I just used my proprietary software to compare the recently closed out 3rd Quarter 2013 (July-Sept) to 3rd Quarter 2012 and the results are very informative of the new market condition in Montgomery County, MD!
Montgomery County (MoCo) Sales Volume for this third quarter is up an amazing 20% while prices are also up 6.9% and Days on Market (DOM) has dropped from 61 Days to 39 Days.
MoCo Sales Volume (units) is up so dramatically that inventory has sold out and inventory has dropped by 37% from last year at this time. DOM is down even more sharply for Silver Spring from 69 Days in 2012 to 41 Days in 2013. This is a leading indicator that the Silver Spring Market has improved.
This is all good news for sellers and interest rates are still quite low. The tables seem to have turned into a seller’s market.