As expected, the real estate industry is beginning to tuck itself in for the winter, but winter hasn’t arrived just yet. Although slower, there’s still activity in the Rockville, MD real estate industry. Here’s how things shaped up for September.
A Look at the Housing Market
Number of Homes Sold
During August, there were still over a hundred sales. House-hunters were still completing transactions before the kids went back to school and before the seasons changed. This month, that number drops below a hundred to just 96 houses sold. There were nine fewer sales in September than there were in August. It looks like the most popular homes that sold last month are the homes that have 4 bedrooms, with 44 being sold. The average selling price of those 4-bedroom homes was $534,920. Running a close second place are the twenty-seven 3-bedroom homes that sold for an average of $455,091. Sixteen 5-bedroom homes sold for an average of $596,348. Bringing in the highest average price of $779,080 were the five 6-bedroom homes that sold in September.
Average Sales Price
Last month, with over a hundred sales registered, buyers paid an average of $540,183 for a house in Rockville, MD. This month, however, that number plummets to $527,738. Houses decreased in value by $12,445 in a 30-day period. It’s worth noting that buyers seem to prefer homes with 2-car garages. In September, thirty homes with 2-car garages sold for an average price of $615,905. In contrast, nine homes with 1-car garages sold for an average of $591,361. However, the three homes sold with 3-car garages went for a substantial increase of $864,133.
Fortunately, the inventory hasn’t shifted too much from last month to this. By August’s end, there were 195 houses available for sale in Rockville, MD. This month, there are 194 houses. Not many new listings will hit the market between now and spring, limiting the inventory and influencing home values.
A Look at the Condo Market
Last month, there were 43 condo sales in Rockville, MD, just one less than what September registered at 44. Although last month saw just one less sale, it also saw higher sales prices. During August, condos sold for an average of $310,276 in contrast to this month’s $289,064. Last month, there were only 88 condos available to buy at the end of the month. However, there are 122 available units this month.
Number of bedrooms seems to play a key role in price when it comes to condos. Ten 1-bedroom condos sold for an average of $218,150. There’s a higher demand for 2-bedroom condos, with 22 being sold in the month of September at an average price of $307,446. Nine 3-bedroom condos sold with an average price of $347,833.
In other words, the inventory has gone up and the prices have gone down, but the average price paid depends on the number of bedrooms. If you’ve been waiting for the right time to strike on a condo, this might be a good time for you as the trends are shifting in favor of buyers.
What This Means for Sellers
Fewer homes are selling in Rockville, MD right now than previous times of the year as the seasons shift. Not only are fewer houses selling, but they’re selling for less money. You can list your house now and potentially sell, or you may choose to wait until spring when the market awakens from its winter slumber. Your reason for selling will determine whether you should list now for less, or wait until spring to see how the market adjusts.
What This Means for Buyers
If you’re looking for a house, you may be able to get one at a good price now, but probably not one you haven’t already seen. There aren’t many new homes hitting the market, so houses that have been listed for a while are reducing their values. This could be the best time to get a steal of a deal before spring brings fierce competition among buyers. However, if you’re in the market for a condo, this could be your time to move. There are 34 new condos to see this month that weren’t available last month, and those prices are also down significantly compared to recent months.
This information brought to you by Jeffrey Ganz. Keep him in mind for all your real estate needs. Give Jeffrey Ganz a call today at 240-353-3390 to learn more about local areas, discuss selling a house, or tour available homes for sale.
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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 $527,738 or less.