Potomac home sales surge

Potomac MD Home Sales

Potomac MD Home Sales

Potomac MD – November 2015 home sales surge increasing 50% year over year and month over month.  pending sales decreased about 20% year over year, possibly due to a number of reasons including: seasonal slow down, and possible effects from the new TRID lending rules.

Active listings increased about 17% and average days on market increased about 12% compared last November.  The average home sale price increased about 3%, while the average list price increased 2.5%.

Potomac MD Real Estate Activity

Potomac MD Real Estate Activity

Potomac MD Average Home Sale Prices

Potomac MD Average Home Sale Prices

Data and graphics from RealEstate Business Intelligence and MRIS.

September 2015 Montgmery County home sale stats

Montgomery County Home Sales - September 2015
Homes sold during September 2015 in Montgomery County  MD increased year over year 14.5%.  New listings during September in Montgomery County MD increased 2.3% year over year; while all housing inventory grew during the same period 4.4%.

The average list price of Montgomery County MD homes during September was $513,456, while the average sale price was $504,466 (which was a year over year increase of 1.7%).




Data and charts provided by RBIntel and MRIS

Montgomery County Home Sales - September 2015

Maryland’s richest town is located in Montgomery County

Did you know that 24/7 Wall St. ranked Maryland, with a $70,004 median household income, as the richest state in the Union back in 2012? They also deemed the Washington DC metro area as the richest city in the country with a median household income of $86,680.

According to 24/7 Wall St:

“Maryland, which has had the highest median income of all states since 2006, was the only state in the country to have a median income above $70,000 in 2011. The state’s 10.1% was well below the national rate of 15.9%. Furthermore, a sizable portion of the population is earning well above the median income. Maryland is one of three states, along with New Jersey and Connecticut, where more than 10% of families earned more than $200,000 in 2011. Across the U.S., only 5.6% of families made more than $200,000 in 2011.”

However in their recent list of state by state richest towns,  Montgomery County’s Poolesville is crowned Maryland’s richest town, with a median household income of $135,430 and a listed population of 4,977.  Visit the Town of Poolesville’s official site.

24/7 Wall Street had this to say about Poolesville:

“With Maryland households the wealthiest in the nation, Poolesville was not just the richest in the state but also among the richest nationwide. A typical household in the town earned $135,430 annually. Maryland was also one of just 10 states where the difference between the poorest and richest towns’ household median income exceeded $100,000.”

Are you curious to see what Poolesville homes are like?  View the pictures and virtual tours of Poolesville MD Homes for Sale.

New neighborhood – new homes Rockville MD

EYA has started building and sales for their Westside at Shady Grove community.  The community is said to be a “…thoughtfully planned 90-acre neighborhood…” that will have parks, libraries, schools, community center, shops and restaurants.

EYA is currently building 400 “sleek and spacious” townhomes that are to be a short walk to amenities.  Features include roof top terrace.  Exciting option is the “Advanced Home Automation.”

eya-terrace eya-shop eya-elevation




View more new homes for sale.

More listings and sales, but data may point to rocky road ahead

May 2015 was a decent month for Montgomery County MD home sales.  Closed transactions increased about 6% compared to the same time last year, and increased about 2% from 2013.  May’s contracts decreased about 25% year over year; while newly listed homes increased about 3% year over year.
Home SalesAverage home sale prices have decreased during May year over year (decreased about 3% from May 2014, and 4% from May 2013).

Home Sale PricesMay is the typical “active” period for home buyers.  However, May 2015 absorption rate indicates lukewarm activity compared to recent years.

Absorption RateSales data is inclusive of homes listed in MRIS. Home sales data compiled from local MLS, MRIS.com; Property information posted on this site is believed to be accurate, but should not be relied upon without verification.

Luxury home lifestyles – new homes in Gaithersburg MD

Wormald Homes is now offering has luxury lifestyle homes in Crown, Gaithersburg MD.  Their city home lifestyle  offers a number of options and possible amenities; such as  Three-Car Garages; Penthouse Lofts; Elevators; Viking Appliances; 10 ft. ceilings; Modern island Kitchens open to Great Room, Sunroom, and Grand Terrace; Owner’s Retreats’ Rooftop Living Terrace; Rooftop Dining Terrace; Rooftop Sun Terrace; 3 to 5 Bedrooms; 2.5 to 4.5 Baths; The Wormald Lock & Go Lifestyle Yard Maintenance Program.

