Kensington Real Estate Market Update August 2019

You’re wondering what’s happening with Kensington Maryland Real Estate these days, you’ve come to the right place, ‘cause that’s what we’re talking about today. My name is Harry Moore and I’m a full time veteran real estate agent in the Washington DC Metro Area. If you’d like to see this in video format please click the image below!

I’ve been out previewing a few houses on my way to the office, including this new listing at 11410 Soward Drive in Kensington. It’s a fixer upper in Kensington Knolls that backs to woods so the view out the back is really nice. If you’re interested in seeing the interior pictures, click on the image below and check it out, and if you’d like to arrange a showing, my contact information is below.

One of the questions that I get all of the time is “ hows the market”? If you’re curious about what’s going on with Kensington Maryland home sales, then stick around for the next few minutes for an up to the minute snapshot of the Kensington Maryland Real Estate Market. So let’s get going! 

First we’ll look at the current numbers for July and the year to date numbers

New listings

This year- 16

Last year-34

New listings are down 47%

Total Active listings

This year-28

Last year-46

Total active listings are down 40%

Under contract

This year-18

Last year-27

Under contract properties are down 33%If you are getting your updates from Zillow, Trulia, Realtor.com or any of the other portal sites then many of the listings you are seeing may not even be available. 

If you want up to the minute data, then contact your agent and have them set up an update for you that’s coming directly from the Multiple Listing Service, it’s the primary source that feeds all of the portal sites, why not get it direct?

Another benefit of a direct MLS search, is that you can see coming soon listings, so if you want to know about listings when they are being “pre-marketed” on the MLS then you’ll need to have your agent set that up for you.

Now let’s take a quick look at the Year To Date numbers 

Number of sold properties

This year-222

Last year-208

+6.7%

Average Sales Price

This year-642,139

Last year-679,975

-5%

 Average Days on Market

This year-51

Last year-81

-38%

If you’ve got a house on the market and it’s not selling, maybe it’s been on the market for longer than 51days and you’d like to figure out how to get your house sold, then check out my video about the 4 things you need to do to get your house that’s already on the market sold.

There’s another number that I like to watch, the properties that failed to sell. In August, 12 properties failed to sell. Although some of those probably came back on the market, it reminds us that, even in a strong seller’s market, not every house sells.

2 other numbers that I keep an eye on are the absorption rate and the list to sell ratio.

What’s absorption rate? -Take the average number of sales over the past 12 months and divide that into the active properties, that tells you how long it’d take for all of the houses in your market to sell if nothing else came on the market. By using a 12 month average that takes seasonal market cycles into account .

If you know the number of months of inventory that helps to determine what sort of market you are in. 

0-4 months is a sellers market

4-6 is a transitional market

6+ is a buyers market

Kensington had  1.12 months of inventory at the end of August, that’s down from 1.29 months at the end of July. Part of that is seasonal, August is the end of the spring and summer season, and lots of people are at the beach, or wherever they go to get away.

How much the average home sells for as a percentage of the asking price. This is another good indicator of what sort of market you are in. Higher list to sell ratio means a sellers market. A lower ratio points to a buyers market. The list to sell ratio for August was 97.9%.

What does this all mean??

The big news is that the shelves are pretty bare. Inventory continues to sink, 1.12 months of inventory is the lowest number since March of 2018. Demand has remained strong, with average days on market dropping year over year. The gap in average sales price Year over Year from 2018 has narrowed substantially. Prices were actually down a bit over July, but still are well above the numbers last year. So, it’s a good time to sell. If you know anyone who’s thinking about selling, I’d appreciate the opportunity to speak with them about how I can help them to capitalize on this strong seller’s market.

This is all big picture data, which is good to have, but real estate is very local, and you can see big variations in the market based on price range and specific location. If you’re thinking about getting into the market, either as a buyer or a seller and would like a detailed neighborhood-specific analysis my contact information is below, just reach out and I’ll get right back to you.

 If you know someone, maybe a friend or neighbor, who might benefit from this information, please share this article with them.  Make it a great day!

Contact infomation:

Cell Phone: (202)-363-4663

Email:harry@harrymoore.com

YouTube Channel: https://www.youtube.com/channel/UCqLpjepsghUR9xwg5cVD4hQ