Proprietary Montgomery County Market Update and Analysis
In an earlier eNews article, I noted that some of the most cited and popular real estate indices report on National trends and therefore have long time lags in data collection. While they are collecting data and issuing reports that are 3 months behind, I am reporting on Montgomery County for the past month or weeks. My Montgomery County (MoCo) reports below are real-time Sales Through July 17, 2020. In these very volatile days, we really want to have a reliable view of the changing market as soon as possible.
Market Snapshot: (See Chart Below)
A few words about comparisons. When reading market reports it is crucial to note the periods compared. Often media real estate market reports do not clearly indicate the time periods. Here we discuss reports for: Month Year-over-Year meaning the same month is being compared in two consecutive years or, Month to Prior Month means exactly that. A 90-Day Look-Back YoY means that we are looking at a selected 90-Day period compared in two consecutive years i.e. , YoY.
Real Estate Sales Climbing Out of a Deep Hole
Lack of inventory continues across Montgomery County, as Active listings were down a huge 38.7% in June ‘20 Year-Over-Year (YoY).
June, 2020 Sales Compared to June, 2019 Fell 16.4%
Closed Sales Volume show the continuing impact of the Corona pandemic.
June, 2020 Sales Up 27.7% vs. May, 2020
However June ‘20 Sales Volume seems to show the market coming out strongly from the worst economic recession ever seen as sales volume was up 27.7% over the deeply pandemic-impacted month of May ‘20.
Recent 90-Day Look-Back- YoY
(4/18/20 – 7/17/20 compared to 4/18/19 – 7/17/19)
920 less sales than a comparable period last year!
This was a 22.7% decline from the comparable period last year. This is a deep sales hole that most likely will not be filled in the near future, as too many of our would-be neighbors have been knocked out of the market by injuries to health, jobs, businesses and or income.
Average Sales Prices are Flat with slight increases, See Chart Below. Not shown here but, worthy of mention …
Days on Market (DOM) of Sold Listings was Down again Dramatically from Last Year, from an average of 37 DOM in June ’19 to just 27 DOM in June ‘20.
The fast pace of sales continues while the supply keeps dwindling! It is a Great Time To Sell!
Montgomery County Market Snapshot