Maryland announces mortgage program for active duty and veterans

flagA $20 million initiative was announced to assist veterans and military families to buy a home. The “You’ve Earned It!” program offers low mortgage and significant down payment assistance.

Governor Larry Hogan was quoted in a press release from the Governor’s office, ““I am very proud of this new initiative, which helps our brave men and women in uniform and their families to achieve the American dream of home ownership and establish roots here in Maryland…The program is not only good for our economy, but good for our communities.”

The “You’ve Earned It!” initiative is a program through the Maryland Mortgage Program. The program offers active duty military (including Reserves and National Guard), honorably discharged veterans and honorably discharged disabled veterans a 2.75% fixed-rate, 30-year mortgage and $10,000 in down-payment assistance. The program is available until the $20 million allocation is exhausted – so hurry!

Purchases must be in one of Maryland’s Sustainable Communities. There is at least one designated Sustainable Community in each of Maryland’s 23 counties and Baltimore City. Find a Maryland Sustainable Community: (www.mdhousing.org/website/programs/dn/communities.aspx);or search by property address (www.bit.ly/dhcd_scmap).

What’s in store for housing and the economy – a look ahead

The National Association of Realtors® posted on May 14th a slideshow on Economic and Market issues and outlook.  The slides show home price trends increasing, and seasonal differences in pending and home sales; as well as projections of home sales into 2016.  Graphs also depict declining affordability; as well as regional differences (Northeast trend is not promising).  Projections of existing homes sales for 2015 and 2016 are very optimistic; and time will tell if those projections hold true.

Residential Economic Issues & Trends Forum by REALTORS®

Montgomery MD home sales lukewarm as home prices increase

The good news (for home owners) is that average home sale prices continue to climb, as there has been 1% year over year increase for April.   Home Prices

But If you’re following Montgomery County MD home sales, April 2015 sold homes increased 10% from last year, but is 2% lower from the same in 2013, and 8% lower from the same time in 2010!

Home SalesWhile pending home sales drop sharply during April, buyer activity is slowing as indicated by a falling absorption rate during April (dropping to 46% from 48% last year).

Absorption RateSales data is inclusive of homes listed in MRIS. Home sales data compiled from local MLS, MRIS.com; Property information posted on this site is believed to be accurate, but should not be relied upon without verification.

What do first time home buyers need to know?

Home buying tips and fundamentals for

first time home buyers

Don’t let your first time home buying experience be overwhelming. Before you plan your Sunday trip to open houses, it’s important to review the fundamentals and make sure you are going into your home purchase fully aware of the responsibility you are about to take on, as well as prepare you for the process and pitfalls that may come your way.

The first item on the list is to determine how much you can afford. Affordability is determined by your financial state and interest rates. Your financial state includes factors such as your income, debt, savings, and expenses. Interest rates impact on your ability to purchase a home because your monthly payment is based on the rate you lock into; the higher the rate, the higher your payment. To determine how much you can afford, you need to contact a mortgage lender for a pre-approval (I am happy to provide you with several names of licensed loan officers).

Once you know how much you can afford, make a housing budget. Making a housing budget can help you understand your expenses, which included utilities, maintenance, and other expenses such as cable and internet. Additionally, take into account any interest rate adjustment (if you have an adjustable rate mortgage) and increasing real estate taxes. Many first time home buyers get into trouble because they underestimate their monthly housing expenses.

Knowing your rights as a home buyer can help you too. Learn about consumer protection laws such as RESPA (Real Estate Settlement Procedures Act), Equal Credit Opportunity Act, Fair Credit Reporting Act, and the Truth in Lending Act. You can get more information about these laws from the Consumer Financial Protection Bureau (consumerfinance.gov).

As a first time home buyer it is important to know that you have the right to choose your service providers (except for certain circumstances), such as real estate agent, lender, title attorney, insurance provider, etc.

Your next step will be to choose a real estate agent. It is recommended to interview several agents before choosing as your agent will be your trusted guide through the home buying process. A good buyer agent is not only a good negotiator, but does their best to protect your interests.

For more information, please contact me or complete the form below: