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MONTGOMERY VILLAGE MD 20886 REAL ESTATE TREND INDICATOR
If you are planning to purchase or sell a home in Montgomery Village, you will want to know the trends of the market. The following report is for the past month and the statistics are compared with the same month last year. There were 188 active listings of homes for sale in Montgomery Village during the month. There were 65 new listings and 64 went to pending new contracts. The sold dollar volume was up 33.78% from last year. The number of homes sold was 53 from 36 last year. The average days on the market was 75 days from 125 days last year. The average sale price was 93.83% of the average list price. The median sold price was $186,000, down 16.5% from last year. The market favors buyers. Foreclosures and short sales listings still influence the area market. Buyers are finding it more difficult to qualify for mortgage financing and the trend is to the use of FHA financing which has a minimum cash requirement of 3.5% of the purchase price. FHA Streamlined 203(k) financing allows borrowers to include up to $35,000 of home improvements in the mortgage amount.
There are 102 homes for sale in Montgomery Village. Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-94384817-791
Do you qualify for a tax credit? The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php
Metropolitan Regional Information Systems, Inc. ZIP Code Statistics - <$100K to >$5M Format
ZIP Code: 20886 Montgomry Village, MD
From: 10/01/2009 to 10/31/2009 Statistics generated on: 11/09/2009
| |
Residential
Unit Sales
Number of Bedrooms |
Active Listings |
|
Time on Market |
| Price Class |
2
Or Less |
3 |
4
or More |
Condo
Coop |
Ground
Rent |
Residential |
Condo
Coop |
Ground
Rent |
of Units Sold
(No. of Units) |
| Under $100,000 |
0 |
0 |
0 |
2 |
0 |
5 |
13 |
0 |
1 -30 Days |
30 |
| $100,000 - 149,999 |
1 |
9 |
1 |
3 |
0 |
40 |
10 |
0 |
31-60 Days |
5 |
| $150,000 - 199,999 |
1 |
9 |
3 |
0 |
0 |
41 |
6 |
0 |
61 - 90 Days |
3 |
| $200,000 - 249,999 |
0 |
3 |
4 |
0 |
0 |
27 |
3 |
1 |
91-120 Days |
4 |
| $250,000 - 299,999 |
0 |
1 |
2 |
0 |
0 |
9 |
1 |
0 |
Over 120 Days |
11 |
| $300,000 - 349,999 |
0 |
5 |
2 |
0 |
0 |
9 |
0 |
0 |
Total |
53 |
| $350,000 - 399,999 |
0 |
0 |
2 |
0 |
0 |
11 |
0 |
0 |
|
| $400,000 - 449,999 |
0 |
0 |
1 |
0 |
0 |
5 |
0 |
0 |
Type of Financing
of Units Sold
(No. of Units) |
| $450,000 - 499,999 |
0 |
0 |
3 |
0 |
0 |
5 |
0 |
0 |
| $500,000 - 599,999 |
0 |
0 |
1 |
0 |
0 |
2 |
0 |
0 |
Conventional |
13 |
| $600,000 - 699,999 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
FHA |
25 |
| $700,000 - 799,999 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
VA |
4 |
| $800,000 - 899,999 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Assumption |
1 |
| $900,000 - 999,999 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Cash |
10 |
| $1,000,000 - 2,499,999 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Owner Finance |
0 |
| $2,500,000 - 4,999,999 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
All Other |
0 |
| $5,000,000 & Over |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Unreported |
0 |
| Totals |
2 |
27 |
19 |
5 |
0 |
154 |
33 |
1 |
Total |
53 |
| Grand Totals |
53 |
188 |
|
|
| |
2009 |
2008 |
% Change |
| Total Sold Dollar Volume: |
$ 11,837,400 |
$ 8,848,540 |
33.78 % |
| Average Sold Price: |
$ 223,347 |
$ 245,793 |
- 9.13 % |
| Median Sold Price: |
$ 186,000 |
$ 222,750 |
- 16.50 % |
| Total Units Sold: |
53 |
36 |
47.22 % |
| Average Days on Market: |
75 |
125 |
- 40.00 % |
| Average List Price for Solds: |
$ 238,046 |
$ 277,781 |
- 14.30 % |
Avg Sale Price as a
percentage of Avg List Price: |
93.83 % |
88.48 % |
|
|
| Total NEW listings: |
65 |
| Total Properties Marked Contract: |
34 |
| Total Properties Marked Contingent Contract: |
30 |
| Total NEW pendings (Contracts + Contingents): |
64 |
|
Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2009 - Information deemed reliable, but is not guaranteed.
Mortgage Financing: It is an ideal time to obtain funds to purchase a residence or investment property. Pre-approval for financing is the first step in the home purchase process. Buyers need to have a lender letter in hand when they submit an offer on a property. Buyers should be prepared to fully document their income and obligations. Ask us for a referral if you do not have an existing relationship with a mortgage lender.
FHA loan limits for Montgomery County and Frederick County: $729,750. Limit for FHA reverse mortgages: $625,000.
Foreclosures (REO): Contact us if you are interested in information on lender owned foreclosures.
