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Montgomery County March Market Madness
How is the market doing so far? Here is a snapshot with statistics supplied by the MRIS and RBI for the month of March for Montgomery County.
The 841 closed sales in Montgomery County in March remained nearly flat with last year’s sales, but exceeded thefive-year March average by 6.7 percent. New contracts were up 10.9 percent compared to March 2015. The 2,519active listings at month’s end were nearly the same as last year’s total, despite beginning the month down 7.6percent. This is largely due to a 19.3% spike in new listings compared to March 2015. With only 2.5 months of supplygiven the average sales pace over the last twelve months, sales are still trending in the seller’s favor at the samepace as last March. Half of the homes sold were on the market 41 days or less, slightly more than in March 2015.Compared to last March, prices dipped 3.1 percent as the $385,000 median was lower than last March’s $397,450mark. Closed sales dipped in the detached home segment while rising in the townhouse and condo/co-opsegments.
Below are links to Montgomery County sales prices for April 2015 through March 2016
Watch this space for breakouts of neighborhood home sale performance.
Charles Chapman has more than 20 years' experience in the Montgomery County real estate market. He has been a full-time agent through rising markets and good times, and also through falling markets an....