frederick real estate market update - may 2014
DESCRIPTION
The activity in the Frederick Md real estate market in May 2014 has been a good sign of the continued Recovery. Sales are up, home values are steady, and more homeowners are able to put their homes on the market. Contact Chris Highland to learn more about the Frederick real estate market. We're seeing more homeowners able to put their homes on the market, as home values increase. The inventory is closer to a normal market, which is 1200-1400 in Frederick County. The demand is still healthy as more buyers jump in. Average sales prices have been holding steady throughout 2014, not skyrocketing, like sellers would like. Last year we saw an average sales price increase of 11%. This year we're not seeing that much increase, as appraisals are coming in to offset the tendency to bid up a home that is in great condition and in a sought-after neighborhood and price range. This is probably a good thing, considering the ramp up and bubble-bursting of the years between 2002 and 2007. Home sales have increased this spring over last spring. The demand is increasing as the values go up. This pent-up demand is a good sign for the local economy. We're seeing homes that are priced well and in good condition go under contract in a matter of days or a few weeks. Overpriced homes take longer, and usually undergo one or two price adjustments. We're seeing more homes sell in the higher price ranges than we saw last year, although the time on market is a little longer. The majority of home sales are taking place in the $200,000 to $300,000 range for townhouses, and in the $300,000 to $400,000 price range for single-family homes. Condominiums have not yet seen a recovery and are selling for 111% - 16% less than at this time last year.Sellers are getting on average, 97% of the list price at the time of the sale. The time on market has decreased to 60 days, from 64 days last May. There are 365 newly contracted homes this month, a high number and a healthy sign for next month's sales. At the Highland Group, we specialize in 5-Star Service. We want your experience of buying or selling real estate to be so spectacular, that you'll want to tell ten people about us... and that can only happen if we give you our very best. Our very best includes: *Up-to-date technology that makes the process go smoothly *Marketing that stands out from the crowd, with professional videos and photos *Our very best team of real estate professionals, who share our values, to take care of all aspects of the real estate transaction *Fiduciary Representation that always puts your interests first *Communication is our priority, we will communicate often throughout the process with varied media - to inform and eliminate ambiguity. We pledge to "pull out all the stops", whether you are a first-time buyer or a veteran. We value you and recognize that you are our business.TRANSCRIPT
