We’ve had a busy fall for real estate sales here in Frederick, compared to last year. Sales were brisk for a holiday season, time on market was down, and prices continued to rise at a healthy pace.

December was a busy month for us at Steinhoff Properties. Even though the season usually slows down for the holidays when it comes to real estate, we saw a change in that pattern this year. 

Here is a snapshot of Frederick County’s real estate market trends for December 2019, and a projection of what we can look forward in the next year.

Frederick Real Estate Statistics for December

The Median Home Sales Price: $318,000, up 1% from last December. We’ve seen a larger increase in single-family sales as compared to townhouse sales in December, but both were up significantly.

• Average Single-Family Sales Price: $418,474, up 8%from last year at this time.
• 186 single-family homes sold,  up 29% from last year’s number!!
• Average Attached Home Sales Price: $261,832, down 7% from last year.
• 147 townhouses and condos sold, up 20% from last year’s number.
• A total of 335 homes sold, up 26% from last year! December was a busy month!

Increased demand and a low inventory = price acceleration.

(793 homes on the market – the lowest for November in 5 years) Keep in mind that a “normal” inventory is between 1300 and 1400 homes on the market. It is very much a seller’s market. While new listings have slowed quite a bit in December, the inventory is not keeping up with the demand.

Detailed Real Estate Market Statistics

Average Days on Market (DOM) the time it takes to get a home under contract: 42 days, down 11% from last year at this time (47 days). .. less than the 5 years November average of 54 days (also the lowest in 5 years) This also is a demonstration of demand.

New Listings in December: There were 281 new listings last month, a 1% increase over December 2018. But demand has continued to be steady: There are 589 homes currently under contract total, up 16%… again, a sign of increased demand this year. When more homes are selling than are coming on the market, this is a sign of higher demand.

Number of Homes Under Contract: There were 293 new contracts (homes that went under contract) up 11% from last December. January will be a busier than usual settlement month!

What's Notable for Buyers:

• The majority of homes sold were in the $200,000 to $299,000 range. (higher competition for buyers) The largest number of listings are in the $300,000 to 399,000 price range (higher competition for sellers)
• Interest rates are at historic lows, fueling the fall market. Although we don’t know the future of interest rates, many lenders look for rates to stay low for the near future.

What's Notable for Sellers:

• All indications are that the market is healthy and serious buyers are continually entering the market this winter, a time when the market typically slows down a bit. We believe we’re seeing an early spring market here in Frederick County. This means it is a good time to sell. If you’re ready, you may not want to wait until the spring market. 
  
  The low inventory means less competition for you as a seller. Read: Why Sell in Winter?
  
  
• We are seeing more multiple offers on the homes that are in great condition and priced to sell…and this will continue to put upward pressure on home prices into the first half of next year.
• Homes that are priced well and in the best condition, and in areas of demand, are sold in weeks or even days. This doesn’t mean that sellers can expect huge increases…they need to remember that the home must still appraise about 90% of the time, as buyers count on financing to purchase.
• Pricing your home too aggressively will cause it to sit on the market longer, and you’ll need to do a price adjustment eventually, often losing important marketing time and losing more money than if it had been priced correctly at the start.

Maryland Real Estate Market

Everything is UP, UP, UP in Maryland. (Except Time on Market!)

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