Kensington, MD Market Report – 11/2/09

The following statistics represent the market in Kensington, located within Montgomery County, Maryland:

• Homes for sale: 81
• Closed sales: 14
• Average sales price: $579,868
• Average days on market: 71

With their close proximity to the District of Columbia, homes in Kensington maintain a high average sales price. In fact, the average sales price in Kensington this year is 8% higher than at the same time last year. Kensington did not experience the large number of foreclosures that many outlying suburbs have, so its home values have held up well and even slightly increased. Though many of the neighborhoods were built through the 1940s, 50s and 60s, some of the original houses have been torn down and new homes have been built on those same lots because of the great location. Meanwhile, other houses have had additions and extensive remodeling done instead. Consequently, there can be great variation within any given neighborhood.

One of the things locals know about Kensington is Antique Row, which is on Howard Avenue in the commercial section of Kensington. It is a great place to spend a day looking for treasures.

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

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

Meet Our People – Seema Rodriguez

At Avery-Hess, our people are our most important asset. Learn more about one of our best, Seema Rodriguez from our Montgomery County, Maryland Regional Office.

Meet Avery-Hess – Seema Rodriguez, Montgomery County, Maryland Regional Office from Amit Kulkarni on Vimeo.

Search for homes and learn more about Avery-Hess: www.averyhess.com

Olney/Brookeville, MD Market Report – 10/23/09

The following represents the market conditions in Olney and Brookeville, Maryland:

• New listings: 109
• Homes sold: 30
• Average sales price: $468,187
• Average days on market: 54

Once considered to be out of the way, the Montgomery County suburbs have extended their reach out to Brookeville and Olney over the years. As a result, you’ll often find that the older the home, the bigger the lot. However, recently builders have been building new homes on one acre plus lots in the area. Olney is a popular area to live because of its proximity to the employment areas of Columbia, Silver Spring, Gaithersburg and Washington, DC.

The Brookeville and Olney areas have an extremely wide range of prices based on house and lot size. There are starter condos up to large sprawling “Gentleman Farms” and horse farms.

Olney Theater on Route 108 has some terrific shows in a large modern building. It’s not only popular with residents in Olney, but the theater also has fans from a far range of the surrounding area.

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

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

Silver Spring, MD Market Report – 10/16/09

Silver Spring comprises most of the eastern third of Montgomery County, Maryland. In the southern half of Silver Spring the housing stock is older and more urban in feel, influenced by the revitalized downtown areas of Silver Spring and Wheaton, which are both serviced by Metro stations on th  Red Line. There are many great retailers and restaurants, including major chains and specialty and ethnic restaurants. Transportation into Washington, DC is very good as it is served by many major access roads, buses, and Metrorail. There are  single family homes of all sizes, ages and styles in Silver Spring, as well as townhouses and condominiums.

The following is a recap of the current conditions in the Silver Spring, Maryland housing market:

• Homes for sale: 1,243
• Closed sales: 213
• Average sales price: $333,335
• Average days on market: 76

Available inventory in Silver Spring is down 29% from the same time one year ago and the time it takes to sell a house has dropped from 132 days to 76. Increasing consumer confidence is largely to be credited for the improving sales data.

Silver Spring has numerous cool things to do and see. One that I will highlight here is the National Capital Trolley Museum on Bonifant Road, between Layhill Road and New Hampshire Avenue.

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

Search for homes in Silver Spring, 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

Frederick County, MD Market Report – 10/2/09

The following statistics represent the market in Frederick County, MD:

• Homes for sale: 372
• Homes sold: 246
• Average sales price: $265,000
• Average DOM: 117

At the same time in 2008 there were 445 homes for sale, as opposed to 372 this year.  In one year the standing inventory for sale has been reduced 17%. With the drop in the average sales price in a year from $300,000 to $265,000 combined with the low mortgage rates in the low 5% range, affordability has soared for buyers in this market.

Meanwhile, a year ago homes took an average of 139 days to sell, but this year for the same period it is only taking 117.

Many of the residents of Frederick County commute to Montgomery County and Washington DC using the excellent public transportation and adequate road system.

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

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