Silver Spring, MD Market Report – 4/05/11

Silver Spring, Maryland is certainly SHINING!

Like the beautiful city itself, housing in Silver Spring is seeing some shiny spots – despite all the doom and gloom the media is continually throwing at all of us.

The Real Estate market statistics for zip codes 20905 and 20912 are moving in the right direction.

Zip code 20905 has a Total Sold Dollar Volume up +75.49% to $3,694,000.  The number of Closed Sales versus this time last year is up 80%. This is a tremendous upswing!

Another big mover in Silver Spring is the 20903 zip code. Sporting a Total Sold Dollar Volume of $2,347,900, this number is up +265.72% in comparison to February of 2010.  Closed Sales are up +266.67% and the Median Sold Price is $230,000.

I am really excited to see what the Spring Market will bring. Improvements all around have me saying the Real Estate Market in Silver Spring, Maryland is definitely shining!

More About Silver Spring, MD:

Silver Spring is a suburb of Washington, D.C. with both urban and suburban areas.  With a community of over 76,000 people, Silver Spring is a happening place.  Its borders run as far north as Burtonsville, south to the dividing line with the District of Columbia and west to Chevy Chase and Rockville.  Silver Spring is located on the Red Line of the Metro system and the Silver Spring stop is the most used station in Maryland.

Looking for something to do outdoors this spring? Silver Spring has many amazing parks to explore:

Rock Creek Park which passes along the west side of Silver Spring, offers hiking trails, picnic grounds, and bicycling.  On weekends, its main road, Beach Drive, is usually closed to motor vehicles.

Sligo Creek Park follows Sligo Creek through Silver Spring and offers hiking trails, tennis courts, playgrounds and bicycling. On weekends, parts of Sligo Creek Parkway are also closed to motor vehicles.

Jesup Blair Park is a 14.5 acre park that has recently been renovated. In the park you’ll find a soccer field, tennis courts, basketball courts and a picnic area.

Wheaton Regional Park is located in “greater” Silver Spring and includes covered tennis courts, an ice skating rink, baseball fields, playgrounds, picnic areas, stables and Brookside Gardens, a 50 acre park with arboretums, nature center and magnificent gardens to stroll through.

Market data and commentary provided by Kathy Fleskes, Rockville Managing Broker.
Search for homes in Silver Spring, and all of the DC Metro: www.averyhess.com

Prince George’s County, MD Market Report – 3/23/11

Prince George’s County is located north, east and south of Washington, D.C.

The north part of the county is anchored by the Capital Beltway and the Baltimore-Washington Parkway.  The major employers in this part of the county are The University of Maryland, Beltsville Agricultural Research Center and NASA-Goddard Space Flight Center.  The community of Greenbelt was one of the earliest planned communities to be built.  This north part of the county also has many areas of historic homes including University Park, Mt. Rainier, Berwyn Heights and Hyattsville.  There are several parks and lakes for family enjoyment.

The central part of the county includes Mitchellville, Bowie, Upper Marlboro, and more.  Bowie is best known as a planned Levittown and is currently the largest city in Prince George’s County.  Housing styles range from ultra-contemporary to century old homes in Bowie’s antique district.

The county also includes the rural tier, the inner beltway and the south county.  South County is one of the fastest growing areas and includes the newly developed National Harbor along the Anacostia River featuring riverside living, hotels, convention center, shops and restaurants and Nationals Park home to the Washington Nationals Baseball Team.  There are ferry rides that cross the river from National Harbor to Alexandria.

February 2011 Real Estate Market Statistics

Prices continue to fall in Prince Georges County.  The bottom experts say is in sight.  Keeping this in mind the time to buy is NOW.  With the number of Closed Sales up +1.48% over last month and also up +8.27% in comparison to this time last year.  I will not be surprised if there is a large increase in Average Sold Price next month.  Spring is here and so are the homebuyers.  Rates are still low and there are plenty of bargains to be had in Prince Georges County.

Market data and commentary provided by Kathy Fleskes, Managing Broker, Rockville Regional Office.

