STATPAK
MONTGOMERY COUNTY MARCH 2017
McEnearney.com
MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR FEBRUARY 2017
CONTRACTS Contract activity in February 2017 was down 2.0% from February of 2016 and there was an increase in three of the six price categories. The drop in activity in the lower price ranges is likely due to the very low inventory of available homes. The average number of days on the market for homes receiving contracts was down from 78 days in February 2016, compared to 58 days in February 2017.
URGENCY INDEX The Urgency Index, simply the percentage of homes going under contract that were on the market 30 days or less, was up in February compared to the year prior. During the past 12 years, the Index has been as high as 92% (May 2004) and as low as 16% (December 2007). In February 2017, the Urgency Index was 59.1%, up significantly from 46.4% in February 2016.
INVENTORY The number of homes on the market at the end of February was down 15.9% from the end of February 2016, but there were substantial increases in homes priced more than $1,000,000, and there was a 5.1% increase in the number of new listings coming on the market. The increase in contract activity combined with the decrease in inventory dropped overall supply at the end of February to 1.7 months, down from 2.0 months last February.
INTEREST RATES The rate for a 30-year fixed mortgage ended February at 4.10%. That’s slightly lower than the 4.19% rate at the end of January, but is a half point higher than it was this time last year. Rates have edged a bit higher as we have moved into March, and the Federal Reserve raised its benchmark rate for the second time in three months. While that does not have a direct impact on mortgage rates, the Fed’s move is certainly a sign of its confidence in the economy – and we can expect mortgage rates to rise modestly through the year.
AFFORDABILITY The payment on a no-money-down, 30-year fixed mortgage for a median-priced home is 28.3% lower today than it was a decade ago in February 2007, but is 12.7% higher than February of last year. The mortgage payment for a median priced home ($1,883) was lower in February than the median rented price ($2,000).
DIRECTION OF THE MARKET Virtually every key indicator is positive for the Montgomery County real estate market, mirroring the metro DC region as a whole. The spike in interest rates has brought buyers into the market out of concern that rising rates may price them out of the market if they don’t act, and an extremely mild winter has helped as well. The number of contracts is up (despite a small drop in February), homes are selling in less time, and inventory is very low. Absorption rates above 30% are indicative of a seller’s market, and rates are much higher than that for every property type – condo, attached and detached homes – for homes priced less than $500,000. It’s a good time to be a seller and perhaps a frustrating time for buyers who are faced with fewer choices and more competition for that limited inventory.
Unless otherwise noted, data derived from Metropolitan Regional Information Systems, Inc. (MRIS®). “Northern Virginia” is defined as Arlington and Fairfax counties and the cities of Alexandria, Falls Church & Fairfax. Copyright © 2017 – McEnearney Associates
Montgomery County StatPak - Page 1
MONTHLY SUMMARY FEBRUARY 2016 vs. FEBRUARY 2017
MONTGOMERY COUNTY Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
February 2016 664 2,088 1,154 1,035 78 $494,458 $3,705 46.4% 2.0
February 2017 725 1,756 1,213 1,014 58 $516,247 $4,012 59.1% 1.7
% Change 9.2% -15.9% 5.1% -2.0% -25.6% 4.4% 8.3% 27.4% -14.2%
WASHINGTON, DC Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
475 1,078 807 710 46 $621,792 $2,963 61.5% 1.5
574 1,173 937 778 43 $685,108 $2,307 66.2% 1.5
20.8% 8.8% 16.1% 9.6% -6.5% 10.2% -22.1% 7.6% -0.7%
NORTHERN VIRGINIA Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
1,117 3,400 2,186 1,720 67 $537,757 $3,631 54.4% 2.0
1,220 2,986 2,312 1,789 48 $542,929 $2,993 68.6% 1.7
9.2% -12.2% 5.8% 4.0% -28.4% 1.0% -17.6% 26.1% -15.6%
LOUDOUN COUNTY Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
362 1,392 713 521 73 $448,685 $4,149 49.9% 2.7
361 1,073 721 544 39 $460,313 $3,427 71.7% 2.0
-0.3% -22.9% 1.1% 4.4% -46.6% 2.6% -17.4% 43.7% -26.2%
* Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend
Copyright © 2017 – McEnearney Associates
Montgomery County StatPak - Page 2
YEAR-TO-DATE SUMMARY 2016 vs. 2017
MONTGOMERY COUNTY Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
Year-to-Date Jan-Feb Jan-Feb 2016 2017 1,326 1,436 2,101 1,760 2,027 2,211 1,791 1,851 78 63 $473,356 $498,759 $3,695 $3,893 42.2% 53.8% 2.3 1.9
WASHINGTON, DC Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
932 1,086 1,554 1,232 47 $610,300 $3,045 59.3% 1.8
1,128 1,137 1,761 1,419 44 $677,259 $2,491 62.2% 1.6
21.0% 4.7% 13.3% 15.2% -6.4% 11.0% -18.2% 4.9% -9.1%
NORTHERN VIRGINIA Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
2,143 3,333 3,722 2,982 72 $535,906 $3,587 46.0% 2.2
2,347 2,857 4,007 3,239 57 $545,544 $3,239 59.4% 1.8
9.5% -14.3% 7.7% 8.6% -20.8% 1.8% -9.7% 29.1% -21.1%
LOUDOUN COUNTY Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
694 1,372 1,244 936 79 $465,412 $4,219 44.8% 2.9
719 1,025 1,233 984 50 $472,539 $3,869 64.6% 2.1
3.6% -25.3% -0.9% 5.1% -37.6% 1.5% -8.3% 44.4% -29.0%
% Change 8.3% -16.2% 9.1% 3.4% -18.8% 5.4% 5.3% 27.3% -18.9%
* Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend
Copyright © 2017 – McEnearney Associates
Montgomery County StatPak - Page 3
MONTGOMERY COUNTY – Detail Pages 30-YEAR FIXED AND 1-YEAR ADJUSTABLE RATES
MORTGAGE RATES
Month-End Mortgage Rates – 2010-Current
6.50 6.00
1-Year ARM 30-Year Fixed
5.50
Interest Rate
5.00 4.50 4.00
30-year fixed interest rates at the end of February averaged 4.10%, compared to 3.62% at the end of February 2016. One-year adjustable rate mortgages were 3.14% at the end of February 2017, which is up from 2.79% at the end of February 2016.
3.50 3.00 2.50 2.00
BUYING POWER
BUYING POWER
Mortgage Amount with $1,000 Payment
AVERAGES SALE PRICE
A $1,000 principal and interest payment supported a loan of $206,954 at the end of February, which is $12,455 less than February 2016 but $44,507 more than February 2006. In February 2007, it would have taken a monthly PI payment of $2,625 to purchase a medianpriced home. Lower rates combined with a lower median price now means it takes a payment of $1,905 to buy a median-priced home. That’s a 28.3% decrease.
AVERAGE PRICES
Montgomery County – 2009-Current
Copyright © 2017 – McEnearney Associates
February 2017’s average sales price was $516,247, up 4.4% from the February 2016 average price of $494,458. Remember that these indicators are arithmetic computations based on all properties sold and do not indicate the appreciation or depreciation of any individual property.
Montgomery County StatPak - Page 4
URGENCY INDEX
URGENCY INDEX – 2013-Current
% of Contracts on the Market for 30 Days or Less Montgomery County – 2013-Current 100%
This chart compares the number of contracts (green line) to the percent that were on the market 30 days or less (blue bars). At first glance, it might appear that the lower contract activity also means a lower percentage of homes that sell quickly – but that’s not always true. As an example, December is always the month with the lowest number of contracts. December 2011 (not on this chart) had a 30% index, but that jumped to 44% in 2012, an early indicator that the market was picking up heading into 2013.
1,600
# Contracts
80%
1,200
60% 1,000 50% 800 40% 600
30%
Number of Contracts
1,400
70%
400
20%
200
URGENCY INDEX
Jan 17
Nov 16
Jul 16
Sep 16
May 16
Jan 16
Mar 16
Nov 15
Jul 15
Sep 15
May 15
Jan 15
Mar 15
Nov 14
Jul 14
Sep 14
May 14
Jan 14
Mar 14
Nov 13
Jul 13
Sep 13
May 13
Jan 13
10%
Mar 13
% of Contracts on the Market 30 Days or Less
90%
0%
1,800 % of Contracts
0
URGENCY INDEX - February
Montgomery County – February 2006-2017
URGENCY INDEX DC Metro Area by Jurisdiction Comparison – February 2017
URGENCY INDEX – DC Metro Area
Copyright © 2017 – McEnearney Associates
During the past 12 years, the February Urgency Index has been as high as 60.2% and as low as 29.5%. At 59.1% now, Montgomery County is close to that high-water mark. The average February Urgency Index during the past 12 years is 45.6% – which is lower than where we are today. There was a 2.0% decrease in the number of new contracts for February 2017 compared to 2016 – but the Urgency Index increased significantly from 46.4% to 59.1%.
