All indicators suggest the back to school traffic has substantially slowed movement in the real estate industry in Rockville, Maryland. Furthermore, with seasons mid-shift and holidays fast approaching, Rockville real estate could settle in for a slow crawl toward next spring.
A Look at the Housing Market
Last month showed a slow in numbers in real estate sales both in the number of homes sold as well as the average sales price. In May, Rockville has 133 houses close contract with an average selling price of $580,126. June saw an increase in both of those numbers with the number of homes escalating to 178 and average sales price of around $582,492. July showed the shift as inventory dropped, prices rose, and buyers scurried to get moved before the school season started. In July, there were 115 homes sold and the average selling price was up to $591,406. For August, there were 105 homes sold by month’s end with a mean selling price of $540,183, a far lower sales price than earlier this year.
For the first time since early spring, there are less than 200 homes available for purchase on the market in Rockville by August’s end. In May, there were 228 houses listed; June saw 220 homes available for sale as well, and July has 229 properties on offer to choose from. August, however, showed only 195 available houses at month’s end.
Condominiums, Townhouses, and Coops
Regarding condos and townhomes in Rockville, the market is surprisingly balanced and steady with slight shifts, except a dwindling inventory. In May of this year, 31 condos or townhouses sold with average selling prices of $326,084. June, sales went up dramatically to 44 units sold, but the prices dropped as well to $305,618. July’s numbers were both on the rise as 49 units sold at an average selling price of $309,857. In what might be seen as the last push of the summer, August saw 43 sales of condos and townhomes with average selling prices of $310,276.
Inventory for Condos, Coops, and Townhouses
There are fewer selections now of condos and townhouses than there have been since early spring. In May, there were 19=07 units available, upped by seven united in June to 114. July saw inventory fall to just 91 available units, and the pickings were getting small by August’s end and just 88 available units for sale.
What this Means for Sellers
There are still buyers looking for houses, so not all is lost – but if you must sell your house today, you’ll likely receive less for it than you would have a few months ago in summer, or several months from now come again in Spring. There are fewer houses and condos to choose from than ever, so competition amongst sellers is fierce.
What this Means for Buyers
Although there are fewer units to choose from for houses, condos, or condominiums in Rockville, Maryland this month, the rates are also lower than they have been for some time. As winter approaches, the inventory will continue to drop – but then as spring taunts with melting snow and warming temperatures, those real estate property values begin to warm as well.
Rarely is there a complete halt, an altogether stop in the buying and selling of real estate. Moves happen – and if you’ve got a move pending in Rockville, Maryland any time shortly, you now know what that market will bear.
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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 $540,183 or less.