Germantown, MD Market Report – 7/20/10

We have just over a four month supply of houses to choose from based on the rate of sales in June. (517 divided by 128). Economists say that a six month supply is normal to have a balanced market. After the tax credit I expect sales activity will fall for a few months since the market “borrowed sales from the future.” This is similar to what happened in the car business after “cash for Clunkers.” Below are the statistics and analysis for the Germantown, MD market:

• Homes for sale: 517 (down just a smidge from 525 in May. Up from 491 one year ago)
• Homes sold: 128 (up from 113 in May and up from 110 one year ago)
• Average sales price: $281,345 (down from $291,860 in May 2010 and about the same $283,791 one year ago)
• Average days on market: 40 (up a bit from 33 last month, but still way under 93 days a year ago)

The increase in the “Trade Up” market, where existing homeowners have equity and want to buy a more expensive house is beginning and will also pull process up as more higher priced sales pulls up all of the averages.
South Germantown Recreational Park is a 736-acre park that includes hiking trails, picnic facilities, baseball and softball fields, a playground, archery range, golf driving range, two miniature golf courses, a splash playground, model boating lake, a tot lot, and an indoor aquatic center.  The Germantown Park is the newest to be added in Montgomery County, Maryland.   The Maryland SoccerPlex is used by teams throughout the area and includes 24 outdoor soccer fields.

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

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

Germantown, MD Market Report – 5/21/10

Germantown is located in the northern part of Montgomery County between Route 355 and I-270.  It is an affordable city which was designed around two man-made lakes and contains a wide range of housing

The following conditions reflect the market in Germantown, Maryland during April:

• Homes for sale: 527 (up from 451 last month and up from snowy February’s 410. It was 517 one year ago)
• Homes sold: 107 (up from 88 last month and up from734 one year ago)
• Average sales price: $255,635 (up from $228,124 last month and up from $246,596 one year ago)
• Average days on market: 54 (down from 63 last month and down from 70 days a year ago)

After a couple of years of First-Time Buyers and Investors being the majority of the market, we are now seeing a rapid increase in the number of existing homeowners entering the market and buying a bigger house. This is firming up the prices in the higher price range and thus pulling up the average and median prices too in Germantown

The Germantown campus of Montgomery College is in the heart of Germantown and is surrounded by shopping centers, restaurants, housing communities, parks and recreational facilities.  Although there are no shopping malls in Germantown, it does not lack for stores both large and small.

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

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

Germantown, MD Market Report – 4/22/10

Germantown is located in the northern part of Montgomery County and contains a wide range of housing styles and price. It is easily accessed from either Route 355 or Interstate 270. In addition to numerous roads and I-270, the MARC Train has a station in Germantown and bus service feeds into the METRO system in at Shady Grove.

The following conditions reflect the market in Germantown, Maryland during March:

• Homes for sale: 451 (up from snowy February’s 410)
• Homes sold: 88 (up from 65 last month and up from 84 one year ago)
• Average sales price: $228,124 (down from $211,975 last month and down from $248,415 one year ago)
• Average days on market: 63 (similar to the last few months, but down from 112 days a year ago)

After showing stabilization, the statistics, being heavily influenced by the large number of lower priced sales, is showing a lower average price. This is not concerning to me because the reduced number of days it takes to sell a house tells me the demand is strong. If demand is strong a balanced market is either here or nearly in hand. First-time buyers and investors still make up the majority of the buyers in the Germantown market over the past few months.

One of the great features of Germantown is South Germantown Recreational Park is a 736-acre park that includes hiking trails, picnic facilities, an indoor sports complex, 22 soccer fields with a lighted stadium, baseball and softball fields, a playground, archery range, golf driving range, two miniature golf courses, a splash playground, model boating lake, a tot lot, and an indoor aquatic center.

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

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

Germantown, MD Market Report – 2/2/10

Germantown is located on the northern end of Montgomery County. Part of its popularity is due to its proximity to many major north-south commuter routes into Washington, DC and Northern Virginia. Montgomery County’s public bus system also serves Germantown, along with surrounding areas.

The following conditions reflect the market in Germantown, Maryland during December:

• Homes for sale: 375
• Closed sales: 81
• Average sales price: $277,968
• Average days on market: 67

Compared to last year’s statistics, the market has stabilized and is continuing to improve. Average sales price, at $277,968 now, is one percent higher than the same period one year ago. First-time buyers and investors still make up the majority of the buyers in the Germantown market over the past few months.

In addition, the total number of homes for sale on the market is down by one-third from last year and the time it takes to sell a house has increased by eight days, or about 11%. Combined with today’s low interest rates, this has created a buyer frenzy on some of the lower priced listings. The recent upgrading of the classification of the DC area real estate market makes it easier to obtain financing.

Some of my favorite restaurants in the Germanton area are Carrabbas, Red Robin, and Long Horn Steakhouse. I like them because they are within walking distance to the Regal movie theater.

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

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

Germantown, MD Market Report – 11/16/09

Germantown sits near the north end of Montgomery County, and part of its popularity is due to its proximity to many major north-south commuting routes into Washington, DC and Northern Virginia. The 6-year-old Germantown Town Center and surrounding retail areas are a huge draw for everyone in the area, and Germantown has a high number of movie theater seats per resident.

The following conditions reflect the market in Germantown, Maryland:

• Homes for sale: 405
• Closed sales: 116
• Average sales price: $256,487
• Average days on market: 65

The average sales price of $256,487 is still down almost $100,000 from the same period one year ago. Many of the houses sold are in the lower price ranges, which is part of the reason why this figure is much lower this year, pulling the average price down. First-time buyers constituted the majority of the purchasers in Germantown during the last quarter.

Also, available inventory is down 50% from the same period one year ago and the time it takes to sell a house has been cut nearly in half. This combined with today’s low interest rates has created a buyer frenzy on some of the lower priced listings on the market.

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

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

Germantown, MD Market Report – 10/12/09

The figures below reflect the market in Germantown, Maryland:

• Homes for sale: 438
• Closed sales: 98
• Average sale price: $238,361
• Average days on market: 45

With the stabilizing real estate market, the inventory of houses for sale continues to drop each month. One year ago there were 707 houses for sale, meaning a one-year reduction in inventory of 38%. Also, houses in Germantown are selling at almost twice the rate of last year, 45 days this year versus 83 days last year. Affordability keeps getting better with today’s mortgage rates hovering around 5% for a 30 year fixed-rate mortgage.

Germantown has a wide range of house sizes and styles, townhouses and condos. There is something for everyone. Located in the northern part of Montgomery County adjacent to I-270 and a short drive to the Shady Grove Metro Station, Germantown is very popular with first time buyers and repeat buyers. Once they move in, many homeowners in Germantown never leave—they just trade up or down within the Germantown community.

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

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