Roy Kelley Sells Maryland Homes : JUNE, 2009 RESIDENTIAL MARKET REPORT - MONTGOMERY COUNTY MD

JUNE, 2009 RESIDENTIAL MARKET REPORT - MONTGOMERY COUNTY MD

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://gcaarrocks.com/ which is the home page for GCAAR.  On the lower right side of the page select the current Home Sale Statistics.  

The total number of new listings for the month was 1,122 which was 12.8% below last year. The total number of active listings was 2,665 which was 42% below the number last year.  There were 1,101 new sales contracts for the month. Contracts for the year to date totaled 4,974, up 28.1% from last year. The current inventory represents a three to four month supply of homes for sale unless the sales volume increases. The settlements for the month were up 23.4% from last year with at total of 859.  Settlements for the year totaled 3,479, up 11.8% from last year. Lender owned foreclosures are still impacting the market since that is where the buyers are finding the lowest prices. Buyers are facing multiple contract competition on many of the well priced homes in the REO inventory. Sales are up and the inventory is down. Have we reached the bottom of the market in Montgomery County?  Only time will tell. This is a wonderful market for home buyers. It is also a good time for home sellers that are moving up in price range.

The total number of condominium listings during the month was 320, a decrease of 7.8% from last year.  The total of the active condominium listings inventory was 1,006 units for a  decrease of 20.3%. The largest inventories were under the $400,000  price range.  Condominium contracts for the month totaled 226, up 25.6% from last year. There were 180 settlements for the month and 793 year to date, up 2.6% from last year.  

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.  

Your Real Estate Professional,

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: www.roykelley.com Homes Prospector provides access to all available home listings.

Blog:  http://activerain.com/blogs/roykelley  

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MONTGOMERY COUNTY MD HOMES OWNERS SHOCKED BY TAX BILLS

Many home owners in Montgomery County, Maryland, recently received their annual real estate tax bills for the period 07/01/2009 - 06/30/2010.

With all of the press about declining home values, few were thinking about higher real estate taxes. Yes, assessments went down to reflect the real estate market but the tax bills went up due to higher rates.

As I write this post, I am viewing a sample tax bill on a home in Gaithersburg. The assessment was reduced from $876,060 for the past year to $723,550 for this year. That is a reduction of $152,510.

The annual real estate taxes went from $7,809 last year to $8,252.57 for this year. That is an increase of $442.90.

Some home owners thought they were protected from increases by Homestead Property Tax Credit. This provision is designed to assist owners when there are large increases in the tax assessments. It limits the annual taxable assessment increase to 10% for most owner occupant home owners. This provision does not assist when the tax rates are increased.

All home owners should carefully review their new real estate tax bills and should contact the Montgomery County Department of Finance with any questions. The phone numbers are listed on the back of the bill.

Some seniors will find that the tax increases are difficult since many retirement plans have suffered from the market declines. Seniors also have lower incomes due to the low interest rates on savings. If you have seniors in your family that may face difficulties, they may need your advice. One of the options for seniors over age 62 is the use of a reverse mortgage to refinance the present primary residence or to purchase a more suitable primary residence. These mortgage loans can be a lifeline for some that have much equity but limited income. There are no monthly mortgage payments and there are no income or credit requirements. The loan is repaid after death or when the senior moves from the residence.

We represent home buyer clients as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. roykelley@mris.com