MONTGOMERY COUNTY JULY 2018
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1 STATPAK MONTGOMERY COUNTY JULY 2018 McEnearney.com MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR JUNE & FIRST HALF 2018 Contract activity in June 2018 was up 1.2% from June 2017, solely because of a 5.5% increase in the number of condos going under contract. Activity for attached and detached home was down. Through the first half of the year, contract activity is down 2.6%. The average number of days on the market for homes receiving contracts was 34 days in June 2018, down from 38 days in June of last year. URGENCY INDEX The Urgency Index, simply the percentage of homes going under contract that were on the market 30 days or less, was up in June compared to the year prior. During the past 14 years, the Index has been as high as 92% (May 2004) and as low as 19% (December 2007). In June 2018, the Urgency Index was 68.7%, up from 63.9% in June INVENTORY The number of homes on the market at the end of June was down 9.3% compared to the end of June 2017 and was down in all six price categories. The number of new listings coming on the market was down 3.4% from June The drop in inventory combined with the modest increase in contracts to move overall supply to 1.9 months, down from the 2.1 months at the end of June INTEREST RATES After a half-point jump in 30-year fixed mortgage interest rates early in the year, the rate at the end of June was 4.55%, right where it has hovered since April. It is two thirds of a point higher than it was a year ago at the end of June We continue to expect that rates will rise gradually through the rest of the year, but we d be surprised if they top 5% at any point in AFFORDABILITY The payment on a no-money-down, 30-year fixed mortgage for a median-priced home is 12.8% lower today than it was a decade ago in June 2008, but is up 17.8% from June of last year as a result of rising prices and interest rates. The mortgage payment for a median priced home ($2,438) was higher than the median rented price ($2,250). DIRECTION OF THE MARKET There are only 60% as many homes priced less than $500,000 on the market in Montgomery County now as there were at the end of June The demand for first-time purchasers is there, but the supply isn t. And fewer sellers are putting their homes on the market, contributing to the tight supply. Despite an overall healthy market, the number of sales will remain flat. Unless otherwise noted, data derived from Metropolitan Regional Information Systems, Inc. (MRIS ). Northern Virginia is defined as Arlington and Fairfax counties and the cities of Alexandria, Falls Church & Fairfax. Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 1
2 MONTHLY SUMMARY JUNE 2017 vs. JUNE 2018 June June % MONTGOMERY COUNTY Change Number of Sales 1,548 1, % Fully Available Inventory on 6/30 2,762 2, % Number of New Listings 1,757 1, % Number of New Contracts 1,311 1, % Days on Market - New Contracts % Average Sales Price $546,348 $576, % Average Seller Subsidy $3,028 $3, % Urgency Index 63.9% 68.7% 7.5% Months' Supply % PRINCE GEORGE'S COUNTY Number of Sales 1,093 1, % Fully Available Inventory on 6/30 1,770 1, % Number of New Listings 1,438 1, % Number of New Contracts 1,032 1, % Days on Market - New Contracts % Average Sales Price $293,097 $304, % Average Seller Subsidy $5,470 $5, % Urgency Index 69.1% 64.3% -6.9% Months' Supply % WASHINGTON, DC Number of Sales % Fully Available Inventory on 6/30 1,502 1, % Number of New Listings 1,316 1, % Number of New Contracts % Days on Market - New Contracts % Average Sales Price $731,964 $727, % Average Seller Subsidy $2,027 $2, % Urgency Index 71.4% 72.8% 2.0% Months' Supply % NORTHERN VIRGINIA Number of Sales 2,764 2, % Fully Available Inventory on 6/30 4,474 3, % Number of New Listings 3,201 2, % Number of New Contracts 2,341 2, % Days on Market - New Contracts % Average Sales Price $602,294 $602, % Average Seller Subsidy $2,649 $2, % Urgency Index 65.3% 70.6% 8.1% Months' Supply % LOUDOUN COUNTY Number of Sales % Fully Available Inventory on 6/30 1,544 1, % Number of New Listings % Number of New Contracts % Days on Market - New Contracts % Average Sales Price $516,552 $541, % Average Seller Subsidy $2,773 $2, % Urgency Index 69.1% 71.4% 3.3% Months' Supply % * Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 2
