Our local MLS has publised the real estate market sales statistics for Frederick County for March 2009.*  Here is a synopsis for Frederick City by zip code:

21701     2009     2008 % Change
Avg. Price   $230,330   $329,764      -30%
Median Price   $225,000  $299,995      -25%
DOM      149       173     -14%
# homes sold        40       36     +11%
New Listings:    83
Total Marked Contract:    33
Total Marked Contingent:    24
Total Pending (contract + contingent)    57
21702     2009     2008 % Change
Avg. Price   $248,300  $255,300     -3%
Median Price   $235,000  $245,000     -4%
DOM      143      188      -24%
# homes sold       29       26     +12%
New Listings:    68
Total Marked Contract:    42
Total Marked Contingent:    27
Total Pending (contract + contingent)    69
21703     2009     2008 % Change
Avg. Price   $207,000  $247,000     -16%
Median Price   $195,000   $220,250      -11%
DOM      147      99      +48%
# homes sold       29       24     +21%
New Listings:    75
Total Marked Contract:    40
Total Marked Contingent:    29
Total Pending (contract + contingent)    69

Real estate market statistics Countywide:

County-wide     2009     2008 % Change
Avg. Price   $262,235  $323,628     -19%
Median Price   $238,700   $290,000      -18%
DOM       158       177      -11%
# homes sold       171       153     +12%
New Listings:    430
Total Marked Contract:    178
Total Marked Contingent:    141
Total Pending (contract + contingent)    319

Notes -
We’ve seen an increase in the number of sales in all Frederick Communities in March.  The prices have continued to decline, but at a slower rate.  You can see in the 21702 zip code the prices seem to be leveling off.  The largest percentage (57%) of the March real estate sales took place in the $150,000 to $300,000 range, indicating a large number of first-time buyers.  The majority of the sales were FHA financing, which is the choice of a lot of first-time buyers.  Seems to me the $8000 first-time buyer tax credit is having the desired affect on the Frederick Real Estate market. 

The most exciting number above is the 319 pending contracts.  We’ve not seen this many pending sales since August 2006.  With an inventory of 1812 and over 300 due to sell (albeit, not all of these will actually go to settlement) this gives us an absorption rate of 6 months.  Remember, this represents a balanced market.

Could we be seeing a levelling off of the Frederick Real Estate market?  Or is this a Spring rush?  Time will tell…but we have reasons to believe that we’ll see a bottom soon.

Compare Frederick Real Estate market statistics to February 2009.  To see real estate market statistics for Urbana, Walkersville, New Market, Mount Airy, and Middletown.

To see Historic homes for sale in Frederick.

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                            The Highland Real Estate Group
                       Chris & Karen Highland *   301-831-9947
                                   Real Estate Teams, LLC
                               email us: isell4u2@msn.com 
                                       

                              Frederick MD Homes and Real Estate