Housing Market Fared Well in December 2012

The housing market fared well in Montgomery County—and in the suburban Maryland region as a whole—last month.

Both the median sale price and the number of houses sold in the county increased over that of December 2011, according to The Long & Foster Companies.

In December 2012, the median sale price for houses on the market in the county increased by 9 percent and house sales increased by 3 percent, compared to December 2011, according to the statement from Long & Foster.

(Sale activity was higher, however, in Frederick County, where last month's median sale price increased by 30 percent and house sales increased by 21 percent over December 2011, the statement added.)

These increases occurred along with a decline in houses on the market across the region. In Montgomery County, inventory of homes available for sale decreased by 45 percent last month, compared to December 2011. "[In] Montgomery County, days on market (DOM) remained low at 51 days. Prince George’s County’s DOM was 59 days, Frederick County’s was 70 days, and Charles County’s was 81 days, compared to December 2011," according to the statement.          

“A rise in home prices, coupled with low inventories, homes selling at a faster pace, and historically low mortgage rates, helped to push the suburban Maryland housing market toward continued positive growth in December as we closed out the year,” Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies, said.

Were you buying or selling a home in Montgomery County last month? What was your experience—was it easier or harder to buy or sell a house than you thought it would be? Tell us in the comments.