Montgomery County MD Market Report for May 2008

Activity picked up in the Montgomery County Maryland real estate market. In April there were 1,007 contracts written wtih 704 properties going to settlement. In May there was 1,030 new contracts written with 753 properties going to settlement. April saw 2,052 new listings for the month, and May decreased to 1,897. Average days on market has gone down slightly, from 112 days in April to 103 days in May. The grand total for active listings in May was a whopping 6,716 properties: 1,518 condos and 5,194 single family homes. Going into June, I've noticed activity has dropped a bit, perhaps because of the excessive heat and thunderstorms.

Foreclosure filings have also skyrocketed in the greater Washington DC area, now exceeding the national average. Washington has gone from 23 to 131 foreclosures per 10,000 homes; while the national average has gone from 58 to 87 per 10,000 in the past year. This means 15,613 homes have gone into foreclosure in the year ending this past February. My guess is that you will see even higher numbers in the next several months. Germantown MD Homes have been particularly hard hit.

Average home prices have decreased 3.2% from April 07 to April 08, with certain neighborhoods harder hit than others. Short sales have also increased in Montgomery County. If you are considering either offering your home in a short sale or you are about to be foreclosed on, be sure to visit my website at www.bobmyers4homes.com to see consumer resources available to assist you.

Questions? Call me at 301-910-9910 or e-mail at robertmyers@remax.net.