3 YEAR-TO-DATE SUMMARY 2017 vs Year-to-Date Jan-Jun Jan-Jun % MONTGOMERY COUNTY Change Number of Closed Sales 6,428 6, % Average Month-End Available Inventory 2,250 2, % Number of New Listings 9,691 9, % Number of New Contracts 7,495 7, % Days on Market - New Contracts % Average Sales Price $529,240 $549, % Average Seller Subsidy $3,304 $3, % Average Urgency Index 65.7% 69.4% 5.7% Average Months' Supply % PRINCE GEORGE'S COUNTY Number of Closed Sales 5,342 5, % Average Month-End Available Inventory 1,697 1, % Number of New Listings 7,333 7, % Number of New Contracts 5,668 6, % Days on Market - New Contracts % Average Sales Price $282,075 $293, % Average Seller Subsidy $5,423 $5, % Average Urgency Index 62.3% 62.5% 0.3% Average Months' Supply % WASHINGTON, DC Number of Closed Sales 4,538 4, % Average Month-End Available Inventory 1,283 1, % Number of New Listings 6,660 6, % Number of New Contracts 5,225 5, % Days on Market - New Contracts % Average Sales Price $690,363 $697, % Average Seller Subsidy $2,179 $2, % Average Urgency Index 70.8% 70.8% 0.1% Average Months' Supply % NORTHERN VIRGINIA Number of Closed Sales 11,479 11, % Average Month-End Available Inventory 3,718 3, % Number of New Listings 17,698 17, % Number of New Contracts 13,397 13, % Days on Market - New Contracts % Average Sales Price $577,330 $587, % Average Seller Subsidy $2,673 $2, % Average Urgency Index 69.4% 73.6% 6.0% Average Months' Supply % LOUDOUN COUNTY Number of Closed Sales 3,396 3, % Average Month-End Available Inventory 1,286 1, % Number of New Listings 5,459 5, % Number of New Contracts 3,981 4, % Days on Market - New Contracts % Average Sales Price $498,664 $520, % Average Seller Subsidy $3,085 $2, % Average Urgency Index 72.2% 75.3% 4.3% Average Months' Supply % * Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 3
4 MONTGOMERY COUNTY Detail Pages Interest Rate YEAR FIXED AND 1-YEAR ADJUSTABLE RATES Month-End Mortgage Rates 2011-Current 1-Year ARM 30-Year Fixed MORTGAGE RATES 30-year fixed interest rates at the end of June averaged 4.55%, compared to 3.88% at the end of June One-year adjustable rate mortgages were 3.87% at the end of June 2018, which is up from 3.17% at the end of June BUYING POWER Mortgage Amount with $1,000 Payment BUYING POWER A $1,000 principal and interest payment supported a loan of $196,209 at the end of June, which is $16,320 less than June 2017 but $40,576 more than June In June 2008, it would have taken a monthly PI payment of $2,797 to purchase a median-priced home. Now it takes a payment of $2,438 to buy a median-priced home. That s a 12.8% decrease. However, it now takes a payment that is 17.8% higher than this time last year because of a jump in the median price and rising interest rates. AVERAGES SALE PRICE Montgomery County 2010-Current AVERAGE PRICES June 2018 s average sales price was $576,289, which increased 5.5% from the June 2017 average price of $546,348. Remember that these indicators are arithmetic computations based on all properties sold and do not indicate the appreciation or depreciation of any individual property. Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 4
5 % of Contracts on the Market 30 Days or Less 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jan 14 Mar 14 URGENCY INDEX % of Contracts on the Market for 30 Days or Less Montgomery County 2014-Current % of Contracts # Contracts May 14 Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16 Mar 16 May 16 Jul 16 Sep 16 Nov 16 Jan 17 Mar 17 May 17 Jul 17 Sep 17 Nov 17 Jan 18 Mar 18 May 18 1,800 1,600 1,400 1,200 1, Number of Contracts URGENCY INDEX 2014-Current This chart compares the number of contracts (green line) to the percent that were on the market 30 days or less (blue bars). At first glance, it might appear that the lower contract activity also means a lower percentage of homes that sell quickly but that s not always true. As an example, December is always the month with the lowest number of contracts. December 2011 (not on this chart) had a 30% index, but that jumped to 44% in 2012, an early indicator that the market was picking up heading into URGENCY INDEX Montgomery County June URGENCY INDEX - June During the past 12 years, the June Urgency Index has been as high as 68.7% and