July’s real estate market reports are out.  The city of Frederick had another month of increased sales:

Frederick City real estate market statistics for July 2009, by zip code.

21701     2009     2008 % Change
Avg. Price   $245,242   $289,230      -15%
Median Price   $220,000  $280,000      -21%
DOM      142       144     -1%
# homes sold        45       37     +22%
New Listings:    79
Total Marked Contract:    32
Total Marked Contingent:    22
Total Pending (contract + contingent)    54

78% of all sales were under $300,000.  There are 311 active listings in the zip code, which represents roughly a 7 month inventory, or absorption rate.  1/3 of the 45 sales took less than 30 days.  This makes a lot of sense, given that about 1/3 of the homes on the market are distressed sales.

21702     2009     2008 % Change
Avg. Price   $210,444  $282,200     -25%
Median Price   $185,000  $262,500     -30%
DOM      104      104       0%
# homes sold       53       35     +51%
New Listings:    70
Total Marked Contract:    22
Total Marked Contingent:    29
Total Pending (contract + contingent)    51

There are currently 250 active listings in the zip code, representing roughly a 5 month inventory.  Only 6 of the 53 sales were over $300,000.

21703     2009     2008 % Change
Avg. Price   $210,200  $275,200     -24%
Median Price   $190,000   $250,000      -24%
DOM      94      126      -25%
# homes sold       48       31     +55%
New Listings:   71
Total Marked Contract:   44
Total Marked Contingent:   31
Total Pending (contract + contingent)   75

This zip code shows 268 active listings, representing roughly a 5 month inventory.  All but 4 of the 48 sales were in the under $300,000 range.

Overall, we’re seeing that inventory is shrinking, sales are up, and prices are reflecting the majority of sales in the first-time buyer (or investor) range - under $300K. 

Compare to Frederick City Real Estate Market Report for June 2009

Couny-wide statistics:  Frederick County Real Estate Market Report for July 2009

                      Frederick Real Estate          Frederick Real Estate        
                                                                                                                                                                                                       
                                  The Highland Real Estate Group                      
        Chris & Karen Highland * Frederick County MD Real Estate Agents
                                Specializing in Frederick County Real Estate 
                                                 301-831-9947
                                            Real Estate Teams, LLC
                                               isell4u2@msn.com                
                                 
                                        Pictures of Frederick