Montgomery County Sees Increase in Median Home Sale Prices
Long & Foster: Inventory is down in Montgomery and Prince George's counties.
The housing market may be on the rebound, according to new numbers released by Long & Foster.
The real estate company’s data show that, in a year-over-year comparison from February 2012 to February 2013, median sales prices are up in Montgomery County, while the inventory of homes for sale is down significantly.
The pace of homes being listed and being sold has also picked up over the past 12 months, with the average Prince George’s County house staying on the market for 54 days, and 51 days in Montgomery County.
|
County |
Median Sales Price—Feb. 2012 |
Median Sales Price—Feb. 2013 |
Change |
Available Inventory—Feb. 2012 |
Available Inventory—Feb. 2013 |
Change |
|
$314,995 |
$349,450 |
+11% |
2,802 |
1,550 |
-45% |
|
|
$152,000 |
$165,000 |
+9% |
3,909 |
1,710 |
-56% |
Sales prices are also high compared to the asking prices. In Prince George’s County, sales prices were 99 percent of the list price and nearly 98 percent in Montgomery County.
Jeffrey S. Detwiler, president and chief operating officer of the Long & Foster Companies said the numbers are “all great signs for a suburban Maryland-area residential real estate market that is in full recovery mode.”
Correction: The original table with this article contained incorrect median sales prices in Prince George's County. The article has been corrected.
AntonFisher
1:09 pm on Friday, March 22, 2013
The median home price in PG County seems to have decreased from $165k to $152k based on the table above. this appears to be a mistake since you list the change in price is +9%.
Prince George’s
Prices 2012/$165,000 2013/$152,000 +9% (inaccurate)
Inventory 2012/3,909 2013/1,710 -56%
Sean R. Sedam
2:37 pm on Friday, March 22, 2013
@AntonFisher: Thanks for the catch. The median sales prices for 2012 and 2013 were reversed in the table. Long & Foster reported a 9 percent increase, as is reflected in the corrected table.