Montgomery County, Maryland July Market Update
Montgomery County Sales Market Data For July 2014
For the month of July, the combined single-family and condo/co-op sales market share to weaker performance then in July 2013. The total unit sales volume came in at 1059 properties but that was a drop of 17% from a year before the monthly sold dollar volume totaled $558,709,809 and was down over 17% from a year before. The average sold price came in at $527,582 down about $2000 from last year; but, the median price of $429,000 dropped $6000 or about 1.5% from a year ago. Average days on market totaled 39-4 days more than in the previous July.
July Single-Family Homes
For the first seven months of 2014, year to date settlements and contracts were down significantly from a year ago. The July year to date single-family settlements (4000 790) came in 7% under the same period in 2013; and, year to date contracts (5512) slipped almost 6% from a year before. The direction of the results was similar for the July monthly figures. Indeed, July settlements (843) were more than 16% below a year before; and, new contracts for the month (861) edged down a bit over 1%.
On the other hand, the trend of inventory has been upward. At the end of 2013, single-family active listings totaled only 1330 homes. However, by July there were 2594 total actives and these were a whopping 38% above the level of a year before. Moreover, the 1159 property listings for July were 4.5% above those of July 2014. Nevertheless, even with this growth and listings at the Joan July contract pays, there was only about a three month supply of properties. So far, the 2014 single-family sales pace has been down, but price-performance is up from last year. In 2013, the year and average sales price was $573,281, and the median was $460,000. Through July, the average and median prices were $582,550 and $475,000, respectively. These are up 1.6% and 3.3%, respectively, from the 2013 prices. That does not quite make up for the 2014 unit sales drop; but, 2013 was a huge year for prices and some adjustments are to be expected.
July Condominiums and Cooperatives
The July condominium in cooperative market was also a bit flat compared to a year before. Through July, there were 1496 settled sales down almost 6% from a year ago. And, for the month, settlements declined almost 22% to only 217 units. July year to date contracts also showed declines. Year to date contracts (1684) dropped 7% from last July; however, the 287 new monthly contracts rose 4.7%. We'll have to see how August and September worked out, as the market could strengthen by fall moreover, July inventories substantially exceeded most of the levels of 2013. July condo/co-op activities (597) came in 32% above the level of a year before. And, monthly new listings (335) jumped 12% above the July 2013 figure. Nevertheless, at the monthly contract case there was only a two month supply of properties. Compared to the single-family market, the 2014 condos/co-op market has shown lagging price appreciation. For 2013, the average price of $269,950 was up almost 7.7% from 2012; and, the median price of $220,000 was 5.6% higher. However, through this July, there has been more demand at the lower end of the market. The average price of $269,335 has slipped about 1%; but, the median of $225,000 edged up 2.3% from 2013.
This article and market statistics were featured in capital area Realtor(TM) magazine September/October 2014 issue and was written by Fred Flick, PHD, consultant/housing economist.