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

Frederick County, MD 3/8/11

The Median Sold Price for Frederick County, as a whole, for last month was $249,743. This number dropped from $258,476 in 2010.  This -3.38% Sold Price change has many wondering what will happen this spring.  Have prices finally fallen to the bottom?  Is the Frederick Real Estate Market ever going to stabilize? These are questions we all would like to have answers to.

Looking at the Average for Frederick County does not accurately show the Good News – that I am happy to report in many areas.  New Market (zip code 21744) has an Average Sold Price of $287,682, Middletown (21769) Average Sold Price of $312,000, Dickerson (20842) $855,000 and Jefferson (21755) $870,000 have a lot to be proud of.   All of these numbers are well above the average for the county.  I see a very productive spring and summer ahead for 2011!

Downtown Frederick, named a Great American Main Street by the National Trust for Historic Preservation, has a lot of historic charm,  and is home to Carroll Creek Park.  Shop for gifts, antiques and more or dine at the city’s share of more than 200 eateries countywide.   Sports enthusiasts can catch a Frederick Keys game at a home stadium that’s the envy of other minor league baseball teams.

If you enjoy the open spaces Frederick County has several award-winning wineries or take in the natural beauty of a 78-foot waterfall at Cunningham Falls. Hike the C&O Canal towpath.

Interested in History? Then explore Frederick County’s deep-rooted Civil War history by visiting the National Museum of Civil War Medicine, the Barbara Fritchie House or Monocacy Battlefield.

Market data and commentary provided by Kathy Fleskes & Serena Toro, Rockville Regional Office.

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

Gaithersburg, MD Market Report 9/15/10

Inventory in Gaithersburg is pretty stable. The number of sales per month is down but houses on the market are still selling in a timely manner.  I am still expecting that new contracts being written will be slowing some as we reach a new level of stability. It is possible that we are at that stabilized level now, however only time will tell.

Here are the statistics for Gaithersburg:

• Homes for sale: 894 (very stable over the past four months, up from 813 in August one year  ago)
• Homes Sold: 142 (down from 160 in July, down from 180 sales one year ago)
• Average sold price: $340,058 (up from $331,238 in June, down from $343,284 one year  ago)-but look at how stable that is!
• Average days on market: 71 (very stable throughout 2010 and back to last year when it was 75 days in August 2009)

What says fall better than crisp, cool mornings, leaves turning beautiful reds, yellows and oranges and the sound of high school football games on a Friday night at any one of the three high schools that call Gaithersburg home.   On Saturday mornings you can see kids of all ages playing soccer or football at one of the athletic fields in Gaithersburg on teams sponsored by the Gaithersburg Boys and Girls Club or the Montgomery Village sports association.  There is still plenty of time to enjoy a game of golf at one of the public golf courses in the area or pick up a game of tennis.  Or get out and enjoy the walking trails and parks in Gaithersburg while the weather is still inviting!

Commentary and analysis provided by David Hess, Executive Vice President.

Gaithersburg, MD Market Report 8/12/10

Since we are talking about Gaithersburg, I’d like to start out by reminding everyone that the Montgomery County Agricultural Fair starts on Friday August 13th and runs for ten days. This is one event that everyone loves to attend!

OK, Let’s get on to the statistics for Gaithersburg.

• Homes for sale: 891 (up from 878 in June and up from May’s 867, down from 907 in April and down from 907 one year  ago)
• Homes Sold: 160 (down from 205 in June, down from 210 sales one year ago)
• Average sold price: $331,238 (up from $329,155 in June, up from $301,689 one year  ago)
• Average days on market: 43 (very stable throughout 2010 but down from 113 days from one year ago)

Inventory is pretty stable, the number of sales per month is down but the time it takes to sell is still falling. These stats say that the market is increasing in strength. But I think that new contracts being written may be slowing some so we may be going into a leveling or small decline in the near term. This is to be expected after such a great rise in prices over the past 18 months.

Commentary and analysis provided by David Hess, Executive Vice President.

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