Historic District Real Estate Trends – Summer 2014

Historic District Neighborhood Market Report

Frederick Neighborhood Report: Historic District
Home for sale in Historic Frederick
The Historic District is a 50-square block neighborhood in downtown Frederick that offers a unique environment of beautiful architecture, mixed commercial and residential living and a growing arts district. The downtown area has become a location destination for foodies, shoppers and small businesses. Historic homes in the area are a draw for those who love the charm of the architecture.

The Historic District, Frederick Md, Area Information:

Historic District Boundaries:
The city of Frederick established the Historic District in 1952, with just a few blocks of downtown Frederick. The Historic District was added to the National Register of Historic Places in 1973, with a boundary increase in 1986.The most recent boundaries were drawn in 1995. Although not a perfectly drawn square, the boundaries are roughly following:
• East: East Street
• West: N. Bentz Street
• North: 7th Street
• South: Clark Place and South Street

Here is my custom Google Map with outlines of the Frederick City Historic District, and the National Registry Historic District

View Development in Historic Downtown Frederick in a larger map

The Historic District is in the center of the city, close to all major routes and adjacent to Baker Park and Frederick Memorial Hospital, as well as Hood College. Carroll Creek Linear Park runs west to east through the center of the district, from Baker Park to E. Patrick Street.
Community Bridge in Historic Frederick
Historic District, Frederick Md Real Estate Information:

Homes in the district range from mid-1800′s to the mid-1900′s. The renovations and gentrification has been spreading from the center of the district out. Prices can range from the mid- 100,000′s for small homes that need renovation, to just under 1 million for larger renovated homes. There are areas of new construction, including townhouses on 5th street and condominium developments like Maxwell Place and Creekside Plaza. The types of homes can be Victorian, Colonial, Federal, and Craftsman typically.

Real Estate Market Information:

Active Homes for sale in Historic District:

• Number of homes for sale: 19 Active Listings, 5 single-family, 13 Row Houses/townhouses/duplex/semi-detached, and 1 garage park. [A garage is not a given in the historic district, and often brings as much as $10,000 in value to a home.]

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One entire condo complex is on the market for $2.3 mil. written up separately below, so it doesn’t skew the statistics.

129 Market Street, Frederick Md 21701

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• Average Asking Price: single-family: $430,400; towns/attached: $389,300;

• Median Asking Price: single-family:  $395,000; towns/attached: $379,900;

Sold Homes in Historic District since April 1, 2014:

• Number of homes sold: 3 single-family; 9 townhouse/attached;
• Average Sold Price: single-family: $447,200 ; attached: $406,156
• Average Asking Price: single-family: $449,500; attached: $410,944
• Average SP/LP ratio (what % of asking price did homes sell for): detached:  99%;   attached: 99%
• Average DOM: single-family: 5 days; attached: 20 days

Conclusion: The Historic District is still having a shortage of inventory, sales are slower than last year, but prices are showing signs of improvement.

Read Also:
•  Historic District Real Estate Report
For more information on  the Historic District or the Baker Park/Hood College real estate market, please contact Chris Highland at Turning Point Real Estate: 301-401-5119 or email: chris@chrishighland.com

Search Homes for Sale in Historic Frederick Md

Sell Your  Historic District Frederick Home

*** For Sale $2,300,000:  129 Market Street, Frederick Md 21701
Six Condo flats and towns, combined 13 bedrooms, 14 full, 8 half baths. All renovated with beautiful upgrades: granite counters, cherry cabinets, hardwood floors, stainless-steel appliances. See All the Details.

City of Frederick 21703 Real Estate Statistics June 2014

City of Frederick 21703 Real Estate Statistics June 2014

provided by The Highland Group. City of Frederick real estate Statistics June 2014 have been published by MRIS*.

Here are the highlights for the 21703 zip codes in the City of Frederick:

  • Average Sale Price:  $247,200 compared to $286,100 last year, -14%
  • Average Single-family home: $330,600, Avg. attached home: $185,600
  • Median Sale Price:  $221,000 compared to $260,000 last year, -15%
  • 40 Homes sold compared to 33 last year, +21%.
  • Average days on market was the up 16%, 43 days compared to 37 last year
  • Sellers got 98% of list price compared to 100% last year

There are 136 active listings in the 21703 zip code, compared to 67 last year. The inventory is increasing, very close to a normal market. We are currently looking at a 2 to 3 month absorption rate. 58 homes went under contract in June. The pace of the price increases has slowed this year compared to last year.

23% of homes sold in June were cash transactions. This is the normal 7-9%.

Real estate statistics are just a snapshot of year-over-year numbers, and don’t tell the full story. Contact Us for the full story.

A visual:

21703_real_estate_trends

 

*MRIS – Mid-Atlantic Regional Information System – These statistics are not guaranteed but are considered accurate.

Contact Chris Highland to see homes for sale in the Historic District

Chris@ChrisHighland.com
301-401-5119

City of Frederick 21702 Real Estate Statistics June 2014

City of Frederick 21702 Real Estate Statistics June 2014

provided by The Highland Group. City of Frederick real estate Statistics June 2014 have been published by MRIS*.