as low as 30.6%. The average June Urgency Index during the past 12 years is 53.6% which is significantly lower than where we are today. There was a 1.2% increase in the number of new contracts for June 2018 compared to 2017 and the Urgency Index increased slightly from 63.9% to 68.7%. URGENCY INDEX DC Metro Area by Jurisdiction Comparison June 2018 URGENCY INDEX DC Metro Area The average June Urgency Index during the past 12 years for all five of the jurisdictions we track is 57.0% considerably lower than where we are today which is 69.5%. Montgomery County is in fourth place this month. As noted above, it is considerably higher than its 12-year average. Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 5
6 NEW CONTRACT ACTIVITY Montgomery County June 2017 vs. June 2018 by Price Range $1,500,000 and higher $1,000,000 - $1,499,999 $750,000 - $999,999 $500,000 - $749,999 $300,000 - $499, June 2018 June NEW CONTRACT ACTIVITY As noted on page 2, the number of new contracts ratified in June 2018 was up 1.2% from the number of contracts ratified in June There were decreases for two price categories. As noted on page 3, contract activity year-to-date is down 2.6%. 25.8% of all homes going under contract in June 2018 had a price reduction before going under contract. $0 - $299, # of New Contracts FULLY AVAILABLE LISTINGS Montgomery County June 30, 2017 vs. June 30, 2018 FULLY AVAILABLE LISTINGS As noted on page 2, the overall inventory decreased 9.3% in June 2018 compared to June 2017, and there was a 3.4% decrease in the number of new listings coming on the market. Inventory decreased for all price categories. 40.1% of all homes on the market have had at least one price reduction since coming on the market. In June 2017, 40.5% of all homes on the market had at least one price reduction. MONTHS SUPPLY Montgomery County End of June 2017 vs. End of June 2018 MONTHS SUPPLY The overall supply of homes on the market at the end of June was 1.9 months, down 10.4% from 2.1 months as at the end of June Supply is lower for five price categories, and one had a very slight increase. Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 6
7 AVERAGE NUMBER OF DAYS ON MARKET Montgomery County June 2017 vs. June 2018 New Contracts $1,500,000 and higher $1,000,000 - $1,499,999 $750,000 - $999,999 $500,000 - $749,999 $300,000 - $499, June 2018 June AVERAGE NUMBER OF DAYS ON THE MARKET NEW The average number of days on the market for homes receiving contracts in June was down for four categories. Overall, the average number of days on the market for all homes receiving contracts in June 2018 was 34 days, down from 38 days in June $0 - $299, # of Days on Market NUMBER OF NEW LISTINGS, NEW, AND ACTIVE LISTINGS Montgomery County January 2012-Current NUMBER OF NEW LISTINGS, AND ACTIVE LISTINGS There were 1,698 new listings that came on the market in June 2018, a 3.4% decrease from 1,757 in June The incredibly tight market in the spring of 2013 shown by the convergence of the blue (new listings), green (active inventory) and red (new contracts) lines widened until recently. RELATIONSHIP OF SALES PRICE TO ORIGINAL LIST PRICE vs. DAYS ON MARKET Resale Properties Sold in Montgomery County June 2017 vs. June 2018 RELATIONSHIP OF SALES PRICE TO ORIGINAL LIST PRICE vs. DAYS ON MARKET Initial pricing strategy is critical to the listing process, regardless of market conditions. The longer a home sits on the market, the deeper the discount to its original list price will likely be. Homes settling in June 2018 that received contracts their first week on the market sold, on average, 1.15% above list price. Those that took 4 months or longer to sell sold at 9.91% below original list! SOME DEFINITIONS AND EXPLANATIONS TO AID YOUR UNDERSTANDING OF THE DATA The data shown here are collected, in whole or in part, from the Metropolitan Regional Information System, Inc, and are believed to be reliable but are not guaranteed Sales are transactions that settled during the statistical period; Under Contracts are contracts negotiated during the statistical period, but not yet settled Available Listings reflects single-family homes, town homes, new homes and condos on the market at the end of the period in question. Months Supply is simply the number of Fully Available Listings on the market at the end of the month divided by the number of Contracts ratified that month. Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 7
