Podcast - 8/4/23

I'm Tom.

I'm Jay Day.

Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Going with the numbers again.

Yeah, you got it man. It's numbers time. So let's talk about how July ended and what we're looking like in August. So we'll hit Frederick County first. I say the biggest thing is Frederick County is still going extremely strong. I'll get into some of the specifics. So our Coming Soons are down. We have less homes coming on the market than what we did before, last time we chatted. The Actives are up from 127 homes to now 141 and we're looking at a median price right now for the Actives of 585 with the median days on market of 22. Contract, 302 homes went under contract, 341 the time before. Now that's not a big surprise to me because we talked about it in the summer months. Things do tend to slow down just a little bit. So I'm looking at that as the seasonality thing because the median days on market is still 6, it was 6 before, it's 6 now. So when we look at it, there's been no change. If you price your home right, it'll be under contract in a week. The next we're going to look at Sold. We went from 314 to 296. Again, not really that big of a surprise considering, we're in the summer months. Now the Sold homes, the median price went from 451,000 to 465,500 and again, we're back at 6 days on market for what sold. And then we're going to look at, so how many sold above list, at list, or below list price. And this is always sort of a good indicator of what's happening when we look at that sold below list only 18%. That means only 18% of the homes sold for below what the home was listed for.

We're still talking Frederick County here?

Frederick County sold above list 62% and we look at sold at list 21%. So when we put all that together and we're 82% of the ones ended up selling for at or above list, and then we look at another indicator, homes that sold was seller help, meaning the seller helped pay some of the buyer's closing cost. That number went down dramatically from 59 to 28, and that's less than 10% of the inventory. So 9.4% of the homes that sold, the sellers gave concessions to the buyer.

Why do you figure that's such a dramatic drop? What does that mean you think?

Just a limited inventory and people are pricing things right, and they're getting multiple offers.

The sellers are in the driver's seat right now.

Absolutely. We're still at under a half month supply of inventory in Frederick County. And again, remember, a one to three month supply is a seller's market. A three to six is stable, a six and more is a buyer's market. We are so far away from a buyer's market, we're still very far away, even from a normal market where we're still looking at inventory shortages. Now we'll go over to Carroll County, we'll stick in Maryland for a bit. And the big gist in Carroll County to be very candid is we're looking at it. The Actives and the Coming Soons are very similar to what they were. The pricing is coming down a little, and that doesn't mean that the homes are selling for less, just the more affordable homes are starting to hit. The days on market for Active is 21, and it was 21 last time. So that's been remaining stable. Contract down from 213 to 178. Again, seasonality I think is the call for that. Now pricing the median price, the prior month was four and a quarter, and now we're at 449,500. So values still showing strong in Carroll County. And we went from a median days on market from 6 to 7. Again, not a huge jump, it's still a week. Sold, we actually had more homes settle 176 compared to 175 the month prior. And those had a median days on market of 6 and homes sold with seller help went up from 43 to 45, and that puts us just under 26% of the homes in Carroll County. The seller did give some closing help. Then we head over to Washington County and Washington County. When we look at Actives and Coming Soon, we have a little bit of a bump. We had 22 Coming Soons before, now we have 28. We had 141 Actives before now we've got 159. Of those we're seeing the coming soons, the median price the month before was 302. The median price now is 364,450. So the ones that are coming on the market are a little pricer. We had a reduction in the median days on market for Active homes that went from 36 to 28. Under Contract homes 187 to 184. That is showing some serious strength because again, we normally run into a little bit of seasonality. The fact that there was only a variance of three is quite impressive in my opinion. And we also had an increase in median price from 279,900 to 283,750 and we had a decrease in median days on market from 10 to 9. When we look at Sold, we went from 153 to 140, and there we have the exact same 8 days as a median days before and currently. Homes sold with seller help, that is actually a little bit of a surprising number, 32%, little over 32% of the homes in Washington County ended up having seller concession. So Washington County, I said it's looking pretty good. We go over to Pennsylvania, Adams County. Adams County, we've got Coming Soon 8, before we had 5. Active 76 before we had 83. So we're actually down in active inventory in Adams County. The days on market, the median days pushed up to 37 from 30. Now the pricing change also from 339,900 to 387,500. So the median price has increased. Contract, this is a really interesting one too. 139 to 127. Again, I say that seasonality, the big change is the median price went from 295 to 339,450. So we're seeing that the median price for the homes that went under contract had an increase. Median days on market, 9, still not bad under two weeks. We look at Sold, 106 versus 105. So we had more homes settle than they did the month before with an increase in the median price from 271,000 to 276,250. And that stands strong with a solid 7 days, median days on market and just under 21% of the homes giving seller help. So what we're seeing in Adams County is prices are increasing, inventory is lower and still under a month's supply. Now we go over to Franklin County and we've got a little more with the Coming Soons from before. Actives are down from 141 to 137. Now the median price for the actives has changed. It's dropped a little from 314,900 to 309,900 and the median days on market increased from 29 days to 35 days. So things are taking a little longer to go under contract and they're sitting on the market a little bit longer. Contract, like I had just mentioned, the days are creeping up a little bit. The median days before was 10, now it's 15. So just over two weeks. And we have a change in price for the ones Under Contract. The median dropped by 10,500, just a little over $10,000 from 259,900 to 249,450. Sold increased from 121 to 132 and increased in median price of 260 to 262,450. And those also were looking at a median days of 9 and homes that went with seller help 28%. So that's a pretty big number of those that had concessions. And then we're going to go into West Virginia and wrap this thing up. Jefferson County, Jefferson County, it's still always as amazes me at how few homes are on the market out there.

