Frederick County Maryland Real Estate July Final/Aug 7

The SOLD and Pending Sale numbers for Frederick County for July have ended as they have tracked all month, running slightly behind June’s numbers.  The SOLD number was 221 units, 14% shy of the June Total but 1% ABOVE the total from July 2010.  The Pending Sales number for July was 270 units, 12% shy of June’s number but 13% ABOVE July of 2010.  Of the 221 SOLD units, 26 were indicated as Foreclosures and 34 as Short Sales.  Of the 270 Pending Sales, 21 were indicated as Foreclosures and 70 as Short Sales.

The Total Volume Sold for Frederick County in July was $57,685,121 vs. $63,787,389 for June, a decrease of just under 10% and also, slightly down from 2010 (by 6%).  The Average Sold Price of $261,019 was 6% ABOVE the $247,238 for June.   The Median Sold Price was $235,000 vs. $220,000 for June which was nearly 7% higher than the June number.  While the Sold total unit count and therefore, total Dollar Volume show declines from June, July is typically a bit slower than June so there is not a major concern for the decline.  The positive note is the prices seem to be stable to rising while inventory continues to be steady to falling.  This is another indication of stability in the market. Regarding Days on Market, for June, Frederick County’s July Average was 111 days vs. an average of 101 days in June, a slight decline, however, not a major issue.

 August has started out well for Frederick County.  SOLD units are at 35, 15 ahead of July’s number as of the 7^th of the month.  Seven of these are indicated as Foreclosures and 5 as Short Sales.  Pending Sales are at 56 as of the 7^th of the month compared to 55 as the 7^th of July.  Three of these are indicated as Foreclosures and 20 as Short Sales.  So far there have been 80 New Listings for the month, 5 indicated as Foreclosures and 14 as Short Sales.

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

Sold                  221           *Approx 86%, 14% shy of June 11 (258) and 1% ABOVE Jul 10 (220)

Pending            270          #Approx 88%, 12% shy of June 11 (306) and 13% ABOVE Jul 10 (239)

                     As of 8/7      As of 7/7    Current numbers vs. previous month (total) and vs. last year, same month (total)

Sold                    35*              20           *Approx 16% of the way to beat July 11 (221) and 15% of the way to beat Aug 10 (227)

Pending              56#             55          #Approx 21% of the way to beat July 11 (270) and 25% of the way to beat Aug 10 (221)

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 31.29% (UP 0.7% from last week).  All five counties' percentages ROSE this week with Washington rising 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	1411	1128	283	20.06%	0.65%
Frederick	1809	1243	566	31.29%	0.07%
Howard	2037	1496	541	26.56%	0.64%
Montgomery	5417	3349	2068	38.18%	0.72%
Washington	1141	879	262	22.96%	1.74%
8/9/2011

* Distressed Property Activity - Frederick County:

Of the 1243 "Active" properties, 292 (40 Foreclosure, 252 Short Sale) are "Distressed" properties (23%)

Of the 566 "Under Contract" properties, 300 (39 Foreclosure, 261 Short Sale) are "Distressed" properties (53%)

NOTE:  This past week, the Active properties percentage was again stable at 23% while the Under Contract property percentage dropped by 2% to 53%.  Frederick’s current Active Inventory count is 1243 units, a DECREASE of 13 units from last week.  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