8 Analysis by Property Type Condo/Co-op LISTINGS CONDO/CO-OP LISTINGS Condo/Co-op New This Month Total Active Listings % Change % Change $299,999 and under % % $300,000 - $499, % % $500,000 - $749, % % $750,000 - $999, % % $1,000,000 - $1,499, % % $1,500,000 & higher % % Grand Total: % % The number of new listings for condos and co-ops coming on the market decreased 6.1% compared to June The fully available inventory of condos as of June 30, 2018 is 12.4% less than June 30, CONDO/CO-OP Condo/Co-op New This Month Year-To-Date Contracts % Change % Change $299,999 and under % % $300,000 - $499, % % $500,000 - $749, % % $750,000 - $999, % % $1,000,000 - $1,499, % % $1,500,000 & higher % % Grand Total: % % The number of condos and co-ops receiving ratified contracts increased 5.5% in June 2018 compared to June Year-to-date, contract activity is down 1.4% compared to SETTLEMENTS Condo/Co-op New This Month Year-To-Date Settlements % Change % Change $299,999 and under % % $300,000 - $499, % % $500,000 - $749, % % $750,000 - $999, % % $1,000,000 - $1,499, % % $1,500,000 & higher % % Grand Total: % % CONDO/CO-OP SETTLEMENTS AND AVERAGE PRICE The number of condos and co-ops settling in June 2018 decreased 15.5% compared to June Year-to-date, the number of settlements is down 3.5%. The average price was down 2.6% compared to June Year-to-date, the average price is down 4.3%. Average Sales Price: Jun 2017 Jun 2018 % Change YTD 2017 YTD 2018 % Change Condo/Co-op $287,795 $280, % $301,465 $288, % Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 8
9 Analysis by Property Type Fee Simple Attached LISTINGS ATTACHED HOMES LISTINGS Fee Simple Attached New This Month Total Active Listings % Change % Change $299,999 and under % % $300,000 - $499, % % $500,000 - $749, % % $750,000 - $999, % % $1,000,000 - $1,499, % % $1,500,000 & higher % % Grand Total: % % The number of new listings coming on the market in June 2018 for fee simple attached homes decreased 4.4% compared to June The fully available inventory as of June 30, 2018 is 10.5% less than this time in Fee Simple Attached New This Month Year-To-Date Contracts % Change % Change $299,999 and under % % $300,000 - $499, % % $500,000 - $749, % % $750,000 - $999, % % $1,000,000 - $1,499, % % $1,500,000 & higher % Grand Total: % % ATTACHED HOMES Contract activity for attached homes decreased 3.0% in June 2018 compared to June Year-to-date, contract activity is down 1.4%. SETTLEMENTS Fee Simple Attached New This Month Year-To-Date Settlements % Change % Change $299,999 and under % % $300,000 - $499, % % $500,000 - $749, % % $750,000 - $999, % % $1,000,000 - $1,499, % % $1,500,000 & higher % Grand Total: % % ATTACHED HOMES SETTLEMENTS AND AVERAGE PRICE The number of settlements increased 7.1% in June 2018 compared to June Year-todate, the number of settlements is up just 0.7%. The average sales price was up 4.9% in June 2018 compared to June Year-to-date, the average price is up 8.8%. Average Sales Price: Jun 2017 Jun 2018 % Change YTD 2017 YTD 2018 % Change Fee Simple Attached $392,298 $411, % $377,771 $411, % Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 9
10 Analysis by Property Type Fee Simple Detached LISTINGS Fee Simple Detached New This Month Total Active Listings % Change % Change $299,999 and under % % $300,000 - $499, % % $500,000 - $749, % % $750,000 - $999, % % $1,000,000 - $1,499, % % $1,500,000 & higher % % Grand Total: % % DETACHED HOMES LISTINGS The number of new listings for fee simple detached homes was down 1.8% in June 2018 compared to June The number of detached homes on the market on June 30, 2018 decreased 7.8% compared to June 30, Fee Simple Detached New This Month Year-To-Date Contracts % Change % Change $299,999 and under % % $300,000 - $499, % % $500,000 - $749, % % $750,000 - $999, % % $1,000,000 - $1,499, % % $1,500,000 & higher % % Grand Total: % % DETACHED HOMES The number of contracts for detached homes in June 2018 was up 1.1% compared to June The number of contracts yearto-date has decreased 3.6%. SETTLEMENTS Fee Simple Detached New This Month Year-To-Date Settlements % Change % Change $299,999 and under % % $300,000 - $499, % % $500,000 - $749, % % $750,000 - $999, % % $1,000,000 - $1,499, % % $1,500,000 & higher % % Grand Total: % % DETACHED HOMES SETTLEMENTS AND AVERAGE PRICE The number of settlements in June was down 7.4% compared to June Year-to-date, there has been a decrease of 5.1%. The average sales price for detached homes increased 6.7% in June 2018 compared to June Year-to-date, the average sales price is up 5.3%. Average Sales Price: Jun 2017 Jun 2018 % Change YTD 2017 YTD 2018 % Change Fee Simple Detached $695,893 $742, % $680,079 $716, % Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 10