Here are the highlights for the 21702 zip codes in the City of Frederick:

  • Average Sale Price:  $283,400 compared to $279,600 last year, +1%
  • Average Single-family home: $351,200, Avg. attached home: $203,800
  • Median Sale Price:  $260,000 compared to $258,500 last year, +1%
  • 50 Homes sold compared to 60 last year, -17%.
  • Average days on market was the up 20%, 42 days compared to 35 last year
  • Sellers got 97% of list price compared to 96% last year

There are 186 active listings in the 21702 zip code, compared to 130 last year. The inventory is increasing, very close to a normal market. We are currently looking at a 2 to 3 month absorption rate. 38 homes went under contract in June. The pace of the price increases has slowed this year compared to last year.

8% of homes sold in June were cash transactions. This is the normal 7-9%.

Real estate statistics are just a snapshot of year-over-year numbers, and don’t tell the full story. Contact Us for the full story.

A visual:

21702_Real_estate_market_trends

*MRIS – Mid-Atlantic Regional Information System – These statistics are not guaranteed but are considered accurate.

Contact Chris Highland to see homes for sale in the Historic District

Chris@ChrisHighland.com
301-401-5119

City of Frederick 21701 Real Estate Statistics June 2014

City of Frederick 21701 Real Estate Statistics June 2014

provided by The Highland Group. City of Frederick real estate Statistics June 2014 have been published by MRIS*.

Here are the highlights for the 21701 zip codes in the City of Frederick:

  • Average Sale Price:  $299,800 compared to $263,300 last year, +14%
  • Average Single-family home: $329,900, Avg. detached home: $271,500
  • Median Sale Price:  $253,750 compared to $247,500 last year, +3%
  • 66 Homes sold compared to 68 last year, -3%.
  • Average days on market was the down -43%, 45 days compared to 79 last year
  • Sellers got 96% of list price compared to 96% last year

There are 216 active listings in the 21701 zip code, compared to 143 last year. The inventory is increasing, very close to a normal market. We are currently looking at a 2 to 3 month absorption rate. 78 homes went under contract in June.

15% of homes sold in June were cash transactions. This is higher than the normal 7-9%, evidence of investors and flippers in the market.

Real estate statistics are just a snapshot of year-over-year numbers, and don’t tell the full story. Contact Us for the full story.

21701_Real_Estate_June_2014

 

*MRIS – Mid-Atlantic Regional Information System – These statistics are not guaranteed but are considered accurate.

Contact Chris Highland to see homes for sale in the Historic District

Chris@ChrisHighland.com
301-401-5119

Vacation Home Sales are Making a Comeback

Sales of Vacation Homes are on the Rise

Buyers of vacation homes are active in the real estate market again. This is a good sign for the economy. According to a recent real estate study by NAR, National Association of Realtors, sales of new and existing vacation homes rose almost 30% in 2013, with a national sales number of 700,000. The number is projected to continue to rise slightly through 2015, then level off through the end of the decade.

What does the typical vacation home buyer look like? The study finds these buyers have the following statistics:

  • average age of 43
  • they purchase a home within 100 miles of their primary residence
  • median incomer of almost $90,000
  • half are looking for a family retreat for the purposes of reconnecting with family and friends

Some of these buyers plan to eventually move to the vacation home on a permanent basis, many for retirement. Some have plans to rent out the vacation home for part of the time, to offset the expense.

There are also the investors, people looking to expand their real estate portfolio into the vacation home market, hoping for a profit. Almost 5% of buyers in the survey hope to sell the vacation property within a year and turn a modest profit.

What is The Motivation?

For many of these home buyers, the prospect of getting a good deal is the motivation for a purchase at this time. Home prices are low, interest rates are low, and there are valuable foreclosures to be found. In fact, 42% of the vacation homes sold were listed as distressed sales (short sales or foreclosures).

As you might guess, competition for these distressed homes is high. Those buyers with cash, about 1/3 of all vacation home buyers, often win out in the market. Because of competition over properties, vacation home prices in some markets are beginning to escalate.

However there are still more vacation homes for sale than buyers to purchase them, a lingering result of the housing decline. When money and jobs got scarce, one of the first things to go was the second home.

Where is the Demand?

Some areas remain in demand throughout the year, including coastal, southern, and western states. But the key here is still location. Some buyers will consider purchasing a “fixer-upper” to get the location they want. Others want a property in move-in condition. But whether a buyer is looking for a lakeside resort in the Northeast, or an escape in cold months from the Midwest, they are still enjoying a buyer’s market, because second homes are not a necessity, but a luxury.

Second-home buyers usually know the area in and around the locale in which they are looking to purchase. The usual situation is that the buyer has spent several seasons in the area on vacation. Buyers still need to do due diligence when considering a second home, because there are still long-term ramifications.

For a home that is a part-time rental, mortgage lenders will consider the purchase as an investment property. This will mean higher mortgage rates and possibly a higher down payment, sometimes as high as 25%. It can be helpful to consult with lenders in the area that the property is, as they have a better understanding of the local market.

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Thanks to David Goldberg for a great guest post!

David Goldberg -  Home Inspector
phone: 
301-913-9213 
fax:  301-774-4554
Reliable Home Services, Inc.

PO Box 5159
Laytonsville, MD 20882
ASHI Member #101584
MD License #29322