The Long & Foster Market Minute

Focus On: Montgomery County Housing Market March 2019

Units Sold
667
Active Inventory
2,206
Median Sale Price
$275,000
Days On Market
67
Down -13%
Vs. Year Ago
Down -16%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 14%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 667 sold this month in Montgomery County Real Estate versus 527 last month, an increase of 27%. This month's total units sold was lower than at this time last year, a decrease of 13% versus March 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 414 units or 16%. The total number of active inventory this March was 2206 compared to 2,620 in March 2018. This month's supply remained stable as compared to last month.

Median Sale Price
Last March, the median sale price for Montgomery County Homes was $270,000. This March, the median sale price was $275,000, an increase of 2% or $5,000 compared to last year. The current median sold price is 6% higher than in February.

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


New Listings
1,421
Current Contracts
1,134
Sold Vs. List Price
97.9%
Months of Supply
3.3
Up 7%
Vs. Year Ago
Up 5%
Vs. Year Ago
No Change
Vs. Year Ago
Down -3%
Vs. Year Ago

Months of Supply
In March, there was 3.3 months of supply available in Montgomery County, compared to 3.4 in March 2018. That is a decrease of 4% 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.

New Listings & Current Contracts
This month there were 1,421 homes newly listed for sale in Montgomery County compared to 1,325 in March 2018, an increase of 7%. There were 1,134 current contracts pending sale this March compared to 1,079 a year ago. The number of current contracts is 5% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Montgomery County was 97.9% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 67, higher than the average last year, which was 59, an increase of 14%.

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 BRIGHTMLS 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 BRIGHTMLS or Long & Foster Real Estate, Inc.