The median home sales price in Montgomery County last month was $437,000, the highest on record for the month of March, according to a new report.
This figure is 6.6 percent larger than the $410,000 median sales price from last March, the Greater Capital Area Association of REALTORS reported Wednesday. Buyers are also snapping up homes faster than they were one year ago, with about half the 949 home sales happening within two weeks on the market.
But the report shows the supply is down by about 12.3 percent from last year, with about 1,884 active listings compared to 2,147 in March 2017.
Local real estate agent Jane Fairweather said Wednesday baby boomers’ reluctance to leave their homes is one reason for the reduction in inventory.
“Baby boomers are aging in place because they can’t afford to downsize,” she said.
Many other homeowners are hunkering down because of the turbulent political climate in Washington and related concerns about job stability, she said.
“People are just doing a wait-and-see. They’re not taking any risks,” she said.
Of the 1,347 pending sales in March, 727 were for single-family homes, 307 were for townhomes and 313 were for condos, the GCAAR report states.
Fairweather said she anticipates the home sales prices will flatten out over the summer, when demand typically tapers off.
Bethany Rodgers can be reached at email@example.com.