King Farm Rockville Homes For Sale

King Farm Rockville Homes For Sale Update

According to the MLS data for Montgomery County, MD, in comparing February 2011 and February 2012, active listings of homes for sale are down approximately 18%.  This number is even greater for King Farm, Rockville homes for sale.  The data shows that inventory of homes for sale has decreased year over year by approximately 30%.  Buyers searching for King Farm homes for sale have asked me,  “George, when do you think that more homes will become available in King Farm?”  That’s a great question!  The better question, in my opinion, is “Why is there a lower inventory?”  Could sellers intentionally be waiting to put up their homes for sale until average sale prices rise?

So what? How does this affect me looking to buy or sell King Farm real estate?  The data clearly show that inventory is down in comparing February 2011 and February 2012.  Many of our buyers report that the low interest rates have motivated them to buy now, which could indicate solid demand in the 2012 spring market.  This high demand may be linked to another interesting statistic–the number of days on the market that it takes to place a home under contract.  In King Farm, for example, the number of days has decreased significantly, from approximately 77 days in 2011  to 22 days in 2012.   With a combination of a low inventory of homes for sale and a high demand,  it would seem that prospective  sellers are likely to seize the opportunity they have been waiting for and list their property now.  This in turn may result in an increase in inventory of homes for sale in King Farm in the near future.  All of this makes me think about how the first quarter of 2012 absorption rate will look… but this is a topic for a later time!

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