Tuesday, April 16, 2013

Montgomery County Real Estate Statistics March 2013

According to the Greater Capital Area Association of Realtors, GCAAR, housing inventory remained tight in Washington, DC and Montgomery County with fewer condos and single-homes available.

Montgomery County:
  • Average Days on Market decreased 35.56% compared to March 2012
  • Condo Median Price increased 5.3%.
  • Available inventory decreased for condos by 29.9%, and also for single-family homes, 31.2%.
  • New condo contracts increased by 7.5% but decreased for single-family homes by 5.8%.
Don't worry! You'll see LOTS more inventory within the next couple of months, especially after tax day and when the weather is warmer.  Why?
  1. Buyers are more willing to go to open houses in nicer weather
  2. Sellers don't want to have their homes trashed by mud, snow, rain, etc!
  3. Buyers tend to purchase according to the school year so they don't pull kids out of school mid-year.

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