Podcast - 01/05/24

🏠 Ready to dive into the local real estate scene? Our latest podcast episode is packed with insights! 📈🏡

Join us as we break down the 2023 real estate statistics for Frederick County and take a close look at December's numbers. Whether you're a buyer or seller, these stats are crucial to understand. 📊💼

And of course, don't forget to check out our fabulous "House of the Week" 🏡 - a nearly new rancher in Lake Linganore's The Hamptons village! With 4 bedrooms and 3 full bathrooms, an open concept design, and a stunning deck, it's a dream home come true. 🌳✨

Tune in today for all the details! #RealEstateStats #LocalMarket #DreamHome

Tom Whalen:

I'm Tom.

Jay Day:

I'm Jay.

Tom Whalen:

Of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. What are we working today, buddy? Brand new year, brand new turn of the screw.

Jay Day:

Oh yeah. So I figured we would sort of chat about what has happened and what the stats are looking like for how things ended last year.

Tom Whalen:

I love the stats.

Jay Day:

It's good to get a little bit of an idea. So today we're just going to focus on Frederick County though, I want to keep this not overly long and we can just sort of give a quick overview. So in all of Frederick County in 2023, taking out new construction, dealing with resale only town homes, detached homes and condos, we had 2,954 properties close. And when we look at that and we're looking at different parts, we look and see that the median price of what actually sold ended up being 435. The average price in Frederick County for properties that sold in 2023 was 480,147. Another interesting part was when we look at the median for the entire year, the median days on market was only seven, the average was 20.

Tom Whalen:

The difference between median and average.

Jay Day:

So the median average includes everything. Median takes out the highest and the lowest.

Tom Whalen:

Ah, I see.

Jay Day:

Yes. It tries to eliminate the outliers.

Tom Whalen:

I'm a truly a lay person on this one. That's why you call the pros.

Jay Day:

Well, I'll tell you, I remember that's probably one of the only things that we learned in math that actually does get utilized.

Tom Whalen:

That stuck with you, that you're using today.

Jay Day:

Well, think about it. Algebra. Half that crap, I'm like,

Tom Whalen:

They killed us with that stuff.

Jay Day:

And I'm like, when are we ever going to need this.

Tom Whalen:

I don't know what that was all about.

Jay Day:

Yeah, but the median that actually

Tom Whalen:

You caught that one man. Okay, but because that's a little confusing.

Jay Day:

Oh, it is. It is. And I mean,

Tom Whalen:

It's not that far apart.

Jay Day:

Right? But it's funny, you look and you're like, well, how could a median be 435 and an average be over 480?

Tom Whalen:

You explained it.

Jay Day:

Yep. Take out those outliers and that's where you are. So that gives you a little bit of an idea of what happened. Now, the original list price, the median was 435. The sold was 435, the average was 478, and then the close was 480. Now, they did have it where people tried to bump prices, and those did come down a little bit, but again, it was not really that it came down. And values have not dropped. It was people that were pressing the envelope and trying to sell. They were overshooting the market. And if you were overshooting the market, your home was selling for below asking price. Now, December was quite interesting. Let's touch on this one pretty quickly. When we look at December, there were 182 properties that closed in the month of December. The median days on market in December was 12. The median sold price was 470. So 35,000 over the average or the median for the year. And it was interesting because in December, we saw an uptick compared year over year of what sold. And I think some of that is to attribute to the interest rates being a little bit lower. I think I mentioned it on our last podcast, or maybe I didn't. We were actually, when we made our big move from real estate teams to LPT, we picked that week like, okay, it's the week of Christmas, things should be a little slower. It won't be too crazy. We were selling stuff like hotcakes, including getting contracts completely accepted and ratified on Christmas Day.

Tom Whalen:

Look, I follow you guys on social media. It's amazing. You guys are cranking and grinding every day.

Jay Day:

Yeah. So we tell people, is there really a bad time to sell? Not really. Is there a time where it could take a little longer? Yeah. So if you're listening to this and you're thinking, does it make sense for me to sell? Should I wait? Should I, whatever questions you have, just reach out to us at (866) 702-9038. Again, (866) 702-9038. When you call in, you'll hear the message. If you're a buyer, press this number. If you're a seller, press this. So whatever is pertaining to what you want to, the reason we have that on there is, so we have agents that specialize on the buying side. We have agents that specialize on the listing side, and we just want to make sure we route you to the right crew to take good care of you and to answer all your questions. So are you ready for the house of the week?

Tom Whalen:

What do we got?

Jay Day:

10882 Hook Court in New Market. This one is listed for 750. It is almost like new. It's in the Hamptons Village of Lake Linganore. It is a rancher. There's a total of four bedrooms, two full baths, over 2,600 square feet of finished space above and below grade. Open concept kitchen, living, dining area. There's an oversized island, fireplace, stainless steel appliances, quartz countertops, LVP flooring, an instant hot feature in the kitchen, a jetted soaking tub, finished walkout basement with a large rec room, a bedroom, and a full bath and storage area. It backs to trees. So in Linganore, one of the things, a lot of them, you're backing into other homes. This one backs to trees. If you go and look at the photos on WFRE.com and our podcast and House of the Week, you'll see it is nothing but trees behind it. And that is protected. They're not building back there, which is really nice. And then in addition, the house has a large deck with a covered rear porch for outdoor entertaining. The yard is already fenced. There's built-in storage under the deck. There's the two car garage. And if you happen to be looking for a property and you were going to do a VA loan, meaning you were a veteran, the seller has an Assumable VA loan at 4.75%. So instead of paying in the upper fives or low sixes, if you have VA eligibility, reach out because you could lock this bad boy in at 4.75, which is unheard of in the current interest rates in the market we're in. So go to WFRE.com. Look up Tom and Jay's real estate podcast. There are plenty of photos. If you like what you see, click schedule is showing and we'll get you a private tour of this wonderful home.

Tom Whalen:

I'm Tom.

Jay Day:

I'm Jay.

Tom Whalen:

Jay Day and the Day Home Team at LPT Realty. Thank you for listening to our Real Estate podcast, and please tell everybody all about it.

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