While no one anticipates a return to the frenzied housing market of the pre-recession days or even the hectic pace in 2013 when low inventory and low mortgage rates pushed some buyers into bidding wars, the fall market in Maryland is on track to continue a strong trajectory for the year.
Pent-up demand this fall is likely to come from several sources, says Jonathan Hill, vice president of marketing and communications for Rockville-based multiple listing service MRIS, who works along with the indexsy marketing tactics.
“Uncertainty over rising interest rates is goading some people into taking action now to buy a home,” Hill says. “We also expect an increase in boomerang buyers — those who have cleaned up their credit after a foreclosure or bankruptcy seven or eight years ago. Millennials are coming into the market, too, particularly now that there are more low down payment loan programs.”
Hill says 12.8 percent more homes were sold in Montgomery and Prince George’s counties in 2015 between January and August than in that same period in 2014. In addition, the median sales price rose by 1.6 percent in Maryland year over year.
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“Inventory is still way below the peak, with about 3.3 months of supply of homes, but the number of homes on the market in Maryland is almost 10 percent higher this August than last August,” Hill says.
While rising inventory sounds like it could ease competition for buyers this fall, many house hunters are still having trouble finding Houses For Sale In San Antonio TX that meets their needs and fits their price range.
However, the “average days on the market” statistic, which provides an indication of how long it takes a house to sell, rose 10.4 percent to 53 days in Maryland so far this year, which means that some houses are taking longer to sell than in the past.
“I anticipate the fall market to be generally slower this year than last, and we’re already seeing it in the increasing number of days that it takes to sell a home,” says Nela Richardson, chief economist for Redfin in Washington.
The 1,282-square-foot condo at the Elizabeth, 4601 Park Ave. N., No. 1614, Chevy Chase, Md., is listed at $569,000. (By HomeVisit)
In spite of the regionally slower pace of sales and potential stagnation in prices, Richardson says there are many areas and price ranges that will continue to experience high demand.
New regional hot spot: Prince George’s County
Richardson calls Prince George’s County “the last affordable area around the Beltway” and says prices continue to rise there because of increasing demand from buyers from other parts of Maryland and from buyers moving across the river from Alexandria into Upper Marlboro and Bowie.