The average February Urgency Index during the past 12 years for all four of the jurisdictions we track is 50.4%. Montgomery County is in fourth place this month. As noted above, the urgency index is higher than its 12-year average.
Montgomery County StatPak - Page 5
NEW CONTRACT ACTIVITY
NEW CONTRACT ACTIVITY Montgomery County – February 2016 vs. February 2017 by Price Range
36
$1,500,000 and higher
15 67
$1,000,000 - $1,499,999
February 2017
57
February 2016
75
$750,000 - $999,999
89
220
$500,000 - $749,999
169 349
$300,000 - $499,999
As noted on page 2, the number of new contracts ratified in February 2017 was down 2.0% from the number of contracts ratified in February 2016. However, there were increases in three price categories. As noted on page 3, contract activity year-to-date is up 3.4%. 26.5% of all homes going under contract in February 2017 had a price reduction before going under contract.
358 267
$0 - $299,999
347 0
50
100
150
200
250
300
350
400
# of New Contracts
FULLY AVAILABLE LISTINGS
FULLY AVAILABLE LISTINGS Montgomery County – February 29, 2016 vs. February 28, 2017
As noted on page 2, the overall inventory decreased 15.9% in February 2017 compared to February 2016. Inventory increased for homes priced more than $1 million. 31.4% of all homes on the market have had at least one price reduction since coming on the market. In February 2016, 35.3% of all homes on the market had at least one price reduction.
MONTHS’ SUPPLY
MONTHS’ SUPPLY Montgomery County – End of February 2016 vs. End of February 2017
7.0
$1,500,000 and higher
14.6 3.3
$1,000,000 - $1,499,999
2.9 2.5
$750,000 - $999,999
The overall supply of homes on the market at the end of February was 1.7 months, down 14.2% from 2.0 months at the end of February 2016. Supply is lower for five price categories.
2.5 1.5
$500,000 - $749,999
2.4
February 2017
1.2
$300,000 - $499,999
February 2016
1.6 1.3
$0 - $299,999
1.5 0
2
4
6
8
10
12
14
16
# of Months' Supply
Copyright © 2017 – McEnearney Associates
Montgomery County StatPak - Page 6
AVERAGE NUMBER OF DAYS ON THE MARKET – NEW CONTRACTS
AVERAGE NUMBER OF DAYS ON MARKET Montgomery County – February 2016 vs. February 2017 – New Contracts 77.2
$1,500,000 and higher
141.2 84.0
$1,000,000 - $1,499,999
92.5
52.7
$750,000 - $999,999
91.1 64.2
$500,000 - $749,999
76.1 February 2017
55.0
$300,000 - $499,999
The average number of days on the market for homes receiving contracts in February was down for all price categories. Overall, the average number of days on the market for all homes receiving contracts in February 2017 was 58 days, down 25.6% from 78 days in February 2016.
February 2016
77.5 50.3
$0 - $299,999
71.4 0
20
40
60
80
100
120
140
160
# of Days on Market
NUMBER OF NEW LISTINGS, NEW CONTRACTS, AND ACTIVE LISTINGS Montgomery County – January 2011-Current
NUMBER OF NEW LISTINGS, CONTRACTS AND ACTIVE LISTINGS
RELATIONSHIP OF SALES PRICE TO ORIGINAL LIST PRICE vs. DAYS ON MARKET Resale Properties Sold in Montgomery County – Feb. 2016 vs. Feb. 2017
There were 1,213 new listings that came on the market in February 2017, a 5.1% increase from the 1,154 in February 2016. The incredibly tight market in the spring of 2013 – shown by the convergence of the blue (new listings), green (active inventory) and red (new contracts) lines – now shows a larger gap.
