Gaithersburg, MD Market Report – 2/25/10

• Homes for sale: 697
• Closed sales: 108 (down 24% from December 2009)
• Average sold price: $298,534 (median price is up 4.8% from same time one year ago)
• Average days on market: 81

The 24% drop in the number of closings from December 2009 to January 2010 is nothing to fear. There is always a rush to close at the end of the year and the result is that January is almost always a relatively low closing month.

Meanwhile, almost any home priced under $350,000 in Gaithersburg is receiving multiple offers. Furthermore, the average days on market was 126 days one year ago, 73 days last month, and 81 days and this month.  It takes on average, about 75 days for a well-priced house in good condition to sell.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker. To give you an idea about the wide range of prices in Gaithersburg, David’s two-acre home has four bedrooms, 2.5 baths, a side load two car garage, a huge screen porch on the back of the house and is is for sale for $689,00. Call Seema Rodriguez at (301) 922-1770 for more information.

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

Rockville, MD Market Report – 2/15/10

Rockville serves as the county seat and is close to the geographical center of Montgomery County. The City and County have done a fabulous job of reinventing Rockville into a high-density and high-energy urban center that is focused around the Rockville Metro Center. A diverse selection of retailers, dining and housing is available in the Rockville area. It is a highly desirable place to live with numerous festivals and activities.

Real estate market conditions in Rockville, Maryland are as follows:

• Homes for sale: 425
• Closed sales: 69
• Average sold price: $375,938
• Average days on market: 53

In January, there were 425 homes for sale in Rockville, which is a 9.7% decline when compared to last year. However, the number of homes sold increased 64% from December’s totals as 69 units were sold in January. The average price of homes in Rockville is holding virtually steady at $375,938–up $10,000 from one year ago and down $10,000 from last month. The amount of time it takes to sell a home also remains stable, as homes averaged 53 days on the market in January, which is down by more than half from one year ago.

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

Search for homes in Rockville, and all of the DC Metro: 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

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

Reminder: Help During the Holidays

As the 2009 holiday season winds down, we at Avery-Hess would like to take the opportunity to encourage you not to forget the less fortunate during the holidays, and all throughout the year. In addition to collecting donations for the Marines Toys for Tots Foundation and purchasing gifts for a family through a local church, we contributed to the Housing Opportunities Commission (HOC) of Montgomery County, Maryland. In lieu of a gift exchange, members of Avery-Hess’ Rockville Regional Office gave donations to benefit others.

The HOC is Montgomery County’s housing authority. They provide affordable housing and supportive services for low- and moderate-income families and individuals throughout the county. To learn more about the HOC of Montgomery County, visit their website at: www.hocmc.org.

At the Rockville office’s holiday luncheon, Executive Vice President David Hess shared a few words about the charitable contributions made by staff members and agents of Avery-Hess’ Rockville, Maryland Regional Office.

Avery-Hess Rockville Office Holiday Giving from David Tra on Vimeo.

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