Posts Tagged ‘Montgomery County Real Estate’
Clarksburg, MD Market Report – 12/8/09
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
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
Potomac, MD Market Report – 11/23/09
- Homes for sale: 278
- Closed sales: 36
- Average sold price: $1,215,001
- Average days on market: 84
Normally with such a low number of transactions, the average and median sales prices in Potomac fluctuate from month to month and can sometimes be quite confusing. However, the trend is upward moving and has been for over 18 months.
With its close proximity to Washington, DC, the Potomac market stats–like other nearby, wealthier areas–dropped less in percentage during the recession and recovered faster than lower priced and more distant suburbs. The average sales price in Potomac this year is 20% higher than at the same time last year.
If you’re ever in Potomac, Old Angler’s Inn on McArthur Boulevard is a popular restaurant and watering hole with the local residents and hikers from the C&O Canal, which runs parallel along the Potomac river and into the District.
Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.
Search for homes in Potomac, 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
Bethesda, MD Market Report – 11/9/09
With its diverse mix of condos, townhouses and single family houses all within walking distance to retail, restaurants and Metro stations, the housing market in Bethesda, Maryland is hot! First-time buyers and current homeowners wanting to get away from driving and cutting grass gravitate to Bethesda. Bethesda is also very close to downtown Washington, DC and all of the employment and cultural opportunities that the city offers.
The following statistics reflect the market conditions in Bethesda, Maryland:
- Homes for sale: 299
- Closed sales: 56
- Average sales price: $695,753
- Average days on market: 78
Prices in Bethesda have drifted down a little bit over the past two years but have not seen the radical declines of other outlying areas. The number of properties for sale is down 15% from one year ago. Meanwhile, over the past twelve months median and average price figures in Bethesda have tended to jump up and down dramatically from month to month depending on the product mix sold. So while the statistics for this market are equivocal, local real estate professionals know that this is a balanced market with an effective supply of about 4-5 months based on the present absorption rate.
A notable spot in the area is Bethesda Row. Bethesda row is a popular mixed-use development where you can do your shopping, have dinner, sit on outdoor benches or just stroll and people watch. All this and within walking distance of the Bethesda Metro Station, too.
Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.
Search for homes in Bethesda, and all of the DC Metro: www.averyhess.com
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
