The residential real estate market in Montgomery County, Maryland continues to favor buyers over sellers in most neighborhoods.
The audited year-end statistics for 2009 were just released by Metropolitan Regional Information Systems, Inc., and we thought we'd share this information with you.
In Montgomery County, $4.5 billion worth of homes sold in 2009, which is up 4.98 percent compared to 2008.
The median price of homes that sold was down 13.92 percent, the number of homes sold was up 21.78 percent, and the average time on the market for homes that sold was down 11.65 percent.
These numbers indicate that the law of supply and demand is alive and well. As the prices in our area have declined, the number of homes and condos has increased... And the average time on the market for homes that do sell has dropped.
The outlook for 2010 remains good for buyers and cautiously optimistic for sellers. The Washington area had an average of 5.3 months of for-sale inventory at the close of December -- down from 7.3 months a year ago. In recent history, prices in our area have tended to rise when the ratio of inventory to sales is below 6 months. So, the gap between supply and demand is closing. Our expectation is that renewed demand will yield gradual gains in prices by late this year.
If you are interested in specific values in your own neighborhood, please call or email us anytime!