Active Listings Fall to Very Low Levels

Montgomery County Active Listings typically fall in the Holiday Season. This year, we are really down low. If you are interested in selling your home and it does not terribly inconvenience your holidays, this may be an opportunity.

Active Listings

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Observations on November 2011 Market

As usual, I wait about 10 calendar days to look at last month’s data and so today, I ran my software and reviewed the November 2011 sales in comparison to November 2010. I knew it had been a slow month but, the data only reinforces that view.

Across Montgomery County sales volume was down about 7% from 746 closed sales in 2010 to 693 closed sales in 2011. Average Net Sales Price was down 5.51%.  For Silver Spring sales voulme decreased about 10% (down from 187 sales in 2010 to 168 in 2011). Sales prices for Silver Spring were down 10.49%. There were similar results for Bethesda, Chevy Chase and Rockville, with Sales Prices down across the board by 14.54%, 6.56% and 9.75%, respectively.

The only brght spot in all this is to let you know that I now have most of my older listings under contract and that the number of active Listings across the County is down about 11% from last year. This may be the early signs of a stabilizing market.

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Market Snapshot Report: Dollar Sales Volume Down 11%

Right now you can see how the Washington DC region real estate market performed in November 2011 versus November of last year. If you want you can wait until January 2012 for Case-Schiller results!

My Daily Market Snapshot Report and My Month-to-Month Comparisons are there for you to see every day. The Monthly Market Snapshots provide automatically processed reports comparing Month to Month, Year to Year and 90-Day to 90-Day periods in the MRIS. Prior monthly data usually takes 10-12 days into the next month before most of the data is entered (remember this is done by individual agents). Hence, we use a Monthly or 90-Day comparison periods that typically lags by 10 days from the Daily Report.

As of today, we see that in Montgomery County the # Units Sold in November 2011 was 686, down 8.05% from last year’s November level. While November 2011 sales prices were down 5.17% versus last year’s sales prices.  Comparing November 2011 to the previous calendar month, October 2011, shows that both number of units sold and average sales prices were both up, 5.53% and 6.06%, respectively.

I believe that the best indicators of the market are My 90-Day Reports. If we look at the Last 90 Days of 2011 versus last year, we see how the Montgomery County market has really come down significantly in volume (-8.86%) and slightly in sales price (-2.29%). However, the combined effect is that Total Dollar Sales Volume in Montgomery County for this 90-Day period in 2010 was $971,370,273, while for 2011 it was $865,143,622. This represents a 10.936% percentage drop which unfortunately, more truly reflects the overall downturn in the county market.

I would like to be more positive about the future. But, with active distressed accounting for 22.74% of the total listings in the county, we are in for more headwinds.

 

 

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Welcome to the D.C. Regional Real Estate Resource

  • This web site provides regional, city and local community information drawn from the Metropolitan Regional Information Systems, Inc. (MRIS), the regional multiple listing service, and is presented as a community service by Barbara Ciment, #1 Long & Foster Team
  • The Daily Market Snapshot provides an analyzed overview of all Active Listings, Recent Sales and a breakout of Distressed (short sale and bank-owned) Active and Recent Sold, that are affecting the overall market, for the following jurisdictions:
    • Maryland Counties: Montgomery, Howard, Prince George’s
    • Virginia Counties: Arlington and Fairfax; and
    • Washington, D.C.
  • The Market Snapshot provides Sales Averages, Months of Supply and Days on the Market for all highlighted areas.
  • No Registration is Required.
  • The purpose is to help buyers and sellers quickly gain an overview of the real estate market by “Viewing” a wide array of active listings and sold transactions that have been processed and analyzed into a Market Snapshot.
  • This site provides automatically processed reports from the regional multiple listing services, MRIS Metropolitan Regional Information Systems, Inc. Reports are automatically updated periodically. Information is believed to be accurate, but should not be relied upon without verification. Accuracy of square footage, lot size and other information is not guaranteed. For the most timely information, Call Barbara at 301-622-7002, email barbara@ciment.com.

 Wide Range of Reports on this Blog:  We are expanding our sharing of information on this Blog. You may already be aware that the Blog provides Daily Montgomery County Active and Recent Sold reports. Here you can view reports by Zip Codes, Cities, Subdivisions or Condos by the following simple URLs.

Zip codes:       CimentBlog.com/zips Subdivisions: CimentBlog.com/subs Cities:              CimentBlog.com/cities Condos:          CimentBlog.com/condos

If you want to see reports on cities, zips, subdivisions or condos not reported, then, just send me a note and I will add your desired areas to our site. You can always also sign up for eAlerts from the MLS by using my Search widget on my main web site, legacy.ciment.com. In the future, I will be developing eNewsletters that I will send to registered users.

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Barbara Ciment, Realtor