The Long & Foster Market Minute

Focus On: Montgomery County Housing Market August 2017

Units Sold
1,190
Active Inventory
2,759
Median Sale Price
$425,000
Days On Market
34
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -9%
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 1,190 sold this month in Montgomery County Real Estate versus 1,184 last month, an increase of 1%. This month's total units sold was lower than at this time last year, a decrease of 9% versus August 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 482 units or 15%. The total number of active inventory this August was 2,759 compared to 3,241 in August 2016. This month's total of 2,759 is lower than the previous month's total supply of available inventory of 3,031, a decrease of 9%.

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Median Sale Price
Last August, the median sale price for Montgomery County Homes was $415,000. This August, the median sale price was approximately the same at $425,000. The current median sold price is 2% higher than in August 2016.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

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New Listings
1,340
Current Contracts
1,078
Sold Vs. List Price
98.4%
Months of Supply
2.3
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -1%
Vs. Year Ago
Up 5%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Down -6%
Vs. Year Ago

Months of Supply
In August, there was 2.3 months of supply available in Montgomery County, compared to 2.5 in August 2016. That is a decrease of 6% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

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New Listings & Current Contracts
This month there were 1,340 homes newly listed for sale in Montgomery County compared to 1,350 in August 2016, a decrease of 1%. There were 1,078 current contracts pending sale this August compared to 1,026 a year ago. The number of current contracts is 5% higher than last August.

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Sale Price to List Price Ratio
In August, the average sale price in Montgomery County was 98.4% of the average list price, which is 0.8% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 34, lower than the average last year, which was 39, a decrease of 13%.

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The Long & Foster Market Minute *Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by MRIS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate, Inc.