This month is looking great! Real estate agents everywhere in Montgomery County are moaning about seeing a slight slow down in the overall housing market. Since tax incentives ended in April and the busy summer months are over, agents say buyers are taking a break for the year. But we at the MSM Team see something else happening in the market, something unexpected and encouraging: cautiously optimistic buyers actively looking to buy new homes this winter.
Cautious optimism means that these buyers are confident that they can find a home that fits their needs and they are probably more reasonable when it comes to price. There are still houses unsold on the market and sellers looking to move. This makes now a great opportunity for buyers to get properties at good deals. Sellers can also take advantage of this market because we know buyers are out there and they are willing and able to buy right now! With the holiday season upon us, we can imagine these buyers and sellers have a sense of urgency and want to get settled soon! After government shutdowns and supposedly slow markets, November has turned into an exciting month!
Fall is off to a strong start in the Maryland suburbs and housing market demand continues to strengthen. The number of sales increased 16% from last September and sale prices continue to rise. The median sale price increased 3.8%, a gain of $10,000. New home sales had double digit increases from this time last year. There were 12.1% more sales in September in the Washington DC Metro Area than a year ago, and the highest September-level since 2009. However, the number of sales decreased 21% from September, which is in line with seasonal patterns, but the dampened momentum could also be the lingering repercussions of the federal shutdown.
The good news is that favorable market conditions continue to cause new sellers to enter the market, resulting in a 16.5% increase in listings from this time last year. This is the sixth consecutive double-digit increase for this indicator. And homes are selling quickly! The median-days-on-market was 17 in September, which is the lowest September-level since the peak of the housing boom in 2005. It's important to take note that the increase in active listings came from condos and townhomes; listings for single family homes have been on the decline and continued to fall. In fact, active listings for single-family detached homes are at their lowest September-level in 8 years! If you or someone you know is looking to sell a home, this is the right time to do it. Rates are still historically low, home loans are easier to obtain, and buyer demand is still strong. Most importantly, home inventory is down; it's a "Seller's Market" and there’s a large audience of buyers looking to buy a home.
If you know of anyone who is thinking of buying or selling, please let us know! We're looking for inventory in every area!
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