Frederick County Maryland Real Estate as of 7/28/11

The SOLD and Pending Sale numbers for Frederick County for July continue to lag behind June’s number.  The holiday at the beginning of the month caused the unit counts to start the month in a bit of a hole, however throughout the month, activity has been stable and in fact, showing activity has picked up in the latter part of the month.  This indicates that the numbers are behind simply because of the “lost” first week of the month and shows that buyers are out there.  Many are looking to find a home before the end of summer.  Of the 169 SOLD units as of the 28^th, 20 are identified as Foreclosures, with 25 being identified as Short Sales.  The 169 SOLD count is 16 units behind June’s number as of the 28^th. As far as Pending Sales, 27 of the 224 recorded thus far in July are indicated as Foreclosures and 67 as Short Sales.  The July total Pending Sales of 224 is 35 units behind June’s number of 259 as of this point in the month.  New Listing totals for July as of the 28^th are 295, 17 indicated as Foreclosures and 63 as Short Sales.  As of July 30, the Current Active Inventory is only 1256 units. 

                     As of 7/28      As of 6/28    Current numbers vs. previous month (total) and vs. last year, same month (total)

Sold                   169*            185           *Approx 66% of the way to beat June 11 (258) and 77% of the way to beat Jul 10 (220)

Pending            224#            259          #Approx 73% of the way to beat June 11 (306) and 94% 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 31.22% (Down 0.45% from last week).  All five counties' percentages dropped this week with Frederick and Carroll dropping the least.   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	1417	1142	275	19.41%	-0.45%
Frederick	1826	1256	570	31.22%	-0.45%
Howard	2033	1506	527	25.92%	-0.93%
Montgomery	5510	3446	2064	37.46%	-1.21%
Washington	1150	906	244	21.22%	-1.33%
7/30/2011

* Distressed Property Activity - Frederick County:

Of the 1256 "Active" properties, 286 (42 Foreclosure, 244 Short Sale) are "Distressed" properties (23%)

Of the 570 "Under Contract" properties, 316 (47 Foreclosure, 269 Short Sale) are "Distressed" properties (55%)

NOTE:  This past week, the Active properties percentage was again stable at 23% while the Under Contract property percentage rose by 2% to 55%.  The rise in Under Contract percentage is not unexpected at this time of the month.  The change reflects two factors, the decline in the number of Under Contract units, mostly due to settlements, (from 594 last week to 570 this week) coupled with the stability of the distressed properties under contract (317 last week vs. 316 this week.)   The fact that many distressed properties take longer to sell keeps the Under Contract property count high since these typically take many months to reach settlement.  Frederick’s current Active Inventory count is 1256 units, a DECREASE of 26 units from last week.  Frederick’s inventory level remains quite low by comparison to other counties.

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Thus ends my post.  See you next time.

Bob