11 Absorption Rate by Property Type The following tables track absorption rate by property type, comparing the rates in the just-completed month to the rates in the same month of the previous year. The absorption rate is a measure of the health of the market, and tracks the percentage of homes that were on the market during the given month and in the given price range that went under contract. [The formula is # Contracts/(# Contracts + # Available).] An example: The absorption rate for detached homes priced between $500,000 and $749,999 in June 2018 was 36.2%; that compares to a rate of 31.8% in June 2017, and the increase means the market was better in 2018 for that type of home. If the absorption rate was less in 2018 than in 2017, we have put the 2018 rate in red. This month there was improvement for 11 of 18 individual categories, and one remained the same. Condo/Co-op June 2017 June 2018 Absorption Rates Listings Contracts Rate Listings Contracts Rate $299,999 and under % % $300,000 - $499, % % $500,000 - $749, % % $750,000 - $999, % % $1,000,000 - $1,499, % % $1,500,000 & higher % % Grand Total: % % ABSORPTION RATES CONDOS AND CO-OPS The overall absorption rate for condos and co-ops for June 2018 was 37.1%, up from the 32.9% rate in June Fee Simple Attached June 2017 June 2018 Absorption Rates Listings Contracts Rate Listings Contracts Rate $299,999 and under % % $300,000 - $499, % % $500,000 - $749, % % $750,000 - $999, % % $1,000,000 - $1,499, % % $1,500,000 & higher % % Grand Total: % % ABSORPTION RATES ATTACHED HOMES The overall absorption rate for attached homes for June 2018 was 42.6%, up from the 40.7% rate in June Fee Simple Detached June 2017 June 2018 Absorption Rates Listings Contracts Rate Listings Contracts Rate $299,999 and under % % $300,000 - $499, % % $500,000 - $749, % % $750,000 - $999, % % $1,000,000 - $1,499, % % $1,500,000 & higher % % Grand Total: % % ABSORPTION RATES DETACHED HOMES June 2018 s absorption rate for detached homes was 31.3%, up from the 29.3% rate of June And as we have seen in the other property types, the absorption rates are higher for the lower-priced categories. Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 11
12 Note: We break out sub-market information for Lower and Upper Montgomery County each quarter. For these charts, we have included the following zip codes for Lower Montgomery County : (Cabin John) (Chevy Chase), (Bethesda and Cabin John), (Kensington), (Garrett Park), (Potomac), 20901, 20902, and (Silver Spring), (Takoma Park) and (Rockville) Focus on Lower Montgomery County 1st Half 2017 vs. 1st Half 2018 NEW CONTRACT ACTIVITY Lower Montgomery County Jan.-Jun vs. Jan.-Jun $1,500,000 and higher $1,000,000 - $1,499,999 $750,000 - $999, st Half st Half 2017 NEW CONTRACT ACTIVITY Overall contract activity in the 1st half for lower Montgomery County was down 2.9% compared to (Contract activity in upper Montgomery County decreased 2.4%.) $500,000 - $749, $300,000 - $499, $0 - $299, ,000 # of New Contracts AVERAGE MONTH-END AVAILABLE INVENTORY Lower Montgomery County Jan.-Jun vs. Jan.-Jun AVERAGE MONTH-END AVAILABLE INVENTORY Overall, the average month-end inventory in lower Montgomery County decreased 11.4% for the 1st half of 2018 compared to (By comparison, inventory in upper Montgomery County decreased 9.2%) Inventory is down for all price categories. AVERAGE MONTHS SUPPLY Lower Montgomery County Jan.-Jun vs. Jan.-Jun AVERAGE MONTHS SUPPLY There were decreases in months supply for five price categories compared to the 1st half of Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 12
