Montgomery County Maryland
Market Report & Homes For Sale
Including all homes for sale in the following cities:
Bethesda, Clarksburg, Damascus, Germantown, Boyds, Olney, Montgomery Village,Gaithersburg, Rockville, North Potomac, Bethesda, North Bethesda, Poolesville, Kensington and Silver Spring
Complete review for the Montgomery County MD Real Estate Market.
On September 2012 The US economy added 1140,000 jobs and in the Montgomery County area, it was reported that our unemployment rate is 6.1 % A lot less than the reported unemployment figures for the whole country at 7.8%
The elections are over and I have full confidence that the President and Congress will come up with a plan to avert the fiscal cliff looming in our horizon
Our local market continue on its strong path towards perfection. Is a reminder to all of us, how lucky you and I are living in this area.
Overall, I can tell you with certainty that the low market inventory in our area will keep our prices stable. .
Other good news overall for the whole country is about foreclosures. .
Realty Trac has reported just recently that foreclosure filings felt to a 5 year low!
We are on our way to recovery
The caveat for homeowners in our area still remain a high probability that their homes are still underwater
Don't expect prices to shoot up to 2005 levels in the near future. .
There is a sense of more disciplined healthy market growth and slow in this case is good for the economy. Home values growth will be directly proportional at the reluctance of appraisers to increase their opinions and keep them constricted no matter what the buyers want to pay.
I can tell you that we have experienced this first hand in the last 7 days. Two of our closings were halted because of the appraisals coming way too low.
Prices of homes are going up because of the low inventory. .but only for certain price ranges. The luxury real estate remains stable . . but there are fewer people buying homes above the $750,000 and up range.
Mortgage rates at still or near record lows. This is good indication that we are still going upwards and I caution not to expect this to remain as it is. .if you are near teh decision to buy a house, you shoudl do so now.
There is no bottom of the market anymore. . .you'll have to wait for the next recession if you want to see it again. . .better luck next time!
The inventory shortage has whipped up a buyer frenzy in our local market. .specially in the lower range properties.
Bidding wars and price increases are coming from all angles. .
From apartment renters that are finding mortgage payments to be LOWER than their monthly rentals
To the lucky ones in position to buy and upgrade their housing.
The average increase in home values remains constant in the Washington Metropolitan Area
In average overall we should see around 7% to 10% total gains from 2011.
Affordability still is an issue in Montgomery County
The median Value of owner-occupied housing in Montgomery County is $482.900
The median per capita income money is $47,310
Direct data taken from Census.Gov
That's TEN TIMES the average housing vs income per capita
In Florida the median per capita is around $25,000
Only 5 times that. . buys them a house OVER the median value in Florida (around $125,000)
try doing the same here in Montgomery County and you will be lucky to get a condo at that price.
Our market is dependent in the affordability range. .like it or not
Until we achieve a balanced real estate market in our area. .prices will continue to be stagnant in the high end.
Even the average Days on Market (DOM) has dropped to 59 days as opposed to 85 days in 2011
Check the video below for a review of these basic statistics that are shaping the future of real estate in our local area.
As always, we welcome your questions about our local market and input is appreciated if you think we missed anything.
This report was written by Fernando Herboso, Manager and Broker for Herboso & Associates LLC licensed in MD, DC and VA
The listing content relating to real estate for sale on this web site is courtesy of MRIS. Listing information comes from various brokers who participate in the MRIS IDX. Properties listed with brokerage firms other than Real Estate Company. are marked with the MRIS Logo and detailed information about them includes the name of the listing brokers. The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed and should be independently verified. All listing information copyright MRIS 2012. Last updated: October 15, 2012