Today I just wanted to take a moment to update you on what’s going on in the Montgomery County market. Here’s what you need to know.
Our median sale price in May was at $468,000, which is the second-highest number we’ve ever seen. This number was found by determining that we had 1,325 closed sales. This is 2.8% higher than the typical May numbers.
The next thing to take a look at is pending sales. We have 1,575 right now, which is 3.6% above last year and 1.7% above our five-year average for May. A lot of times when we see this level of pendings and closed sales, we’re going to see a significant increase in active properties. Those are up 1.6% to 2,432. As you can see, we have a lot of activity in the Montgomery County market.
What does this mean for buyers and sellers? Our market remains pretty neutral, with a slight edge to sellers. Our inventory is on the rise and up to 2.8 months. Typically, when we get to three months, things start to shift toward buyers.
In May of 2019, over 50% of the homes that went on the market sold for either full price or higher. I found that very interesting. Finally, I wanted you to know that we saw an increase in the townhouse market and a bit of a slowdown in detached condos.
If you have any questions for me about the market or how you can take advantage of the current conditions, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.