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

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

Burtonsville, MD Market Report – 1/22/10

Burtonsville is located at the crossroads of Maryland Route 29, which is a major north-south road, and Maryland Route 198, which is a major east-west road. It is very close to the Howard County border and the Prince Georges County border. It is also near the midpoint between the employment centers of Columbia, Maryland and Washington, DC.

The following describes the market conditions in Burtonsville, Maryland:

• Homes for sale: 73
• Closed sales: 7
• Average sold price $254,286
• Average days on market: 66

Average sales prices in Burtonsville are down 11% from one year ago,  but with an average sales price of $254,286, houses are being scooped up fast. Available housing inventory is down 20% from one year ago, but is expected to increase slightly as we go into the spring.

When the new Intercounty Connector is completed, Burtonsville residents will enjoy even faster access to points west into Montgomery County all the way over to Interstate 270.

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

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

Urbana, MD Market Report – 1/18/10

• Homes for sale: 72
• Closed sales: 10
• Average sold price: $345,080
• Average Days on market: 52

Prices in Urbana are still about 13% below where they were one year ago, but we are seeing the trend of prices on the rise. The number of houses available for sale is 25% lower compared to the same time last year, and the time it takes to sell a house is about half as long as it was one year ago.

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

Search for homes in Urbana, 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

Derwood, MD Market Report – 12/22/09

The statistics below reflect the housing market in Derwood, Maryland:

• Homes for sale: 41
• Closed sales: 14
• Average sold price: $459,100
• Average days on market: 111

Derwood’s average sales price is 2% higher than the same time last year and its inventory of houses for sale is 38% less than last year. In fact, now there are only 41 houses for sale with a Derwood address. The vast majority of these houses with Derwood addresses are single family detached homes built 20-30 years ago.

Derwood is located just north of the center of Montgomery County, between Gaithersburg and Rockville. Residents live close to the Shady Grove Metro Station, which is the northernmost station on the western side of Metrorail’s Red Line. Derwood also has easy access to some great connector and commuter roads such as Shady Grove to I-270, Mid County Highway up into Gaithersburg, and in the future, the Inter-County Connector into Prince George’s County.

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

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