Podcast - 12/8/23

🏡 Curious about real estate trends in Frederick County, MD, and Washington County, MD? 📈 Join us on our latest podcast as we dive deep into the numbers from January through November 2023. We'll compare this data to the same period in 2022, covering homes sold, home values, days on market, and average sale vs. listing prices. 📊📅

Knowledge is power in the real estate market! Don't miss this episode for valuable insights. 🎙️

And of course, check out our stunning "House of the Week" 🏡 featuring a spacious Cape Cod on a 3.5-acre property along the Patapsco River in Sykesville, MD. Listed at $725,000, it offers 4 bedrooms, 2 bathrooms, a stone fireplace, and even an attached in-law suite. Plus, enjoy 300 yards of water frontage and modern updates! 🌊🌳 #RealEstateTrends #HouseOfTheWeek

Tom Whalen:

I'm Tom.

Jay Day:

I'm Jay.

Tom Whalen:

Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Coming up on the holidays, of dead a winter solstice coming up. What's going on?

Jay Day:

Alright, so we're in December. Let's talk about the stats. And I was trying to find a way to, sometimes I think the statistics I show don't really give the overall picture. So I tried a different avenue of pulling some data to share on this podcast. And on this one we're just going to be focused on Frederick County, Maryland and Washington County, Maryland. But this is really good information. So what I wanted to give a perspective of, because again, on the news where you're reading things, I mean, I'm hearing more and more people saying they're calling like, now it doesn't sound like this is a good time to sell. I know it's probably not a good time to sell. And I'm like, I don't know where they're getting this from. So let me give you real stats. So I went back and I looked January through November of 2022. So all of last year, let's see how many homes sold in Frederick County. It was 4,597. The median price was 456, the average price was 489. When I pulled 2023, January through November of 2023, the amount of homes that sold 3,442, that is a decrease of 25 plus percent. So 25% less homes sold in the same period of time. From 2022 to 2023, the median price went to 454. So again, the median was just a little bit lower. The average price was 498. So the average price went up almost $10,000 year over year. The interesting part of that is, as we've talked about, inventory is still extremely low and that is the cause of the lower amount of homes that have sold. It's not that the real estate market is bad, it's not that the real estate market is slow, it's that there's less homes on the market. And because of that, you're seeing headlines of real estate sales are down. Well, real estate sales are down because the inventory's down. But the more interesting part of this is when we talk about days on market and when we get into days on market, this is really, like I said, this is real good data in my opinion. So last year, 2022 in Frederick County, of those 4,597 homes that sold 4,063 of them, that's 88% sold in 30 days or less. And those homes that were priced that way in that 30 day timeframe sold for 102.23% of the original asking price, meaning they sold for over asking. The amount of homes that took a month, 31 to 60 days to sell were 6.8%. And those sold for 95% of asking price. 61 to 90 days, 2.3%. Those were also at 95% of asking price. Once you got to 91 days to 120, it was under 1% of homes and those sold at 92% of asking price, and then it just continues to change. So when we compare that to this year, we're looking at a total of, again, 88% of the homes last year sold within 30 days. This year, 83%. Last year, they sold for 102% of asking. This year, 101% of asking. So still those homes that are selling in the first 30 days are typically selling over asking price because they're pricing them properly to be able to make them move quickly.

Tom Whalen:

Pricing them properly. That's the key.

Jay Day:

It is. And then we look, so 31 to 60 days, 8.9%. So there's more homes that have sold compared to last year, and those sold for 96.4%. Where we start to see the fall off is once you get to 61 days, we're starting to see the price. The average price for sold price to list price was 94%, 94%, 93%. 91%. So those that are not adjusting and are over asking for what the market is calling for are actually, I mean, when I look at the ones, like I said, 181 days and over, those sold for 91% of original asking price, meaning they were overpriced or they had to make adjustments by 9% of what they originally thought they were going to get for their house. Now, I pulled just November of this year just to give an idea of what we have volume wise. We have 262 homes sold in 2023, Now get this, the median price is 457. So when we go back to all of last year, the median price was 456. So prices have went up, the average price is 500,000. In 2022, it was 489. So does that sound like the real estate market and values are struggling? No.

Tom Whalen:

It's just a matter. It's just a matter of product, inventory and availability.

Jay Day:

Yeah. Now the other interesting part is we're at 83% for the homes that sold in the first 30 days and it jumped all the way to 2%. I mean 10% for the homes that are taken that are taking up to 60 days to sell. So 93% of the homes are selling within the first 60 days. Now an interesting fact, again, those in the first 30 days, they're selling for just a little bit over asking 100.46, the ones that are within 60 days, 96.36. So basically, I mean the gist of this, when I look at it, it shows me one values have not went down. Values are still, the average sold prices are still higher, and they're continuing to tick up because like I said, when we look at January through November of this year, the average price was 498. When we look at just November, it jumped from the average for the year 498 to 500,000.