RELATIONSHIP OF SALES PRICE TO ORIGINAL LIST PRICE vs. DAYS ON MARKET
Initial pricing strategy is critical to the listing process, regardless of market conditions. The longer a home sits on the market, the deeper the discount to its original list price will likely be. Homes settling in February 2017 that received contracts their first week on the market sold, on average, 0.39% above list price. Those that took 4 months or longer to sell sold at 8.67% below original list!
SOME DEFINITIONS AND EXPLANATIONS TO AID YOUR UNDERSTANDING OF THE DATA
The data shown here are collected, in whole or in part, from the Metropolitan Regional Information System, Inc, and are believed to be reliable but are not guaranteed “Sales” are transactions that settled during the statistical period; “Under Contracts” are contracts negotiated during the statistical period, but not yet settled “Available Listings” reflects single-family homes, town homes, new homes and condos on the market at the end of the period in question. “Months’ Supply” is simply the number of “Fully Available Listings” on the market at the end of the month divided by the number of “Contracts” ratified that month.
Copyright © 2017 – McEnearney Associates
Montgomery County StatPak - Page 7
Analysis by Property Type – Condo/Co-op LISTINGS
CONDO/CO-OP – LISTINGS
Condo/Co-op
New This Month
Total Active
Listings
2016
2017
% Change
2016
2017
% Change
$299,999 and under
201
172
-14.4%
341
252
-26.1%
$300,000 - $499,999
84
81
-3.6%
134
125
-6.7%
$500,000 - $749,999
18
15
-16.7%
40
30
-25.0%
$750,000 - $999,999
3
5
66.7%
10
8
-20.0%
$1,000,000 - $1,499,999
0
4
-
5
10
100.0%
$1,500,000 & higher
1
6
500.0%
9
21
133.3%
307
283
-7.8%
539
446
-17.3%
Grand Total:
CONTRACTS
CONDO/CO-OP – CONTRACTS
Condo/Co-op
New This Month
Year-To-Date
Contracts
2016
2017
% Change
2016
2017
% Change
$299,999 and under
194
165
-14.9%
328
322
-1.8%
$300,000 - $499,999
52
61
17.3%
88
108
22.7%
$500,000 - $749,999
10
17
70.0%
21
27
28.6%
$750,000 - $999,999
3
4
33.3%
5
6
20.0%
$1,000,000 - $1,499,999
0
2
-
1
5
400.0%
$1,500,000 & higher
2
3
50.0%
3
4
33.3%
261
252
-3.4%
446
472
5.8%
Grand Total:
SETTLEMENTS
Condo/Co-op
New This Month
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
123
138
12.2%
243
260
7.0%
$300,000 - $499,999
37
44
18.9%
81
88
8.6%
$500,000 - $749,999
5
8
60.0%
9
17
88.9%
$750,000 - $999,999
2
3
50.0%
4
3
-25.0%
$1,000,000 - $1,499,999
3
5
66.7%
5
7
40.0%
$1,500,000 & higher
4
2
-50.0%
5
6
20.0%
174
200
14.9%
347
381
9.8%
Average Sales Price:
Feb 2016 Feb 2017 % Change YTD 2016 YTD 2017 % Change
Condo/Co-op
$307,121 $290,981
Copyright © 2017 – McEnearney Associates
-5.3%
$281,793 $302,108
The number of condos and co-ops receiving ratified contracts decreased 3.4% in February 2017 compared to February 2016. Year-to-date, contract activity is up 5.8% compared to 2015.
CONDO/CO-OP – SETTLEMENTS AND AVERAGE PRICE
Settlements
Grand Total:
The number of new listings for condos and co-ops coming on the market decreased 7.8% compared to February 2016. The fully available inventory of condos as of February 28, 2017 is 17.3% less than February 29, 2016.
The number of condos and co-ops settling in February 2017 increased 14.9% compared to February 2016. Year-to-date, the number of settlements is up 9.8%. The average price was down 5.3% compared to February 2016. Year-to-date, the average price is up 7.2%.
