Avery-Hess, Realtors Blog » Maryland Real Estate

Gaithersburg, MD Market Report 7/14/10

Kristin Maynard — Wed, 14 Jul 2010 16:00:11 +0000

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

Amit Kulkarni — Tue, 02 Feb 2010 15:50:46 +0000

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

Amit Kulkarni — Fri, 22 Jan 2010 22:34:35 +0000

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

Amit Kulkarni — Mon, 18 Jan 2010 21:13:15 +0000

Urbana is a mix of older single family houses on large lots and the newer Urbana Town Center homes with village clustering. Urbana, which is located on the southern edge of Frederick County, is located within close-proximity to both the employment centers around the City of Frederick as well as down I-270 into the biotech corridor of Montgomery County.

The following is a summary of the housing market conditions in Urbana, Maryland.

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

Amit Kulkarni — Fri, 08 Jan 2010 16:49:50 +0000

The latest market conditions in Gaithersburg, Maryland are as follows:

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

Amit Kulkarni — Tue, 22 Dec 2009 22:22:48 +0000

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

Takoma Park, MD Market Report – 12/21/09

Amit Kulkarni — Mon, 21 Dec 2009 15:32:48 +0000

The data below represents the current housing market in Takoma Park, Maryland:

Homes for sale: 232
Closed sales: 64
Average sold price: $342,818
Average days on market: 63

Takoma Park is blessed with a terrific location on the edge of Washington, DC. It is partly in Prince George’s County and partly in Montgomery County in Maryland. It is a very walkable city and is also served by bus and Metrorail. Much of Takoma Park was built in the early 1900s and there are newer homes on infill locations.

Prices are 8.3% lower versus the same time as last year and inventory has been reduced by 39%. Prices are still dropping according to the statistics.

Takoma Park is an eclectic city as evidence by things such as being a Nuclear Free Zone and other interesting political issues.

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

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

Poolesville, MD Market Report – 12/11/09

Amit Kulkarni — Fri, 11 Dec 2009 18:15:43 +0000

Poolesville is a suburban oasis unto itself in the far western/southwestern edge of Montgomery County. Its western border is the Potomac River. Much of the area with a Poolesville address has been designated as an agricultural preserve, so there is lots of open green space. Poolesville has townhouses and single family detached houses in all sizes and ages. Find out what’s happening in the housing market in Poolesville, Maryland:

Homes for sale: 26
Closed sales: 5
Average sold price: $419,200
Average days on market: 149

For those who live in Poolesville that work in Loudoun County, Virginia in towns such as Leesburg or Ashburn, getting to work is just a matter of taking the Whites Ferry across the Potomac River each day. It is a nice relaxing way to begin and end each work day.

Prices in Poolesville are up about 19% from a year ago. The inventory for sale, at 26 units, has been pretty stable over the year. Poolesville is the best of all worlds. You get Montgomery County services and public schools, but you also get the peace and quiet that can only be found in an undeveloped area.

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

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

Clarksburg, MD Market Report – 12/8/09

Amit Kulkarni — Tue, 08 Dec 2009 22:39:09 +0000

This is our first market report on the Avery-Hess blog for Clarksburg, Maryland. The statistics below reflect what’s going on now in the housing market in Clarksburg:

Homes for sale: 99
Closed sales: 10
Average sold price: $444,771
Average days on market: 122

The Clarksburg market for detached single family homes and townhouses is a screaming bargain. Homes there are all relatively young in age, and they’re full of options that new homebuyers have added with creative builder financing. Many of these properties have either gone to foreclosure, been involved with divorce-related sales, or are being sold for less than what is owed on the mortgages–also known as a short sale.

The reason for short sales throughout Clarksburg is the majority of Clarksburg was built and sold in the peak market years of 2005 through 2007. As the Clarksburg market moves through this refinancing cycle, it presents tremendous value for resale buyers.

When fully built-out, Clarksburg will have 40,000 residents and be a major population center in Montgomery County.

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

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

Damascus, MD Market Report – 11/25/09

Amit Kulkarni — Wed, 25 Nov 2009 17:00:25 +0000

Located in the northern end of Montgomery County, Damascus is a terrific place to live. Damascus has numerous Sports leagues, a volunteer fire department, the July Fireman’s Carnival, and several holiday parades. It’s like small town living used to be 40 years ago. Although the new Damascus Centre gives local residents a choice of two grocery stores and retail centers to choose from. A little known fact about Damascus is that it is still a “dry” city, meaning that no alcohol can be sold or served there. On your way to see Damascus, be sure to take time to stop and visit Butler’s Orchard off of Route 27.

Read on to find out more about the market conditions in Damascus, Maryland.

Homes for sale: 70
Closed sales: 11
Average sold price: $314,186
Average days on market: 77

Prices are stable in the Damascus region at this time after taking a big drop in the early and middle part of the recession. There is huge demand for homes as shown by the numerous multiple-offer situations that sellers are experiencing. Though inventory is down by 30% from the same time one year ago, Damascus has homes in a wide range of prices. The majority of the housing in Damascus is single family detached or townhouses.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker. David raised his children in Damascus, who attended Damascus High School in the 1990s.

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