days on Market
Supply and Demand
Bethesda
Market Activity
Pricing Trends
Pricing Ratios
Notice it is not below 96.5%. In May of last year it was 100%.
Days on Market
Notice, during the spring market the DOM drop to 10 days.
Supply and Demand
Inventory/supply was 2.77 months.
Are you interested in the market stats for a specific zip code, city, or neighborhood, contact me.
Sources: Anirban Basu’s “Momentum Building as Spring Approaches: Housing Market Stable Heading into 2017,” Feb/March 2017 edition of Maryland Realtor magazine. Data from: RealEstate Business Intelligence.
