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