City of Frederick Market Trends – March 2016

Frederick Md Real Estate Market

In March we had a big month for real estate sales in Frederick County with 306 homes sold. Let’s see some highlights of the real estate sales for the city of Frederick:

Inventory

There were 159 new listings in March. This is an indication that people are jumping into the “spring market” to list their homes for sale. The number of active listings in the city is 568, higher the 5-year average. More homeowners are seeing their home values return and are able to put their homes on the market.

Sold

More homes sold this March than last year, 192 total, compared to 229 last March.

Sold Prices

The average sold price in March was $294,600. This was 98% of list price on average.

The median sold price was $255,000, the trend has been upward, as it was above the 5 year average.

The number of days on market (DOM) was 59. Lower than the 5-year average of 87.

What’s Selling?

Of the 192 homes that sold in March in Frederick City,

  • 75 were single-family homes (down 9% from last year), The average selling price of single-family homes was $352,245, an increase of 2%,
  • 81 were townhouses (81 last year), while the average selling price of townhomes was $229,800, an increase of 5%.
  • 6 duplexes average price $201, 200
  • 14 were condominiums, average selling price, $146,550, which was up 2% year over year.

Interest Rate Update

Interest rates dipped again this month, and are still at historic lows, even though the Fed has begun to very gradually raise rates. Average mortgage rates have been under 4% for weeks. The 30-year fixed-rate was 3.67% during the month of March. The 15-year fixed-rate average is 2.78%.

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City of Frederick Real Estate Trends – February 2016

Frederick Md Real Estate Market

February saw a healthy real estate market. Let’s see some highlights of the real estate sales for the city of Frederick:

Inventory

New listings were up over 4% from a year ago. This is an indication that people are jumping into the “spring market” early to list their homes for sale. The number of active listings is significantly above the 5-year average for the City of Frederick. More homeowners are seeing their home values return and are able to put their homes on the market.

Sold

More homes went under contract this February than last year, even with a shortened number of good days to view homes. New listings were up 12% over last February. More homes went to closing as well, 13%. These are all good signs toward a robust spring market ahead.

Under Contract (Pending)

Sold Prices

The average sold price in February was $297,000. Up

The median sold price was $259,000, up 6% from last February, the trend has been upward, as it was above the 5 year average and higher than January.

The number of days on market (DOM) was 68. Lower than the 5-year average of 86.

What’s Selling?

Of the 141 homes that sold in February in Frederick City, 54 were single-family homes, 66 were townhouses, 5 duplexes and 16 were condominiums. The average selling price of single-family homes was $359,568, and increased 5%, while the average selling price of attached homes was $222,370, and was relatively flat year over year..

Interest Rate Update

Interest rates are still hovering at historic lows, even though the Fed has begun to very gradually raise rates. Average mortgage rates have been under 4% for weeks. The 30-year fixed-rate hovered between 3.8% and 3.9% during the month of February. The 15-year fixed-rate average inched up to 3%.

Contact us to see what your Frederick City home is worth:

City of Frederick Real Estate Market Report – January 2016

Frederick Md Real Estate Market

January saw a healthy real estate market, considering Winter Storm Jonas had people housebound for more than a week. Let’s see some highlights of the real estate sales for the city of Frederick:

frederick md real estate market Although new listings weren’t taken at the rate they were a year ago, there were more than the previous month. This is an indication that people aren’t waiting until the typical “spring market” to list their homes for sale. The number of active listings is significantly above the 5-year average for the City of Frederick. More homeowners are seeing their home values return and are able to put their homes on the market.

More homes went under contract this January than last year, even with a shortened number of good days to view homes. More homes went to closing as well. These are all good signs toward a robust spring market ahead.

Although the median sold price was down a bit from last January, the trend is still upward, as it was above the 5 year average and higher than December.

It took a little longer to sell the homes that closed this winter…understandable. Everything takes longer during a harsher winter.

What’s Selling?

Of the 100 homes that sold in January in Frederick City, 52 were single-family homes, and 48 were attached units, of which 15 were condominiums. The average selling price of single-family homes increased 5%, while the average selling price of attached homes decreased 10%.

  • 24% of homes sold in the $200k – $300k range
  • 23% sold in the $150k – $200k range
  • 22% sold in the $300k – $400k range

Interest Rate Update

Interest rates are still hovering at historic lows, even though the Fed has begun to very gradually raise rates. Average mortgage rates have been under 4% for weeks. After falling for eight straight weeks, the 30-year fixed-rate average inched upward twice, last week and once again this week, rising to 3.68% with an average 0.5 point. The 15-year fixed-rate average inched up to 2.96% with an average 0.5 point.

Contact us to see what your Frederick City home is worth:

Historic District Real Estate Trend Report for January 2016

How is the real estate market in Downtown Frederick in 2016? We’re off to a great start to the year, with a lot of activity for the winter, especially considering we survived Winter Storm Jonas!

Here’s the synopsis for real estate sales in January:

  • Active Listings in January: 7 compared to 2 in January 2015
  • Closed Sales: 2 compared to 0 in 2015
  • Absorption Rate: There is currently a 3.5 month supply of homes for sale in the Historic District in Frederick Md:
  • As is typical for winter, the DOM, or days it took to sell a home, was up for the month of January, compared to the previous months in 2015:

 

The breakdown of the price ranges of homes in the Historic District is wide…showing the unique homes that are for sale. The  metrics of “average home price” aren’t very useful.

One metric that is useful…the median sold price has been consistently higher than the median list price. This is a reflection of the tight inventory and the steady demand.

We’re expecting the market to continue in this pattern throughout 2016. If you’ve been waiting to list your home for sale in the Historic District, 2016 could be the year. The combination of low interest rates, increasing values and increased demand make a good seller’s market.

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