7.2% Montgomery County StatPak - Page 8
Analysis by Property Type – Fee Simple Attached LISTINGS
ATTACHED HOMES – LISTINGS
Fee Simple Attached Listings
New This Month
Total Active
2016
2017
% Change
2016
2017
% Change
$299,999 and under
87
81
-6.9%
131
74
-43.5%
$300,000 - $499,999
86
105
22.1%
129
98
-24.0%
$500,000 - $749,999
33
39
18.2%
45
45
0.0%
$750,000 - $999,999
7
13
85.7%
18
22
22.2%
$1,000,000 - $1,499,999
1
3
200.0%
10
23
130.0%
$1,500,000 & higher
1
0
-100.0%
4
5
25.0%
215
241
12.1%
337
267
-20.8%
Grand Total:
CONTRACTS
ATTACHED HOMES – CONTRACTS
Fee Simple Attached
New This Month
Year-To-Date
Contracts
2016
2017
% Change
2016
2017
% Change
$299,999 and under
123
83
-32.5%
229
166
-27.5%
$300,000 - $499,999
83
88
6.0%
147
158
7.5%
$500,000 - $749,999
22
31
40.9%
41
51
24.4%
$750,000 - $999,999
4
6
50.0%
9
8
-11.1%
$1,000,000 - $1,499,999
4
2
-50.0%
6
2
-66.7%
$1,500,000 & higher
0
1
-
0
1
-
236
211
-10.6%
432
386
-10.6%
Grand Total:
SETTLEMENTS
Fee Simple Attached Settlements
New This Month
Year-To-Date
2017
% Change
2016
2017
% Change
$299,999 and under
81
77
-4.9%
152
149
-2.0%
$300,000 - $499,999
66
63
-4.5%
113
126
11.5%
$500,000 - $749,999
19
24
26.3%
36
43
19.4%
$750,000 - $999,999
4
4
0.0%
4
6
50.0%
$1,000,000 - $1,499,999
1
1
0.0%
3
1
-66.7%
$1,500,000 & higher
0
0
-
0
0
-
171
169
-1.2%
308
325
5.5%
Average Sales Price:
Feb 2016 Feb 2017 % Change YTD 2016 YTD 2017 % Change
Fee Simple Attached
$345,788 $362,532
Copyright © 2017 – McEnearney Associates
4.8%
$341,646 $355,781
Contract activity for attached homes decreased 10.6% in February 2017 compared to February 2016. Year-to-date, contract activity is down 10.6%.
ATTACHED HOMES – SETTLEMENTS AND AVERAGE PRICE
2016
Grand Total:
The number of new listings coming on the market in February 2017 for fee simple attached homes increased 12.1% compared to February 2016. The fully available inventory as of February 28, 2017 is 20.8% less than this time in 2016.
The number of settlements decreased 1.2% in February 2017 compared to February 2016. Year-to-date, the number of settlements is up 5.5%. The average sales price was up 4.8% in February 2017 compared to February 2016. Year-to-date, the average price is up 4.1%.
4.1% Montgomery County StatPak - Page 9
Analysis by Property Type – Fee Simple Detached LISTINGS
DETACHED HOMES – LISTINGS
Fee Simple Detached Listings
New This Month
Total Active
2016
2017
% Change
2016
2017
% Change
$299,999 and under
21
14
-33.3%
35
12
-65.7%
$300,000 - $499,999
203
214
5.4%
313
212
-32.3%
$500,000 - $749,999
175
194
10.9%
316
253
-19.9%
$750,000 - $999,999
101
99
-2.0%
192
154
-19.8%
$1,000,000 - $1,499,999
80
98
22.5%
150
187
24.7%
$1,500,000 & higher
52
70
34.6%
206
225
9.2%
Grand Total:
632
689
9.0%
1212
1043
-13.9%
CONTRACTS
DETACHED HOMES – CONTRACTS
Fee Simple Detached Contracts
New This Month
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
30
19
-36.7%
64
39
-39.1%
$300,000 - $499,999
223
200
-10.3%
380
378
-0.5%
$500,000 - $749,999
137
172
25.5%
239
292
22.2%
$750,000 - $999,999
82
65
-20.7%
122
122
0.0%
$1,000,000 - $1,499,999
53
63
18.9%
80
101
26.3%
$1,500,000 & higher
13
32
146.2%
28
61
117.9%
Grand Total:
538
551
2.4%
913
993
8.8%
SETTLEMENTS
Fee Simple Detached Settlements
The number of new listings for fee simple detached homes was up 9.0% in February 2017 compared to February 2016. The number of detached homes on the market on February 28, 2017 decreased 13.9% compared to February 29, 2016.
