Montgomery County Quick Stats

Now that the first quarter of 2011 is officially behind us, we will be using the next few posts to examine the current market relative to that of 2010.  Below is a chart illustrating the market stats for March 2011, in Montgomery County.

 

 

Based on these numbers, March 2011 is looking a little anemic compared to March 2010. 

Inventory levels have swelled 11.26% with a relative Inventory Accumulation of 9.6 months, which is 20.83% higher than March 2010.  Remember, it’s simple economics, higher inventory levels tend to push pricing downward.

Settled sales dropped 23.44% and the Median Sale Price also dropped off from $265,000 to $240,000.  That’s a 10.42% slide in comparison to March 2010.  The Sale Price to Open Price Ratio sank three percentage points, as well.   

Year to Date the number of settled sales had dropped 10.24%.  The YTD Median Sale price is also down 6.94% relative to the same time period in 2010.  The YTD Sale Price to Open Price Ratios are down 2.72%.

Keep in mind that Montgomery County and the Philly Region have been fortunate in terms of the housing bubble.  While we have witnessed declines and softening prices, we have not see our markets destroyed like other parts of the country.  This area has fared pretty well but that does not mean that we are out of the woods yet (and the numbers above prove it). 

For now…Buyers, enjoy the market and spend wisely.  Sellers, be prepared, be honest with yourselves and be proactive about marketing and selling your home.  People are still buying and selling homes but, only those that are priced properly.  Pricing is the key to our current market.

Data provided by TReND MLS.

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