Catch up BLOG - Frederick County Real Estate - June Final-Jul 7

   The June Final Real Estate Market numbers for Frederick County were again showing stability.  Sold units exceeded May of 2011 by 10% while falling short of June 2010 by 9%.  Again, this is not a surprise since the Federal Tax Credit initial ending date was in June of 2010.  Pending Sales for June were only 3% below May, while being well above June of 2010 by 44%.  This data shows a healthy and stable market.  Of the 258 SOLD units, 46 were identified as Foreclosures and 34 as Short Sales, approx 31% of the total Sales.  Of the Pending Sales, 36 of the 306 were identified as Foreclosures and 77 as Short Sales, a total of 113, approx 37%.

The Total Volume Sold for Frederick County in June was $63,787,389, an increase of just over 11% above  May’s total of $57,399,608 and as expected, down from 2010 (by 17%).  The Average Sold Price of $247,238 was nearly 1.25% higher than the $244,254 for May.   The Median Sold Price was $220,000 which was approx 1% higher than the $218,000, for May.  These are all good numbers and another good number is the Average Days on Market.  For June, Frederick County’s Average was 101 days vs. an average of 107 days in May, good for an improvement of approx 5%.

So far for the month of July, the SOLD and Pending Sale numbers are below June’s number, however, with the holiday weekend falling in that period, those numbers are not surprising.   One of the 20 SOLD units in July is identified as a Foreclosure, with 4 being identified as Short Sales.  As far as Pending Sales, 8 of the 73 are indicated as Foreclosures and 13 as Short Sales.  New Listing totals for July as of the 7^th are 70, 5 indicated as Foreclosures and 15 as Short Sales.  As of July 10, the Current Active Inventory is only 1249 units.

                  June Final    Current numbers vs. previous month (total) and vs. last year, same month (total)

Sold               258*          *Approx 10% ABOVE May 11 (235) and 9% below Jun 10 (283)

Pending        306#          #Approx 3% below May 11 (278) and 44% ABOVE Jun 10 (212)

                     As of 7/7      As of 6/7    Current numbers vs. previous month (total) and vs. last year, same month (total)

Sold                    20*               27           *Approx 8% of the way to beat June 11 (258) and 9% of the way to beat Jul 10 (220)

Pending              55#              73          #Approx 18% of the way to beat June 11 (306) and 23% of the way to beat Jul 10 (239)

In addition to the normal chart, below is a chart showing Total units, Active, and under Contract.  For Frederick County the number of units under contract vs the total is 32.49% (Down 0.46% from last week).  Four of five counties' percentages fell this week with Howard, again, falling the most.   Washington County rose by 1.26%.  Montgomery still maintains the highest percentage while Frederick maintains second place.

Percent of Homes Under Contract vs. Total

Current Active vs. Contract Snapshot
	Total	Active	Contract	% Contr	% Chg vs LW
Carroll	1408	1138	270	19.18%	-0.57%
Frederick	1850	1249	601	32.49%	-0.46%
Howard	2094	1516	578	27.60%	-0.83%
Montgomery	5723	3537	2186	38.20%	-0.78%
Washington	1143	900	243	21.26%	1.26%
7/10/2011

* Distressed Property Activity - Frederick County:

Of the 1276 "Active" properties, 284 (49 Foreclosure, 235 Short Sale) are "Distressed" properties (23%)

Of the 601 "Under Contract" properties, 314 (50 Foreclosure, 264 Short Sale) are "Distressed" properties (5221%)

NOTE:  This past week, the Active properties percentage was stable at 23% while the Under Contract percentage rose by 1% to 52%.  This increase is likely due to the larger number of settlements at the end of the month dropping the under contract count, while the Under Contract distressed properties continue to wait for bank approval.  Frederick’s current Active Inventory count is 1249 units, a DECREASE of 27 units from last week.  Some of the decrease may be due to listings that expired on June 30.  Regardless, Frederick’s inventory level remains quite low by comparison to other counties.

Visit my website for more information and to sign up for County Reports in a graph format.  In addition to Frederick County, I cover Carroll, Howard, Montgomery, and Washington Counties in Maryland.  Click on the County Reports Button on the left side of my Home Page.

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Thus ends my post.  See you next time.

Bob