The data below reflects residential real estate in Montgomery County, Maryland for the month of July in 2009:
- New Listings: 1361
- Total sold: 1130
- Avg. sales price: $459,258
- Days on market: 93
- Total pending: 1302
Compared to July of last year, the number of new residential listings in the county has decreased a little over 13%. Total inventory has decreased by almost 30%. Total days on market has stayed about the same compared to last year (92), but has increased from 68 days in 2007. Sales have come up a little over 30%, while new pending (under contract, but not yet settled) for the month has increased about 47%.
Montgomery County should continue to see continued sales growth due to the reputation of the school system and the geographic location in relation to the employment base along with an excellent public transportation system. The average sales price has decreased about 13.5% due largely to the number of foreclosures in the county. Until the majority of the foreclosures have been released and sold, this number probably will not improve before the end of the year.
Rockville Market Report (in Montgomery County)
Rockville comprises 5 zip codes in the county. Because of it’s proximity to Washington, DC and it’s available public transportation, most of the city has seen an increase in the total number of units sold while the average days on the market has for the most part decreased. Average sales price in Rockville (depending on zip code) ranges from $295,550 to $904,814 which is down anywhere from 8 to 21 per cent from July of 2007, again depending on zip code. Average days on the market are about 72 and the number of sold residences is 222 for the month.
There are a large number of condominiums and town homes which attract the first-home buyers so sales should continue to increase.
Market data and statistics provided by Ginny Gunther, Managing Broker, Avery-Hess, Realtors.
Search for Homes in Montgomery County and all the DC Metro: www.averyhess.com