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 Average Home Sale Prices
Data and graphics from RealEstate Business Intelligence and MRIS.
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%).
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. Average home sale prices have decreased during May year over year (decreased about 3% from May 2014, and 4% from May 2013).
May is the typical “active” period for home buyers. However, May 2015 absorption rate indicates lukewarm activity compared to recent years.
Sales 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.
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.
The Maryland Association of Realtors reported that home sales are reaching equilibrium as February sales increased 16.3% compared to February 2014, but average home prices fell 3.8%, according to the March 24th press release. Home absorption has increased as Home listing inventory increased 7.3%, while there has been a slight decline in months of inventory.
MAR President Janice Kirkner was quoted to say in the release: “As we have anticipated, homebuyers are actively engaged in the market”…”pending units are up by 17.8 percent, and indication of continued strong activity.”