Frederick County, MD 10/15/12

15 Oct
October 15, 2012

The real estate market in Frederick is steadily improving and prices are once again rising.

Looking back at our most recent statistics (August 2012, which seems a bit dated) for the City of Frederick, August seemed to have ended the summer in a most positive way.

An increase of +14.86% in the Average Sold Price bringing it up to $251,746 is a step in a positive direction.  Closed Sales were also up +14.63%.  The only “hiccup” in this positive message is that Days on the Market increased and the Average Sold to Original List Price Ratio dropped.  This is still very typical in this real estate market.

Sellers see that real estate in their area is final starting to move.  They hear on the news that prices are starting to creep up.  So they list their home too high.  It takes 60-90 days for this to sink in and then the seller makes a price adjustment and BOOM the house goes under contract.  I expect that as Median Sold Prices continue to rise and Sellers become more educated on the pricing -  Days on the Market and List to Sold Price Ratio will also turn around.

Inventory remains low and with interest rates the lowest since 1956 – those buyers that have been sitting on fence have decided to jump off on the side of home ownership.  Now are there any sellers out there wanting to sell?

August 2012 Real Estate Market Statistics for

21701 Frederick, MD

Statistic

Values

YoY

MoM

Total Sold Dollar Volume

$11,832,050

+15.14%

+31.67%

Closed Sales

47

+6.82%

+14.63%

Median Sold Price

$227,000

+6.57%

+7.08%

Avg Sold Price

$251,746

+7.79%

+14.86%

Avg Days on Market

114 days

+37.35%

+86.89%

Avg Sold to Orig List Ratio

93.09%

+3.5%

-1.72%

 

The city of Frederick is located less than an hour from Washington, D.C. and Baltimore, MD.  It is the hub of art, culture, commerce and government for Frederick County.  Frederick has a quality of life that is envied by many.  It offers a very balanced and thriving economy, a highly educated workforce and a great lifestyle.

Frederick was founded by German settlers and is a city rich in history.  It is located between the Civil War battlefields of Monocacy, Antitiem and Gettysburg and became a hospital town for wounded soldiers.  By the turn of the century Frederick was a booming industrial town, delivering products to market via railroad to Baltimore.

Frederick today boasts an award-winning 40 block historic district with parks, neighborhoods and a diverse industry base.  The architecture and public art works, fine arts centers, and private galleries serve to make Frederick a center of the arts.  There are special events including summer concerts, gallery walks and many other events that take up 22 weekends a year in downtown Frederick.

Most housing in the city of Frederick is made up of historic row houses that have been renovated and sell for a substantial amount of money.  The location of these homes, in the heart of the historic district, makes them quite desirable for those seeking charm and history.

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

 

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