MONTGOMERY COUNTY HOME BUYERS: We've compiled the facts and statistics for you to show that it is, 
indeed, a good time to buy a home in Montgomery County, Maryland.
Help for relocating home buyers whether moving across town or across the country.
IF YOU NEED OR WANT TO BUY A HOME in MONTGOMERY COUNTY MARYLAND, BUY NOW. PRICES ARE DOWN AND IT'S A BUYER'S MARKET!
Locations in Montgomery County: Bethesda, Burtonsville, Chevy Chase, Clarksburg, Damascus, Gaithersburg, Germantown, Kensington, Laytonsville, Montgomery Village, Olney, Potomac, Rockville, Silver Spring, Takoma Park.
Fact: There are about 2,369 Single Family Homes (not new construction) listed for sale in Montgomery County, MD (2/24/08). Home buyers in Montgomery County have more choices than ever before.
Fact: There are about 4,728 homes of all types listed for sale in Montgomery County, MD (2/24/08). Home buyers for single family, townhomes, condos have more choices than ever before.
Fact: Home prices for homes SOLD in January 2008 were 8.08% lower than in January 2007. Sellers are reducing home prices faster than recent times.
Fact: Prices for all homes SOLD in Montgomery County sold for 90.47% of the list price. That reflects an average 10% negotiating success.
Fact: There is about a 10% negotiating window for buyers and seller subsidies are also higher.
Fact: Total units sold in January 2008 were down 43.03% from January 2007. Sellers need to sell and will negotiate.
Fact: List prices for homes for sale in Montgomery County in January 2007 are 5.05% lower than in January 2007. Lower list prices reflect the pressure from lower SOLD prices and lower appraisals.
Fact: The average Days On The Market for homes listed for sale in Montgomery County, MD is 120 days, 30.43% longer than a year ago.
Fact: Rents are increasing and will continue to do so until buyers get back in the real estate market.
Fact: Mortgage requirements are becoming increasingly difficult and will continue to do so for some time.
Montgomery County Maryland Average SOLD prices 2005-2008 (All home types).
January 2008 - Average SOLD price was $494,623
January 2007 - Average SOLD price was $538,076
January 2006 - Average SOLD price was $530,950
January 2005 - Average SOLD price was $458,449
MONTGOMERY COUNTY HOME BUYERS can now select from homes for sale at 2005 prices.
* It took 3 years to get list prices for homes for sale back to 2005 prices.
* Pressure from Short Sales and Foreclosures have helped bring prices down.
* Home owners who sold due to relocating to other areas helped bring prices down.
* Smart buyers who simply said, "I will not pay that price for that house" helped bring prices down.
* Buyers Agents in the Homefinders.com network who gave our home buyers the facts about the real estate market helped bring home prices down.
EXAMPLES OF SINGLE FAMILY HOMES IN MONTGOMERY COUNTY IN THE $500,000 PRICE RANGE.
| City | ListPrice | Lot Acres | BR | BathsAll | Fpl | # Gar |
| Ashton | $499,000 | 1.18 | 4 | 3 | 2 | |
| Burtonsville | $500,000 | 0.29 | 4 | 4 | 1 | 2 |
| Clarksburg | $499,000 | 0.086 | 4 | 3 | 1 | 2 |
| Damascus | $499,900 | 0.398 | 5 | 3 | 1 | 4 |
| Gaithersburg | $499,000 | 0.254 | 4 | 4 | 1 | 2 |
| Kensington | $499,900 | 0.216 | 3 | 2 | 0 | |
| Rockville | $499,900 | 0.227 | 4 | 2 | 0 | 1 |
| Silver Spring | $499,000 | 0.23 | 4 | 3 | 1 | 1 |
TYPICAL SINGLE FAMILY HOME FOR SALE IN CLARKSBURG, MD
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
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Lenn, You make a very good case to BUY NOW. I hope they listen to you and buy before prices start back up the other side, because then any negotiation advantage will be gone.
Bill Roberts
Hi, Lenn! For the life of me, I don't know what Buyers are thinking if they are continuing to wait. Yes, so by some indications the market may go down another few percent ... but rates are climbing again, too. It is like we are in the perfect storm right now ... and a good storm at that! By the way, can I trade my market's average sales price with yours, please? :)
Bill. I agree. I've been waiting and the time is HERE, NOW!!
Derek. Thanks. Buyers are wary. I understand. They're not buying shoes. The media is pretty confusing too. And, loans are harder to get. Nevertheless. It's time.
I'm spending the week publishing this message throughout my market area. I just did Lovettsville VA.
Prices might drop a little more, but rates are on their way up and so are the qualifications...as it continues, rents are going up as well. It IS time to buy.
Amanda. Thanks. I'm going to add a blurb about those forces.
Lenn what are buyers waiting for? It really cannot get any better than this! The rates are good, and a lot to choose from.
I agree. As you know, I have been almost "out of the market" until prices came down. But, I feel comfortable selling resales now.
Shucks. We'll find the best home on the market and hopefully take another 10% off and our buyers will be fine.
Lenn,
You have some grerat blog postings! Very easy to read with lots of good info.