What a difference just a few miles’ can make in real estate markets. When we look at year-over-year trends in real estate inventory, prices and days on market, Montgomery and Prince George’s counties tell very different stories from each other.
It appears that the market is starting to soften in Montgomery County. There, inventory in September was up 36 percent over September 2013, almost matching levels in September 2010.
The median list price in Montgomery County is up 2.9 percent over September 2013, and the median sold price is up 5.1 percent from a year ago. The median sale to original list price ratio is 97.6 percent.
Tellingly, the days on market in Montgomery County are at 34 days on average, an increase of 61.9 percent over a year ago.
Call it a tale of two counties: In Prince Georges County, inventory is up a comparatively low 12.1 percent.
Both the median list and sold prices are up over last September much more than in Montgomery County. The median list price in Prince Georges County is $265,000 – an increase of 3.9 percent over September 2013. The median sold price is $225,000, which is up 11.9 percent over last September. The median sale to original list price ratio is 99.1 percent.
And, in Prince Georges County, days on market average just 23, an increase of 21.1 percent from a year ago.
What does it all mean? While the two markets are very different in housing stock, the market in Montgomery County is decidedly softening, while the market in Prince Georges County is only showing hints of softening. Buyers can be a bit more aggressive with their offers in Montgomery County than they can be in Prince Georges County, and they should consider that among other factors when moving.