Gaithersburg, MD Market Report 7/14/10

Talk about a See-Saw, the statistics for Gaithersburg could really confuse even a Real Estate Veteran. Fortunately, there is more to a market than statistics. So let’s jump into the stats first and then we will do some analysis. Below you’ll find statistics as well as analysis for Gaithersburg, Maryland.

• Homes for sale: 878 (close to last month’s 867,  but down from 902 in April and down from 939 one year  ago)
• Homes Sold: 214 (very close to May’s 214, April’s  211 and 207 sales one year ago)
• Average sold price: $345,753 (down from $345,753  in May, similar to $330,231 in April and down from $363,547 one year  ago)
• Average days on market: 46 (close to 43 days  in May, 48 in April and 102 days from one year ago)

Inventory is pretty stable to falling, number of sales per month is pretty stable and the time it takes to sell is falling. So is the market getting stronger or weaker? A year ago on average it was taking over 100 days to sell a house. In 2010 it takes just a little over a month. We are selling about the same number of units each month for the last year. So why the big swings in price? It is very much a function of the mix of what sells. If we sell more expensive homes it pulls the average up. If we sell a greater number of lower priced units it pulls the stats down.

The lower priced properties are selling like hot cakes. The trade up market while stronger than one year ago seems to ebb and flow and that affects the stats. The drop in days on market says that the demand is real as buyers choose faster and faster.

With summer comes fairs and carnivals and although Gaithersburg has developed into a large metropolitan area with upscale restaurants and stores, there is still a little bit of country as evidenced by the Montgomery County Agricultural Fair held at the fairgrounds in Gaithersburg every August.  Live animals compete for prizes along with fruits, vegetables, homemade baked goods and crafts.  Those along with the tractor pulls, the huge truck contests, musical entertainment, good food and the carnival rides draw huge crowds each year. This is an event you don’t want to miss!

Data, analysis, and commentary provided by David Hess, Executive Vice President.

Find your in Gaithersburg and all of Montgomery County: www.averyhess.com

Gaithersburg, MD Market Report 6/15/10

For the month of May, the average sales price in Gaithersburg got back onto its slow steady rise in average sale prices. Thus the average rose from $330,231 to $345,753. For the first time in a long time, prices in Gaithersburg are beating their one year ago comparisons.  Below you’ll find statistics as well as a full report for Gaithersburg, Maryland.

• Homes for sale: 867 (down from 902 last month and down from 945 one year ago)
• Homes Sold: 214 (very close to last month’s 211 and up from 156 one year ago)
• Average sold price: $345,753 (up from $330,231 last month and up from $336,760 one year ago)
• Average days on market: 43 (down from 48 last month and 115 days from one year ago)

What has made the big statistical change is the re-emergence of a trade up market. Existing property owners with equity are selling and buying more expensive houses. This has brought life to the market above $500,000 and the increase in sales at the higher price range is pulling up the average and median prices.

The drop in days on market says that the demand is real as buyers choose faster and faster.

Gaithersburg is a very diverse area with the charm of Old Town mixing with the newest type of planned community found in the development known as Kentlands with its condos, rental apartments, townhomes and large single family houses.  Walk among the streets of Kentlands and you will see the residents and visitors enjoying the restaurants, small shops, and movie theaters as well as the larger stores such as Kmart and Lowe’s.

Data, analysis, and commentary provided by David Hess, Executive Vice President.

Find your in Gaithersburg and all of Montgomery County: www.averyhess.com

Gaithersburg, MD Market Report 4/16/10

For the month of March, the average sales price in Gaithersburg took a departure from the previous month in large part due to the majority of lower priced sales. Thus the average fell from $312,311 to $298,534. Below you’ll find statistics as well as a full report for Gaithersburg, Maryland.