13 Focus on Lower Montgomery County 1st Half 2017 vs. 1st Half 2018 AVERAGE DAYS ON MARKET FOR NEW Lower Montgomery County Jan.-Jun vs. Jan.-Jun AVERAGE DAYS ON MARKET FOR NEW $1,500,000 and higher $1,000,000 - $1,499,999 $750,000 - $999,999 $500,000 - $749, st Half 2018 The average number of days a home was on the market in the 1st half of 2017 before receiving a contract decreased 10.4% compared to the 1st half of The average number of days on the market was lower for five price categories. $300,000 - $499, st Half 2017 $0 - $299, # of Days on Market AVERAGE SALES PRICE Lower Montgomery County Jan.-Jun vs. Jan.-Jun AVERAGE SALES PRICE The average sales prices in lower Montgomery County are considerably higher than the average sales prices in upper Montgomery County. NUMBER OF CONDO, ATTACHED AND DETACHED HOME Lower Montgomery County Jan.-Jun vs. Jan.-Jun NUMBER OF CONDO, ATTACHED HOME AND DETACHED HOME New contract activity for condos in lower Montgomery County was down 5.1% in the 1st half of 2018 (compared to upper Montgomery County, which increased 1.5%). Attached home contract activity was down 1.5% (compared to upper Montgomery County, down 1.4%). Detached home contract activity was down 2.3% (compared to a decrease of 5.0% in upper Montgomery County). Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 13
14 Focus on Upper Montgomery County 1st Half 2017 vs. 1st Half 2018 NEW CONTRACT ACTIVITY Upper Montgomery County Jan.-Jun vs. Jan.-Jun $1,500,000 and higher $1,000,000 - $1,499,999 $750,000 - $999,999 $500,000 - $749, st Half st Half 2017 NEW CONTRACT ACTIVITY Contract activity in the 1st half of 2018 decreased 2.4% in upper Montgomery County compared to 2017, due to a significant drop in the number of contracts for homes priced less than $300,000. (Contract activity in lower Montgomery County decreased 2.9%.) $300,000 - $499,999 1,761 1,759 $0 - $299,999 1,289 1, ,000 1,500 2,000 # of New Contracts AVERAGE MONTH-END AVAILABLE INVENTORY Upper Montgomery County Jan.-Jun vs. Jan.-Jun AVERAGE MONTH-END AVAILABLE INVENTORY The average month-end inventory in upper Montgomery County decreased by 9.2% for the 1st half of 2018 compared to the 1st half of (Inventory in lower Montgomery County decreased 11.4%) Inventory decreased for five price categories. AVERAGE MONTHS SUPPLY Upper Montgomery County Jan.-Jun vs. Jan.-Jun $1,500,000 and higher $1,000,000 - $1,499, AVERAGE MONTHS SUPPLY The supply of homes which is simply the number of available homes divided by the number of contracts decreased for five price categories. $750,000 - $999, $500,000 - $749,999 $300,000 - $499,999 $0 - $299, st Half st Half Copyright 2018 McEnearney Associates # of Months' Supply Montgomery County StatPak - Page 14
15 Focus on Upper Montgomery County 1st Half 2017 vs. 1st Half 2018 AVERAGE DAYS ON MARKET FOR NEW Upper Montgomery County Jan.-Jun vs. Jan.-Jun AVERAGE DAYS ON MARKET FOR NEW $1,500,000 and higher $1,000,000 - $1,499,999 $750,000 - $999,999 $500,000 - $749,999 $300,000 - $499, st Half st Half The average number of days a home was on the market in the 1st half of 2018 before receiving a contract decreased 14.3% from The average number of days on the market was lower for all price categories. $0 - $299, # of Days on Market AVERAGE SALES PRICE Upper Montgomery County Jan.-Jun vs. Jan.-Jun AVERAGE SALES PRICE The average sales prices in upper Montgomery County are considerably lower than the average sales prices in lower Montgomery County by more than $300,000. Prices have not held up quite as well in the upper part of the county, but they have not varied as widely as prices in the lower county. Prices for 2017 generally tracked higher than those of 2015 and 2016, and so far, 2018 is higher than last year. NUMBER OF CONDO, ATTACHED AND DETACHED HOME Upper Montgomery County Jan.-Jun vs. Jan.-Jun NUMBER OF CONDO, ATTACHED HOME AND DETACHED HOME New contract activity for condos in upper Montgomery County increased 1.5% in the 1st half of 2018 (compared to lower Montgomery County, which was down 5.1%). Attached home contract activity was down 1.4% (compared to lower Montgomery County which decreased 1.5%). Detached home contract activity was down 5.0% (compared to a decrease of 2.3% in lower Montgomery County). Copyright 2018 McEnearney Associates Montgomery County StatPak - Page 15
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