Gaithersburg, MD Market Report 9/15/10

Inventory in Gaithersburg is pretty stable. The number of sales per month is down but houses on the market are still selling in a timely manner.  I am still expecting that new contracts being written will be slowing some as we reach a new level of stability. It is possible that we are at that stabilized level now, however only time will tell.

Here are the statistics for Gaithersburg:

• Homes for sale: 894 (very stable over the past four months, up from 813 in August one year  ago)
• Homes Sold: 142 (down from 160 in July, down from 180 sales one year ago)
• Average sold price: $340,058 (up from $331,238 in June, down from $343,284 one year  ago)-but look at how stable that is!
• Average days on market: 71 (very stable throughout 2010 and back to last year when it was 75 days in August 2009)

What says fall better than crisp, cool mornings, leaves turning beautiful reds, yellows and oranges and the sound of high school football games on a Friday night at any one of the three high schools that call Gaithersburg home.   On Saturday mornings you can see kids of all ages playing soccer or football at one of the athletic fields in Gaithersburg on teams sponsored by the Gaithersburg Boys and Girls Club or the Montgomery Village sports association.  There is still plenty of time to enjoy a game of golf at one of the public golf courses in the area or pick up a game of tennis.  Or get out and enjoy the walking trails and parks in Gaithersburg while the weather is still inviting!

Commentary and analysis provided by David Hess, Executive Vice President.

Gaithersburg, MD Market Report 8/12/10

Since we are talking about Gaithersburg, I’d like to start out by reminding everyone that the Montgomery County Agricultural Fair starts on Friday August 13th and runs for ten days. This is one event that everyone loves to attend!

OK, Let’s get on to the statistics for Gaithersburg.

• Homes for sale: 891 (up from 878 in June and up from May’s 867, down from 907 in April and down from 907 one year  ago)
• Homes Sold: 160 (down from 205 in June, down from 210 sales one year ago)
• Average sold price: $331,238 (up from $329,155 in June, up from $301,689 one year  ago)
• Average days on market: 43 (very stable throughout 2010 but down from 113 days from one year ago)

Inventory is pretty stable, the number of sales per month is down but the time it takes to sell is still falling. These stats say that the market is increasing in strength. But I think that new contracts being written may be slowing some so we may be going into a leveling or small decline in the near term. This is to be expected after such a great rise in prices over the past 18 months.

Commentary and analysis provided by David Hess, Executive Vice President.

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