Montgomery County 3rd Qtr. Housing Update

The theme for housing in Montgomery County remain consistent. Supply is down and houses are selling faster and for more. Weather could be a factor as we head into the slowest months of the year for real estate transactions, but signs are pointing toward a robust Spring market.

Comparison to last year

Through the 3rd quarter of 2017, the supply of homes coming to market continues to be sluggish across Montgomery County, down by 164 year-over-year, continuing a trend we have seen for a couple of years now. As a result, we are seeing homes sell quicker and sell for more than last year. The average sales price is up by nearly $6k, and the average number of days on market is down by about 4 days. Clearly, the market has shifted to being more seller-friendly, but there is still considerable value to be found for buyers.

Prediction for Montgomery County 4th Quarter 2017 Housing Market

Winter tends to be the slowest time of the year for home sales. This phenomenon tends to be exacerbated when bad weather is involved, and heavier than average snow totals are what our local meteorologists are predicting. All of these factors lead me to believe that the 4th quarter of 2017 will be even more of the same. The seasonal winter slowdown, compounded by continued lack of inventory should keep prices up and days on market low, and prepare us for a healthy Spring housing market..

Want to know how your area compares? Check out the most popular cities in Montgomery County.

Potomac 3rd Qtr. 2016 3rd Qtr. 2017
Number of Homes Sold 183 160
Average Days on Market 72 67
Average Sold Price $1,004,929 $1,015,322

Homes in Potomac are sitting on the market longer than the D.C. regional average of 48 days2 and have increased a bit from Quarter 2. Given the average sales price of over $1 million and the current home market is leaning towards a more urban communities it is expected that home sales are a bit sluggish in this area.

Gaithersburg 3rd Qtr. 2016 3rd Qtr. 2017
Number of Homes Sold 432 456
Average Days on Market 45 39
Average Sold Price $429,439 $433,686

Homes in the 20879 zip code have seen a 10.2% increase in average sales since last year. Hyde Park, Goshen Village, and Meadowvale subdivisions showing the highest increases.

Rockville 3rd Qtr. 2016 3rd Qtr. 2017
Number of Homes Sold 452 433
Average Days on Market 40 42
Average Sold Price $484,032 $478,400

Rockville average sold price continues to remain steady with very small increase of 1.5% since last year. Zip code 20851 has seen the strongest increase of 6% since last year with Rockland and Twinbrook subdivisions having the largest increases.

Germantown 3rd Qtr. 2016 3rd Qtr. 2017
Number of Homes Sold 335 335
Average Days on Market 43 37
Average Sold Price $305,161 $328,236

Germantown continues to be a hot market. Not only did the number of homes stay the same as compared to last year but the number of Days on Market decrease while the Average Sold Price increased over $13k. The subdivisions of Spring Meadows and Blunt Commons are leading the average sold price in all the Germantown zip codes.

I’d love to hear your thoughts about what may be affecting the Montgomery County Housing Market.  Don’t see your city listed? Contact me to discuss your neighborhood.


All data pulled from MarketStats by ShowingTime

 

Spring’s Knocking. Are you ready?

Ah, Spring! 

Winters in the DC area can get pretty extreme, and this year’s El Nino did not disappoint. Harsh winds, heavy snow and wild temperatures swings has most of us hoping that Punxsutawney Phil knows what he’s talking about this year. You landscaping is hoping he’s right, too. Your back may still be sore from digging out of the blizzard, but now is the time to start planning to take back your yard. Here are 5 simple tips to jumpstart your home’s Spring, curb appeal makeover.

Clean Gutters – With all the rain Spring will provide, it’s very important to ensure your gutters are free of debris. Clogged gutters can cause roof damage, foundation cracks, rotten wood, and basement leaks. Cleaning your gutters periodically throughout the year is a necessity, especially in the Spring & Fall, when trees are dropping seeds and leaves. This is not a task that I would recommend taking on yourself. Scooping junk out of your gutters sounds simple, but one slip and complicate things awfully quickly. This is extremely dangerous work, so I would leave this one to the professionals. I have worked with many reputable contractors in the area, feel free to contact me in you would like a recommendation for someone who services your neighborhood.

Mulching – Mulching is like giving your plants a warm blankie to cozy up with. Mulch helps regulate soil temperature, provides nutrients to the soil, and protects your plants from intruding weeds. Mulching also provides a clean polished look, whether you use traditional shredded wood, wood chips, pine needles or something else. Don’t be concerned about the smell, a fresh layer of decaying plant matter smells divine to your landscaping, and that earthy bouquet fades in a just a few days. During the Spring you will see many stores will have mulch for sale. However, most of our local high schools have taken to selling mulch to raise money for extracurricular activities. The stores have a wider variety to choose from, but I would recommend purchasing from the school, if possible. They are usually cheaper, will often deliver, and you’ll be contributing to improving your local school, which can also improve your home’s value.  

Plant Flowers – Flowers are like jewelry for your landscaping. Planting or arranging flowers by your door or mailbox makes a home look complete and cared for. Visit your local plant store or home improvement store for a nice pop of color to welcome Spring. If you have green thumb you will want to look for annuals that you can plant now that will continuously bloom. If you are like me and aren’t the play-in-the-dirt-type, opt to purchase flowers that will look good in a potted vase (or may already be in one) or in hanging baskets. Whatever you choose, before purchasing your yard bling, be sure to check that it is suited for the particular environment offered by your yard.

Trim Trees, Hedges, & Annuals – Trimming back plants can have a renewing and refreshing effect, if done thoughtfully. If a dead branch is within your reach you may consider doing it yourself. However, if you have a tree with dead branches beyond your reach you should contact an arborist. Trimming tall trees are DANGEROUS! Do not try this at home folks. It’s important to find a reputable contractor who is licensed and insured for this task. These professionals, who are the perfect mix of trapeze artist and lumberjack, literally climb to the tops of the trees with nothing but a rope to cut down dead branches. It might look like fun, but trust me, it’s not somewhere you want to be. An arborist will conduct a review of the types of trees you have and what is the best method for removing branches. Trimming hedges and annuals are definitely within your grasps. If you have hedges in your yard, using a pair of shears should be all that’s needed for a trim. Try to ensure that they are even. Hedges shouldn’t cover up windows or detract from the esthetics of your home. If you have an annual plants, like my Hydrangeas, you should trim back the branches of these plants before they start to bloom. Not every annual is considered equal. Each plant has their own time for pruning. Check with your local garden store about the types of plants you have and when they should be pruned.  

New Welcome Mat – It’s the last bit of the outdoors you and your guests will experience before entering your home. It’s the two-dimensional cherry atop your luscious, landscape sundae. It’s your welcome mat, and it should not be ignored. It can be monochromatic or colorful, rectangular or round, or elegant or whimsical, but whatever you choose, it will be the finishing touch on welcoming Spring to your door. Before you use it to wipe your feet, use it to compliment the colors of your house and your flowers, and use it to express a bit of your style.