• Homes for sale: 821 (up from 700 last month and down from 995 one year ago)
• Closed sales: 154 (up from 96 in snowy February and up from 129 one year ago)
• Average sold price: $294,030 (down from $315,530 last month and down from $337,730 one year ago)
• Average days on market: 68 (down from 113 last month and 122 days from one year ago)

It is the Spring market, so houses are coming onto the market as property owners decide to sell and move in anticipation of the end of school and the summer moving season.

Since much of the sales activity in the last few months in and around Gaithersburg is the lower priced homes selling to first time buyers and investors, the average sales price has been pulled way down as the number of transactions has jumped way up.

Gaithersburg, which is just North of Rockville, has both charm and history.  The historic Old Town has preserved many old buildings turning them into restaurants, brew pubs and shops.  The old train station is still in use and retains it charm and character.  Most Saturdays you can find farmer’s markets, flea markets and the like around Old Town.

Data, analysis, and commentary provided by David Hess, Executive Vice President.

Find your in Gaithersburg and all of Montgomery County: www.averyhess.com

Gaithersburg, MD Market Report – 2/25/10

• Homes for sale: 697
• Closed sales: 108 (down 24% from December 2009)
• Average sold price: $298,534 (median price is up 4.8% from same time one year ago)
• Average days on market: 81

The 24% drop in the number of closings from December 2009 to January 2010 is nothing to fear. There is always a rush to close at the end of the year and the result is that January is almost always a relatively low closing month.

Meanwhile, almost any home priced under $350,000 in Gaithersburg is receiving multiple offers. Furthermore, the average days on market was 126 days one year ago, 73 days last month, and 81 days and this month.  It takes on average, about 75 days for a well-priced house in good condition to sell.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker. To give you an idea about the wide range of prices in Gaithersburg, David’s two-acre home has four bedrooms, 2.5 baths, a side load two car garage, a huge screen porch on the back of the house and is is for sale for $689,00. Call Seema Rodriguez at (301) 922-1770 for more information.

Search for homes in Gaithersburg, and all of the DC Metro: www.averyhess.com

Gaithersburg, MD Market Report – 1/8/10

• Homes for sale: 710
• Closed sales: 182
• Average sold price: $307,630
• Average days on market: 64

The average sales price took a big dive from last month in large part because the majority of sales was comprised of lower priced properties. As a result, the average sales price dropped from $327,160 to $307,630. Common sense tells us that the market did not drop by 7% in one month. What we’re faced with here is a statistical anomaly that should smooth itself out over time.

In the meantime, almost any home priced under $350,000 in Gaithersburg is getting multiple contracts. The average days on market one year ago was 106 days, last month 63 days, and this month 64 days; the trend is unmistakable. It takes on average, about 65 days for a well-priced house in good condition to sell.

Gaithersburg is convenient to numerous major transportation routes and the Metrorail’s Shady Grove station. When the Inter County Connector is completed in a few years, Gaithersburg residents will be able to go directly East-West into Prince Georges County without having to go onto the interstates or wait at traffic lights as they cut across the county. Gaithersburg is well served by all major retailers and restaurant chains.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Gaithersburg, and all of the DC Metro: www.averyhess.com

Gaithersburg, MD Market Report – 9/18/09

The following statistics represent Gaithersburg, Maryland (ZIP-20882):

• New Listings: 88
• Closed Sales: 11
• Median Sale Price: $650,000
• Average DOM: 72

There were 88 homes listed for sale at the end of August, which is not far off from the 90 for sale at the end of July. The number of homes sold in August, a total of 11, matched the sales for July. Meanwhile, median home price in August was down to $650,000, a 9.8% drop from the same period in 2008. However average days on the market (DOM) was only 72, as opposed to the staggering 309 days on the market in August 2008.

Gaithersburg is one of the largest cities in the State of Maryland. I’ve chosen to focus on the 20882 ZIP code area in particular because it is the most homogeneous in Gaithersburg, with some of the largest lots and the most open, undeveloped land. I also live in this ZIP code and am very satisfied with the experience.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Gaithersburg, and all of the DC Metro: www.averyhess.com