“Time to market” is plummeting for Frederick’s Commercial listings.
Over the course of the last 5 years, the median time it takes for a commercial property to go under contract in Frederick County, Maryland has dropped dramatically from a high of over twenty months to the current level of just 3 months, according statistics compiled from CoStar.com, the world’s largest and most comprehensive database of commercial real estate information.
The median time on the market dropped from its 2009 peak to a low range of 4 to 7 months in late ’09 and early ’10 and then roller coastered its way back to nearly 16 months in 2012 before it worked its way to the current low of 3 months in March of 2014.
What does this mean for would be sellers of land and commercial real estate in Frederick County? Purchasers (investors, developers, businesses and builders) are actively engaged in the market and they are actually signing contracts. It also means that the majority of new listings that are hitting the market are being shown.
It also happens that the owners of land and commercial real estate are setting asking prices reasonably close to market values. They have learned that purchasers are armed with more market information than ever before.
Have you been contemplating listing a property for sale? Please don’t hesitate to call my office to schedule a confidential appointment to discuss how my staff and I may be able to assist you.