Damascus, MD Market Report – 10/23/2013

23 Oct
October 23, 2013

The statistical chart below represents ALL types of properties in the Damascus area.  I am going to break these statistics down into three categories and will discuss them in detail below:  1-Detached Single Family properties (this information indicates a Seller’s Market)  2- Attached/Townhouse properties (sales have slowed this month) 3- Condo & Coop properties (there are a few in the Damascus area but they are moving and all indication show a Seller’s market).

In the Damascus area, the median sold price for Detached Single Family properties for September was $325,000, representing a decrease of 18.8% compared to last month and a decrease of 19.2% from Sep 2012. The average days on market for units sold in September was 71 days, 24% below the 5-year September average of 94 days. There was a 30.8% month over month decrease in new contract activity with 9 New Pendings; a 10% MoM decrease in All Pendings (new contracts + contracts carried over from August) to 27; and a 14.3% increase in supply to 40 active units.

This activity resulted in a Contract Ratio of 0.68 pendings per active listing, no change from August and no change from September 2012. The Contract Ratio is 48% higher than the 5-year September average of 0.46. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor.

In Damascus, the median sold price for Attached/Townhouse properties for September was $234,450, representing a decrease of 13.9% compared to last month and an increase of 0% from Sep 2012. The average days on market for units sold in September was 19 days, 66% below the 5-year September average of 56 days. There was no month over month change in new contract activity with 4 New Pendings; a 28.6% MoM decrease in All Pendings (new contracts + contracts carried over from August) to 5; and a 20% decrease in supply to 4 active units.

This activity resulted in a Contract Ratio of 1.25 pendings per active listing, no change from August and a decrease from 4.00 in September 2012. The Contract Ratio is 12% lower than the 5-year September average of 1.43.  A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.

In 20872, the median sold price for Condo & Coop properties for September was $170,000, representing no change from September 2012. The average days on market for units sold in September was 11 days, 400% above the 5-year September average of 2 days. There was no month over month change in new contract activity with 3 New Pendings; no MoM change in All Pendings (new contracts + contracts carried over from August) with 4; and a 25% decrease in supply to 3 active units. This activity resulted in a Contract Ratio of 1.33 pendings per active listing, no change from August and an increase from 0.00 in September 2012. The Contract Ratio is 117% higher than the 5-year September average of 0.61. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor.

Statistic

Values

YoY

MoM

Total Sold Dollar Volume

$4,120,768

+19.88%

-30.02%

Closed Sales

15

+87.5%

0%

Median Sold Price

$250,000

-37.81%

-32.43%

Avg Sold Price

$274,718

-36.07%

-30.02%

Avg Days on Market

45 days

-33.82%

+45.16%

Avg Sold to Orig List   Ratio

98.66%

+3.33%

-0.12%

Damascus is an unincorporated area in northern Montgomery County. Although there is a large population growth and urban development, Damascus still retains its small town feel.

Damascus has many types and styles of homes for sale and the community offers many events of interest and amenities that are unique to the area. The town has many outdoor activities to enjoy and has a family friendly atmosphere about it.

Erica Higgins

Administrative Manager & Marketing Assistant at Avery-Hess, Realtors
Front Royal
Office: (540) 631-9009
Email: ehiggins@averyhess.com

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