New This Month
DETACHED HOMES – SETTLEMENTS AND AVERAGE PRICE
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
25
15
-40.0%
55
34
-38.2%
$300,000 - $499,999
135
152
12.6%
290
315
8.6%
$500,000 - $749,999
84
89
6.0%
182
208
14.3%
$750,000 - $999,999
34
41
20.6%
69
73
5.8%
$1,000,000 - $1,499,999
23
32
39.1%
47
61
29.8%
$1,500,000 & higher
18
27
50.0%
28
39
39.3%
Grand Total:
319
356
11.6%
671
730
8.8%
Average Sales Price:
Feb 2016 Feb 2017 % Change YTD 2016 YTD 2017 % Change
Fee Simple Detached
$668,735 $710,002
Copyright © 2017 – McEnearney Associates
6.2%
$631,697 $661,923
The number of contracts on detached homes in February 2017 was up 2.4% compared to February 2016. The number of contracts yearto-date increased 8.8%.
The number of settlements in February was up 11.6% compared to February 2016. Year-to-date, there has been an increase of 8.8%. The average sales price for detached homes increased 6.2% in February 2017 compared to February 2016. The average sales price year-todate is up 4.8%.
4.8% Montgomery County StatPak - Page 10
Absorption Rate by Property Type The following tables track absorption rate by property type, comparing the rates in the just-completed month to the rates in the same month of the previous year. The absorption rate is a measure of the health of the market, and tracks the percentage of homes that were on the market during the given month and in the given price range that went under contract. [The formula is # Contracts/(# Contracts + # Available).] An example: The absorption rate for detached homes priced between $500,000 and $749,999 in February 2017 was 40.5%; that compares to a rate of 30.2% in February 2016, and the increase means the market was better in 2017 for that type of home. If the absorption rate was less in 2017 than in 2016, we have put the 2016 rate in red. This month there was improvement for 14 of 18 individual categories.
Condo/Co-op Absorption Rates
February 2016 Listings Contracts
February 2017 Rate
Listings Contracts
Rate
$299,999 and under
341
194
36.3%
252
165
39.6%
$300,000 - $499,999
134
52
28.0%
125
61
32.8%
$500,000 - $749,999
40
10
20.0%
30
17
36.2%
$750,000 - $999,999
10
3
23.1%
8
4
33.3%
$1,000,000 - $1,499,999
5
0
0.0%
10
2
16.7%
$1,500,000 & higher
9
2
18.2%
21
3
12.5%
539
261
32.6%
446
252
36.1%
Grand Total:
Fee Simple Attached Absorption Rates
February 2016 Listings Contracts
February 2017 Rate
Listings Contracts
Rate
$299,999 and under
131
123
48.4%
74
83
52.9%
$300,000 - $499,999
129
83
39.2%
98
88
47.3%
$500,000 - $749,999
45
22
32.8%
45
31
40.8%
$750,000 - $999,999
18
4
18.2%
22
6
21.4%
$1,000,000 - $1,499,999
10
4
28.6%
23
2
8.0%
$1,500,000 & higher
4
0
0.0%
5
1
16.7%
337
236
41.2%
267
211
44.1%
Grand Total:
Fee Simple Detached Absorption Rates
February 2016 Listings Contracts
February 2017 Rate
Listings Contracts
Rate
$299,999 and under
35
30
46.2%
12
19
61.3%
$300,000 - $499,999
313
223
41.6%
212
200
48.5%
$500,000 - $749,999
316
137
30.2%
253
172
40.5%
$750,000 - $999,999
192
82
29.9%
154
65
29.7%
$1,000,000 - $1,499,999
150
53
26.1%
187
63
25.2%
$1,500,000 & higher
206
13
5.9%
225
32
12.5%
Grand Total:
1212
538
30.7%
1043
551
34.6%
Copyright © 2017 – McEnearney Associates
ABSORPTION RATES – CONDOS AND CO-OPS
The overall absorption rate for condos and co-ops for February 2017 was 36.1%, an increase from the 32.6% rate in February 2016.
ABSORPTION RATES – ATTACHED HOMES
The overall absorption rate for attached homes for February 2017 was 44.1%, up from the 41.2% rate in February 2016.
ABSORPTION RATES – DETACHED HOMES
February 2016’s absorption rate for detached homes was 34.6%, up from the 30.7% rate of February 2016. And as we have seen in the other property types, the absorption rates are higher for the lower-priced categories.
Montgomery County StatPak - Page 11