Frederick City MD Real Estate Market Report for October 2009
Real Estate Market Report for Frederick City, by zip code:
| 21701 | 2009 | 2008 | % Change |
| Avg. Price | $229,529 | $255,137 | -10% |
| Median Price | $218,500 | $242,500 | -10% |
| DaysOnMarket | 105 | 167 | -37% |
| # homes sold | 46 | 34 | +35% |
| New Listings: | 65 |
| Total Marked Contract: | 29 |
| Total Marked Contingent: | 11 |
| Total Pending (contract + contingent) | 40 |
There are 265 active listings in the zip code, which represents roughly a 6-7 month inventory, or absorption rate. 80% of the homes sold were under $300,000. 35% sold in under 30 days.
| 21702 | 2009 | 2008 | % Change |
| Avg. Price | $232,465 | $253,317 | -8% |
| Median Price | $207,750 | $215,000 | -8% |
| DOM | 104 | 156 | -33% |
| # homes sold | 34 | 34 | 0% |
| New Listings: | 58 |
| Total Marked Contract: | 33 |
| Total Marked Contingent: | 22 |
| Total Pending (contract + contingent) | 55 |
There are currently 242 active listings in the zip code, representing roughly a 4-5 month inventory. 47% of sales in October took place in under 30 days. 76% of homes sold were under $300,000, first-time buyer range.
| 21703 | 2009 | 2008 | % Change |
| Avg. Price | $189,000 | $210,348 | -10% |
| Median Price | $180,000 | $210,000 | -14% |
| DOM | 104 | 147 | -29% |
| # homes sold | 55 | 33 | +67% |
| New Listings: | 76 |
| Total Marked Contract: | 31 |
| Total Marked Contingent: | 33 |
| Total Pending (contract + contingent) | 64 |
The 21703 zip code shows 280 active listings, representing roughly a 4-5 month inventory. 58% of sales took place in 30 days or less. 53 of the 55 sales were under $300,000.
Overall, we’re seeing that inventory is shrinking month after month, sales are up, and prices are declining at a slower pace and we’re experiencing a balanced market. With the extention and expansion of the first-time home-buyers tax credit, we expect a robust market through next year.
*All Statistics gathered from MRIS, Metropolitan Regional Information System. Though deemed accurate, not guaranteed.
Compare to Frederick City Real Estate Market Report for September 2009.
County-wide statistics: Frederick County Real Estate Market Report for October 2009
The Highland Real Estate Group
Chris & Karen Highland * Frederick County MD Real Estate Agents
Specializing in Frederick County Real Estate
301-831-9947 301-831-9947
Real Estate Teams, LLC
isell4u2@msn.com
Pictures of Frederick
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About Chris & Karen Highland
We’re Chris and Karen Highland, The Highland Real Estate Group. We’ve lived in the Frederick area for over 18 years and are raising our 4 children here. We’ve seen many communities built where there once was farmland. We love the “small-city yet large-town” atmosphere of Frederick, the quality of life, and the affordability we’ve found here.
I've been selling real estate in Central Maryland for almost 16 years. Karen has been helping me over the years in different capacities, as an assistant, then as a buyer’s agent. For a year, I managed an office and Karen took over the bulk of the business. It was a great experience for both of us. I managed 90+ agents and saw more contracts come over my desk than the previous 14 years combined!
Now I'm back, running the business and Karen is running the office, and blogging and marketing. With each new year comes a different kind of market and new challenges.
In this present market, we face many challenges with mortgage problems, distressed properties and the credit crunch. I've gotten a nationally recognized certification , CDPE, Certified Distressed Properties Expert, to equip me to help homeowners in distress. I'll be blogging about a lot of these issues and about all kinds of real estate topics.
Karen and I always have something to say! Join us in our online, ongoing conversation about Frederick Real Estate