That's fascinating to me too because during the pandemic, we had talked about that Jefferson County where maybe some people said, this is the next big thing. Nobody's going to commute anymore. Jefferson County, West Virginia is going to be the next big, big market.

Oh, yeah. And so we went from Coming Soon, 8 homes to 9. The median price is about the same. It went down a little bit from 376,400 to 375. Actives dropped. So we had 67 homes available when we went over the numbers last time. Now we're down to 58 and we went down from 29 median days on market to 22 on Actives. Under Contract, we actually had an increase from 76 to 78, and the median days on market remains at 8. When we look at Sold, we have a little bit of a drop there. We went from 69 to 54 and the median days went up from 8 to 10. And in Jefferson County were just under 28% of those homes that sold actually had seller help. And then we're going to wrap it all up with Berkeley County. Berkeley, we have a increase in Coming Soon from 14 to 20. Out there we're looking at the median price had an increase from 287,500 to 279,500. Then we're looking Active, we're down a little bit from 143 to 140. The median price has dropped though from 309 to 299,900. And the median days on market dropped down from 30 to 28. Under Contracts, exact same amount of homes. Every time I run into this, I double check, I recalculate to make sure I didn't make a mistake. Last time we chatted, it was 195 and it's 195 again. The big difference here is that the median price jumped from 279,900 to 290. The median days on market went from 10 to 11. And then when we look at Sold, we dropped from 170 to 136 with the median price dropping just a little bit from 282,500 to 274,500. And the median days on market for the sold properties drop by one day from 8 to 7. And this area actually takes the award for, if you're looking for seller help, they seem to be the top of the ones that are given the most. 37.5% of the homes that settled had seller concessions to the buyer.

In Berkeley County.

In Berkeley County.

and boys and girls, I know that we've said this before, but Jay's giving you these stats because they're licensed in Pennsylvania, West Virginia, Maryland as well.

And I need to start running the stats for Virginia, I need to do that.

Your licensed in Virginia.

Yes. Yeah. Yeah. And we do a lot of work out in Frederick County, Clark County, and Loudoun County. So maybe I'll start those into the mix because it is good to know. I mean, if you look just at Frederick, the markets in these other areas is definitely different than Frederick. Some of them are getting close to a month's supply of inventory. Again, still a seller's market where Frederick, though, is still under half months supply. Frederick Market has just been extremely strong. And I think it's that desirability, again, we're sandwiched perfectly in between DC and Baltimore. So it's a great commuter location and the values have just skyrocketed. I mean, even when I look at the stats, when you get into the median, I mean realistically an average have a median price of 585. It's shocking to see that in certain parts of Frederick County. You're only getting a town home in the fives.

I know. It is shocking and it shocks a lot of people. It really does.

Yeah. It's really become a hotspot. And a lot of people have moved here from Northern Virginia, from Montgomery County. I know some people complain about that. But the good thing is the values are increasing. At least you're not having your property values drop because nobody wants that to happen. So, well, let's talk about the House of the week. This one isn't too far from the station here. It's in Gulf View. So we're going to take time to talk about this 504 Sage Hen Way in Frederick Maryland going on the market today at 525,000. It has four bedrooms, two full baths, two half baths, wood floors, a large master suite, granite counters, stainless steel appliances, a front porch, a large deck, a fenced yard. I actually happened to drive by this one with Christina the other day. New siding, the HVAC has been updated, roof has been replaced, and it's situated in a cul-de-sac right off the golden mile, great spot. And this Saturday. So tomorrow, 8/5 from 1:00 PM to 3:00 PM we will have Isabel out there doing an open house.

Nice.

So you can swing by, take a peek at the house, or if you want to check it out in advance, you can check it out online. You can just go to wfre.com. Look up Tom and Jay's Real Estate podcast and check out the house of the week or go out again Saturday, the 5th from 1:00 PM to 3:00 PM. Isabel, will be happy to show you the home. And thanks for listening.

I'm Tom.

I'm Jay

Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Thank you so much for listening and tell your friends all about it.