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