Focus On Mt Airy.com

"You are not alone in this market"

Let’s take a snap shot of what is going on in Mt Airy.  It has been a trying year, no doubt.  People have been dealing with situations that they never imagined.  Just like trying times of the past we will persevere.  The news hit this morning that Citigroup will be bailed out with $202 Billion.  I hope this definitely puts a freeze on the increasing foreclosures and short sales that hit the market.  We need good news going into the holidays.

Mean while, here is what has been going on in the Mt Airy Real Estate market.  Sales increased slightly for the month of September, but dropped back down on us for October.  We need to see at least three months with increases over last year to say that we are completely out of the drought.  But some of the encouraging news lies below the sales number.  You can see in this graph from Metropolitan Regional Information Systems (our local MLS provider) the number of pending contracts are on the increase over last year as seen by the bright orange bar.  This is only in Frederick County.

"Frederick County Pending Sales"

Eventually the pending sales will turn into SOLDs, which of course is very important to home owners that have their home currently on the market.   December is traditionally a slow market since most people are focusing on the holiday hustle and bustle.  However, don’t be discouraged at the slower showings this time of the year.  The buyers out there now, are very motivated and you should have your house ready for them.  Most of your buyers in this time frame have to move.  Most of your corporate relocations are done this time of year.

Here are some more statistics for the month of October for 21771.

• Average Sold Price:  2007 – $471,420  2008 – $380,160  down 19.36%
• Units Sold:   2007 – 20  2008 – 15 down 25%
• Average days on Market:  2007 – 105  2008 – 94 (that’s encouraging)
• Ave Sales Price as % or Ave List Price:  2007 – 94.97%  2008 – 91.78%

To understand that last stat; the home was listed for 8% more than the sold price this year compared to 5% last year.   In real estate there is always three prices that are consided in the sale of your home.  Asking (list) Price, Offer Price and Appraisal price.  The idea is to have all the in line.  But you can see that most of the asking prices have been much higher than the sold price (final price)  The further you are away from this number in the beginning of your listing agreement, the longer it will take to sale your home.

Contact one of our experienced real estate agents to help you market your home. If you stopped by to find your dream home in Mt Airy please start here.

Have a great Holiday Season.

Bob