Last month, we saw summer sizzling in Rockville, real estate. All of June’s numbers had grown since May, but are back on the decline for July. Although the numbers of sales are dropping, the average closing price is maintaining or increasing in some cases, meaning it’s not over for the year quite yet. While it’s true that the back to school madness is in full swing with people turning their attentions to academics, there’s still a need for people to buy and sell houses in Rockville, MD. Here’s a look at the current market trends.
A Look at the Housing Market
In May, 133 homes sold in Rockville, MD at an average price of $580,126. The following month, $582,492 was the average closing price for a total of 178 houses sold in June. For July, the number of homes sold declined to 115; however, the average sales price increased to $591,406. So going into August, it’s fair to suggest that as the real estate market levels out and begins to slow, fewer houses will sell than did in July, but for possibly higher prices.
Also in keeping with the past several months, single-family detached 4-bedroom homes with two car garages are the must-have items in Rockville real estate at summer’s end.
At the conclusion of May, there were 228 houses active on the market. In June, that number decreased slightly to 220 homes and then bounced back up at July’s end to 229 homes available on the market across all price points, sizes, features, and locations. Based on the other factors, it’s likely safe to suggest that the hardest homes to find and therefore the easiest to sell will be those four bedroom residences with double car garages.
Condominiums, Townhouses, and Coops
In May of 2017, 31 condos sold at an average sales price of $326,084. In June, the number of condos sold shot up o 44, but the average sales price also dropped drastically to $305,618. In July, however, the number of sales continued to increase to 49, and the average sales price climbed back up slightly to $309,857.
Two bedroom condos, townhouses, or coops are the most popular, in keeping with May and June’s trends.
Inventory for Condos, Coops, and Townhouses
In May, there were a total of 107 properties to choose from, increased by seven in June to 114 from which to choose. However, that back to school flurry reduced the inventory at July’s end to just 91 condos, townhouses, or coops available as active listings on the market.
What this Means for Sellers
It’s not too late yet this year to sell your home. While summer’s high temperatures are relenting and the back-to-school agenda picks up the pace, there are still a fair number of buyers who want to move before the holidays. These house-hunters are motivated; they don’t have the luxury of time to ponder and negotiate terms. But if your house is going to stand out among the competition, you’ve got to price it correctly, stage it property, work with the right seller’s agent, and market the house aggressively. And, if you’re holding onto one of those highly sought-after four bedrooms, two-car-garage properties, then you’re even more empowered as a seller.
What this Means for Buyers
As summer fades, autumn draws our focus back to nesting and routines; the real estate market loses steam, winds down, and tucks itself in, like many other industries, for winter hibernation. But there’s still time to take action, shop houses, submit an offer, and get moved in all before the holiday season. For that to work, though, you’ve got to be aggressive with your mission. As inventory drops, prices increase and you may find yourself forced financially to wait until spring when the market thaws.
Rockville, MD is far from falling asleep regarding real estate. There are still long, sun-filled days for house hunting before the sunlight shortens and temperatures drop. If you’ve been waiting for the right moment to buy or sell real estate this year, this could be it.
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Here’s the most recent home listings just added to the database in the average price range for Rockville. All homes here are priced at $591,406 or less.