Frederick County Neighborhood Report: Middletown
The Real Estate Market Statistics are out for the month of September. Many areas of Frederick County have experienced a bump in sales this past month, including Middletown. Of course, I have a take on why that is:)
Middletown Area Information:
Middletown has always been a sought after community because of its easy commute and good school district. It also has a thriving small community life, and beautiful Mountain views with its situation in the valley.
Middletown Area Real Estate Information:
(compared to Sept. 2007)
Total Volume of sales: up 172%
Avg. sold price: $301,750 $333,100 down 9%
Total Units sold: 12 4 up 200%
Days on Market: 108 46 up 135%
Sold as % list price: 91% 96%
Frederick County Market Statistics: Countywide
Total Volume Sold: Up 15%
Avg. Sold Price: $290,129 $340,478 down 15%
Total Units sold: 205 152 up 35%
Avg. Days on Market: 120 129 down 7%
Avg. sale price as % of list 91% 92%
**Notes (my take):
This increase in sales is partly the end of summer bump that we often see as families want to get settled before the school year. I believe it is also the result of a rush to take advantage of the seller contribution assistance programs, like Nehemiah, which ended on Oct. 1, due to Congress outlawing these programs.
The third reason for this increase in sales is the possibility that prices have reached the place of affordability after years of acceleration. First-time buyers are back in the market. The largest number of units sold was in the $200K - $249K price range, with 22% of the sales. The second was the $250K - $299K range, with 19% of sales. The third largest price range was the $150K - $199K range, with 18% of sales. All of these ranges are the first-time buyer range.
The market statistics for September show that 41% of sales last month used conventional financing, and 36% used FHA. FHA is becoming more relavant again.
Absorption Rate: The absorption rate has decreased from 10 months to 9 months. The closer we get to 6 months, the better. A 6-month inventory represents a balanced market. Anything below a 6-month inventory represents a seller’s market, and reversely, above 6 months is a buyer’s market.
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