Looking at these Statistics for Frederick County Maryland, the picture of September 2010 vs. September 2011 does not look favorable. The only gain seems to be in Days on Market, and no one wants to see that, except for the savvy real estate buyer/investor.
|Total Sold Dollar Volume||$49,393,918||-6.19%||-18.44%|
|Median Sold Price||$232,000||+2.23%||-0.43%|
|Avg Sold Price||$253,302||+0.06%||-5.05%|
|Avg Days on Market||111 days||+16.84%||+13.27%|
|Avg Sold to Orig List Ratio||90.96%||-1.07%||-1.79%|
The Real Estate Market is very cyclical. It goes up and it goes down, but it is always doing something. The question is how much farther will it go in Frederick County? I don’t have a crystal ball but the signs I see indicate the bottom has hit: Low interest rates, low prices, and an ever increasing population. Buyers can’t keep holding out for much longer – the time to buy is NOW! Not only in Frederick County Maryland but everywhere!
According to Inman News™, US Census and the Mortgage Bankers Association: A housing shortage is coming in the not so distant future:
There are two primary factors that will contribute to a home shortage in the not-too-distant future:
1. The size of Generation Y (those born between 1977 and 1994), which is estimated to be approximately 80 million, or 25 percent of the U.S. population. They are now entering their prime time for starting their careers, their families, and for buying a home.
2. Supply. There has been very little new construction, despite the predicted explosion in population growth. To illustrate the severity of this problem, the 2010 census put the U.S. population at approximately 309 million. By 2050, the prediction is that the U.S. population will be 439 million. That’s an increase of 130 million people in just 40 years. Regardless of whether they own or rent, they will still need housing.
Buyers it’s time to WAKE UP – there is only a finite amount of housing out there and our population growth is not slowing down. The time to buy is NOW! Not only in Frederick County Maryland but everywhere!
Market data and commentary provided by Kathy Fleskes & Serena Toro, Rockville Regional Office.
Search for homes in Frederick County, and all of the DC Metro: www.averyhess.com