March, 2008 Residential Market Report for Montgomery County, Maryland

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Education & Training with Retired Real Estate Broker, Maryland Blogger

This is the Montgomery County Market Report that we are sending to our clients today.

March, 2008  Residential Market Report for Montgomery County, Maryland

The  Residential Market Report for Montgomery County, Maryland, is now available. This report, provided by the Greater Capital Area Association of Realtors, compares the recent multiple listing service inventory of available homes with the inventory in the same month last year. It serves to inform current owners and prospective purchasers of the real estate market conditions in Montgomery County.  

Statistics for the past month

To see the graphics and additional details on these statistics, please visit  http://www.gcaar.com/statistics/default.htm (If you have trouble linking to this site, copy it and paste it in the address line of your browser and hit enter.)

The total number of new listings for the month was 1,494 and 19.8% below last year. The total number of active listings was 4,374 for an increase of 40.1% from last year. 542 of the total active listings were priced at $1,000,000 or more. There were 646 new contracts for the month. So, the current inventory represents a major surplus of homes for sale. The settlements for the month were down 38.3% from last year. The larger inventory provides an excellent selection for home buyers and marketing challenges for home sellers.  This is a buyer's market.  Most of the recent news reports project additional price adjustments during the coming months. The number of lender owned properties which have been acquired from foreclosures actions is also increasing each month.  Lenders are highly motivated to reduce their inventory of owned homes.  There is strong activity among buyers seeking bargains. It is anticipated that the volume of foreclosures will have a continuing impact on the market.

The total number of condominium listings during the month was 392, a decrease of 16,8 from last year.  The total of the listings inventory was 1,305 units for an increase of 35.7%. The largest inventories were in the $200,000 to $400,000 price range.  Condominium contracts for the month totaled 177 with a decrease 34.4% from the previous year. Settlements for the month were down 48.4%%.  

Visit http://www.roykelley.com  for access to Homes Prospector and all of the homes listed for sale on MRIS, the regional multiple listing service.  

Please contact Roy Kelley & Associates for all of your residential real estate needs.  It is very important to have professional representation in this changing market. Pre-approval for mortgage financing is even more important with the changes in underwriting requirements by many lenders.  The changes are are result of higher delinquency and default rates. Contact us if you need a referral to a lender.

Your Real Estate Advisor,

Roy Kelley  

Roy Kelley & Associates

Associate Broker, RE/MAX Realty Group  

Direct:  301-921-4569   

Client Assistance:  301-670-8996

Email: roykelley@mris.com    Fax:  301-921-4586  

Main Office:  301-258-7757 x 569

Home Search Website: http://www.roykelley.com/  

This is a link to the March, 2008, Realty Times Newsletter from Roy Kelley
http://realtytimes.com/c/RoyKelley  

Foreclosures:  Email us if you wish to receive a list of lender owned homes for Montgomery County or Frederick County, MD  

Recordation Tax Increase:  Beginning March 1, 2008, for all properties settling in Montgomery County with a sales price in excess of $500,000.00, the recordation tax on the portion that exceeds $500,000.00 will be subject to a recordation tax of $10.00 per thousand. For the portion of the sales price that is $500,000.00 or under, the recordation tax will remain $6.90 per thousand with an exemption for the first $50,000.00 if the purchaser will use the property as his/her principal residence.  

New Higher Loan Limits for FHA Financing and Fannie Mae Financing in Montgomery County:  $729,750.  Call us for a lender referral for refinancing your current mortgage or for funding your next home purchase.  With the higher loan limits, FHA again will become the financing of choice for many families.    

Montgomery County, MD - Disclosure - Property Tax Effective April 1, 2008: Effective April 1, a new law in Montgomery County, MD is in effect. The purpose of this new law is to provide the buyer of an owner-occupied principal residential property an estimate of the property tax bill (plus non-tax charges included on the bill) in the first full fiscal year of ownership.  For more detail regarding this law: http://gw.vtrenz.net/?WC2K9LCN26:JINPYF7SE1=ssID:216147369,email:roykelley@mris.com

To assist sellers and buyers and their real estate professionals in Montgomery County, the County's Office of Consumer Protection, has developed an online "calculator" that determines the approximate property tax and other non-tax charges that a new homeowner would pay on a property during the first full year of ownership.  The calculator is located at http://gw.vtrenz.net/?WC2K9LCN26:OW2CEPKKMP=ssID:216147369,email:roykelley@mris.com . By entering the address of any residence, the approximate tax obligation of a potential new homeowner is provided.

Countryside Artisans Spring Studio Tour:  Friday, Saturday, Sunday, April 11-13  10am to 5pm each day
Sugarloaf Mountain Vineyard's hand crafted wines will be part of the 2008 Countryside Artisans Spring Studio Tour. Sugarloaf joins twelve local artists who open their studios to offer and array of handcrafted items for sale. In addition to SMV wine, hand blown glass, prints and paintings, yarn, jewelry, furniture, garden art, and mosaics are featured on the tour. For more information about the entire tour, go to http://www.countrysideartisans.com/ for a brochure and a map.

Montgomery County Housing Opportunities Commission Announcement:  EFFECTIVE  APRIL 3, 2008 the Housing Opportunities Commission has approved the INCREASE IN THE INCOME LIMITS for the Mortgage Purchase Program and Closing Cost Programs. NEW INCOME LIMITS:  

Household Size: 1 Person     Maximum Income:   $ 82,650

Household Size:  2 People    Maximum Income:  $118,080  

Household Size:  3 People    Maximum Income:  $137,760

NO CHANGE to the MAXIMUM SALES PRICE:  $ 429,619 Existing and New Properties

Paulette Kee-Dudley, Single Family Mortgage Program Specialist

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Smoked Salmon Frittata  Recipe provided by the Whole Foods Market in Kentlands

Salty smoked salmon, rich cream cheese, plump tomatoes and zesty red onion bring a wonderful mix of flavors to this opened face omelet. Enjoy it for breakfast, snack on it for lunch, or serve it for dinner with a simple green salad.

Serves 6-8

  • 8 large eggs
  • 2/3 cup milk
  • 2 tablespoons finely chopped chives
  • 1 teaspoon freshly ground black pepper
  • 1-2 tablespoons extra virgin olive oil or butter
  • 1 cup thinly sliced red onion
  • 4 ounces cream cheese, cut into 1/2-inch cubes
  • 4 ounces pre-sliced smoked salmon, cut into large strips
  • 2-3 plum tomatoes, cut into slices

Preheat oven to 400°F. In a medium bowl, whisk eggs until well beaten and slightly frothy. Whisk in milk, chives and black pepper and set aside. In a large ovenproof skillet, heat olive oil over medium heat until hot but not smoking. Add egg mixture to skillet, and then quickly arrange remaining ingredients, in order, on top of eggs, distributing evenly and attractively. Cook for 3 minutes on the stovetop without stirring, then transfer to oven. Bake until the top is golden brown and the frittata is set, about 30 minutes. (Baking time will vary with the size of the skillet, so continue to bake until center is just firm to the touch). Let cool slightly before serving. Cut into wedges.

Nutrition Info:  Per Serving (5 oz.): 200 calories (130 calories from fat), 14g total fat, 6g saturated fat, less than 1g dietary fiber, 12g protein, 5g carbohydrate, 265mg cholesterol, 460mg sodium

 

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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