What Every REALTOR® Wants You to Know About Real Estate – December 2016 vs YTD
The real estate market in Maryland, particularly Frederick County, Maryland has continued its upward climb throughout 2016 ending the year with some pretty solid increases.
Sales of homes in Frederick County Maryland increased by 10.6% in 2016. This represents an increase of 392 more homes sold this year. In addition, the average price of homes in Frederick County increased by 1.4% with the median price increasing 2.5%.
One of the numbers that REALTORS® watch closely is the Months of Inventory. The Months of Inventory is how long it would take to sell all the current homes on the market at the current rate of sales. If there are six months or more of inventory it is considered a buyers’ market; three to six months is considered a neutral market; and less than three months is considered a sellers’ market.
Frederick County ended 2016 with 2.8 months of inventory indicating that the year ended in a sellers’ market. This was basically caused by 263 fewer homes on the market than last year.
If you are thinking of buying or selling in 2017, I encourage you to talk to a real estate professional – talk to a REALTOR® – who can give you the information you need to make informed decisions.
As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-8808 or email me at RolandLow1@gmail.com.