Foreclosures for Sale in Montgomery County, Maryland

By
Education & Training with Retired Real Estate Broker, Maryland Blogger
http://actvra.in/DPj

Foreclosures for Sale in Montgomery County, Maryland  

The residential real estate market in Montgomery County, Maryland is quite active with 1,049 real estate settlements during June at an average sold price of $506,409, up 3.47% from the same month last year.  The median sold price was $413,000, up 8.36% from last June. 

Many are asking if they can find bargains in the inventory of lender owned foreclosures.  When you read the national news about the high inventory of foreclosures, many assume that the information also applies to the local market. 

Today, there are 2,560 active listings of homes for sale in Montgomery County.  These are the properties listed on MRIS, the regional multiple listing service.  253 (9.88%) of the active listings are short sale pre-foreclosures. Only 30 (1.17%) of the active listings are in the inventory of lender owned foreclosures.

When you take a close look at local markets, the statistics may differ greatly from what is happening in the national market.  In Montgomery County, homes are being sold with an average of only 56 days on the market and the average sold price is 96.01% of the average list price.

From the perspective of home buyers and real estate investors, there is a shortage of lender owned foreclosures and they quickly go to contract when properly priced.  Many buyers are facing multiple contract completion in preferred locations. 

Cash is king and sellers prefer the offers with few contingencies.  Those that plan to use mortgage financing should have a pre-approval letter in hand.  Please contact us with your questions on the summer real estate market.  We will be happy to recommend lenders and guide you through the home purchase process.

30 Foreclosures for Sale in Montgomery County

Daylily, Kentlands, Spring Flowers IMG_1567

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

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Posted by

Roy Kelley, a real estate broker since 1960, has retired from his position as Associate Broker with RE/MAX Realty Group in Gaithersburg, Maryland. The needs of past clients and referrals will be met by long time associates. 



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Topic:
Real Estate Industry
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Maryland Montgomery County
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Rainmaker
916,185
Belinda Spillman
Your Real Estate Resource For Life!
Aspen Lane Real Estate LLC

Hi Roy,  Our foreclosures are way down in Denver as well.  Not sure if the banks are still hanging on to Shadow Inventory, but for now, non-distressed properties are the majority of sales out this way.

July 13, 2012 08:43 AM
Rainmaker
977,825
Scott Godzyk
One of Manchester NH's Leading Agents
Godzyk Real Estate Services

Good Afternoon Roy, I have to say I love the way you take the time to explain the market and not just paste stat after stat.  It lets the reader get a real feel of what is going on in your market. Have a great Friday.

July 13, 2012 09:21 AM
Rainmaker
1,320,273
Rebecca Gaujot, Realtor®
Lewisburg WV Real Estate, Greenbrier County
Coldwell Banker Stuart & Watts Real Estate

Roy, good to see how well your market is doing....multiple offers is a good thing; a shortage of lender owned foreclosures..another good thing.

July 13, 2012 09:54 AM
Rainmaker
1,221,785
Ron & Alexandra Seigel
Luxury Real Estate Marketing
ra@napaconsultants.com

Roy,

This is a wonderful snapshot of your REO market.  And we are delighted that you are experience a shortage of lender owned properties.  Have a great weekend and all the best, A

July 13, 2012 01:36 PM
Rainmaker
1,759,077
Roy Kelley
Retired Real Estate Broker, Maryland Blogger

Thank you very much for your comments.  Dolores and I have enjoyed a busy day.  We visited Longwood Gardens in Kennett Square, Pennsylvania.  Longwood Gardens is one of our favorite places to visit.

Inticancha Navajo Princess Lily, Kentlands, Spring Flowers IMG_0707

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

July 13, 2012 04:12 PM
Anonymous
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Rainmaker
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Roy Kelley

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