Tom Whalen:

This is Frederick County?

Jay Day:

This is Frederick County only. When we go to Washington County, and I won't give all of the details because it's a ton, but if you are listening to this and you want the info, I have it. I can shoot it over to you. I'd be more than happy to share it with you. Just shoot me an email [email protected]. Say I want those stats. When we look at 2022, January through November, we did the exact same time period in Washington County, 1,912 units sold. When we look at this year, January to November, 1,544, they're down over 20%. Alright, median price was 280, median price this year, 305.

Tom Whalen:

Wow! Washington County.

Jay Day:

Yeah. Average price 304 last year. Average price, now 323.

Tom Whalen:

Alright. That's it, man.

Jay Day:

So Washington County is seeing some serious appreciation from last year to this year. And again, this is why we say everything is very specific to an area because their prices have outpaced, and the equity has grown more in Washington County than it has percentage-wise in Frederick County.

Tom Whalen:

I don't think people are aware of this.

Jay Day:

No, no. And that's the whole part and get this. So again, we talked about that, and when I just look at November of 2023, the median price is 307. So the average so far, the median for the year so far is 305. The year before it was 280. Now we're 307. So where are we trending? The prices are still going up. When we look at the average price in November, 331,000, the average for the year, 323, the average last year, 304. That is a huge increase in what the homes are selling for. So getting that perspective of, okay, I'm not jumping into the market because I'm going to be able to steal this house because the homes are not cheaper. The homes that are moving are priced and the average prices are going up listening to this, what I would say is we've had a little bit of a break recently. The interest rates have had a six in front of them. I would be jumping on the bandwagon and making a move because the holidays tend to be a little slower. There's a little less buyer activity, and if these rates end up getting into the low sixes or fives, we're going to end up in another situation where people are going to have to pay over appraisal. There's going to be tons of bidding wars. There's going to be waiving all inspections. Now is the sweet spot. It is.

Tom Whalen:

I believe you, man.

Jay Day:

And I said it during covid that you're, you're going to kick yourself in the butt for waiting. So again, when you look again, just look at 2022 by sitting there and waiting, you now are on average, if you were looking in Washington County, it is costing you over $20,000 more for the price of the house, and the interest rates are higher. So sitting and being on the sideline doesn't always make the most sense.

Tom Whalen:

I understand. I understand. It takes guts and it takes the pro in your corner.

Jay Day:

Oh yeah.

Tom Whalen:

All this information, all you got to do is call.

Jay Day:

Yeah. So you ready for the house of the week?

Tom Whalen:

Give it to us.

Jay Day:

Well, so this is funny because I don't know if you knew this. I know, Mount Airy is a sort of an oddity that it hits multiple counties. Sykesville actually hits part of Howard County.

Tom Whalen:

Oh, I didn't realize that.

Jay Day:

And this listing we have is on the Howard County side of Sykesville. It's 440 Gaither Road, three and a half acres listed for seven and a quarter. Again, it's on the Howard County side. It's a Cape Cod with over 3,000 finished square feet of living space above grade. Four bedrooms, two full bathrooms. There's an attached in-law suite with a separate kitchen. So two kitchens, a separate laundry, its own entrance, it's own screen and porch. There's a stone fireplace. There's a great room with cathedral ceilings. There's a loft bedroom overlooking the main level. It could be a bedroom, it could be an office. There's a large bonus room that could be converted into another full bathroom. The basement is unfinished. It's actually situated on the Patapsco River. So it's a riverfront property, which is nice. And the roof on the house was just installed in 2022. AC units and furnaces were replaced in 2022. There's a small barn and stable with two stalls. There's a fence pasture. It's minutes from Route 70 and 29, if you're looking to be close to things. And Howard County, this is a great spot to be, seven and a quarter, over three acres. It has outbuildings. It's 3,000 square feet. It has an in-law suite. It's got a little bit of everything. If you want to check it out, go to wfre.com. Look up Tom and Jay's real Estate podcast. You can see the house of the week. If you like what you see, click on the button and we can get you a private tour today.

Tom Whalen:

I'm Tom.

Jay Day:

I'm Jay.

Tom Whalen:

Jay Day and the Day Home Team, Real Estate Teams with our weekly real estate podcast. Thank you for listening. Merry Christmas. Tell your friends all about it.

Post a Comment