Rockville, Maryland Market Report – 5/5/10

The real estate market in Montgomery County has been gaining strength steadily since December 2008 when prices bottomed.  As the county seat, Rockville is an active area, both the newly built downtown and in the surrounding neighborhoods. Fallsgrove and King Farm are two planned communities in the Rockville “suburbs”and afford a range of housing options for both the single professional and the family Both communities, as well as downtown/Oldtown Rockville are also very “walkable.”

Multiple contracts are very common on prices under $360,000. Also, after two years of tightening, real estate mortgage lending seems to be getting easier for qualified buyers.

Market Statistics for Rockville, Maryland

• # of homes for sale: 537 (way up from 423 in February, down from 558 same time last year)
• # of homes sold: 96 (up from 74 in snowy February, and up from 85 at same time one year ago)
• Median Home Price: $336,663 (down from $349,125 last month and down from $348,225 one year ago)
• Average days on the market: 61 (up from 58 last month, down from 83 one year ago)

Data, commentary and analysis provided by David Hess, Executive Vice President, Avery-Hess, Realtors

Find Your Home. Plan Your Life. www.averyhess.com

Silver Spring, MD Market Report – 4/28/10

Silver Spring is a suburb in the north side of Washington, D.C. in Montgomery County with both urban and suburban areas.  Its borders go 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 serviced by the Red Line of the Metro system and the Silver Spring stop is the most used station in Maryland.

Much of what is selling in Silver Spring are the lower priced units. First time buyers and investors have had a huge impact on the market  They see the price gains of those who bought over the previous 15 months and they realize that the down cycle in real estate has reversed and the next up cycle has begun. Increasing consumer confidence in the DC area, low interest rates, and warmer weather is feeding more urgency into the marketplace. Note the steady decrease in days on market.

Here are the market statistics for Silver Spring, Maryland:

• Homes for sale: 1,293 (up from 1,085 last month, and up a bit from 1,245 one year ago)
• Homes Sold: 188 (up from 121 last month, and up from 158 a year ago)
• Average sold price: $325,417 (down from $334,529 last month, and down from $334,1283 one year ago)
• Average days on market: 76 (down from 88 last month and down from 128 one year ago)

Silver Spring is filled with historic places such as the National Park Seminary, Acorn Park and the actual Silver Spring for which the city was named; many parks and recreation centers and the newly revitalized City Place in the heart of Silver Spring. The renovation of City Place has brought new life to downtown Silver Spring with the opening of fine shops, restaurants an outdoor shopping plaza where musical and ethnic festivals are held.

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 – 4/22/10

Germantown is located in the northern part of Montgomery County and contains a wide range of housing styles and price. It is easily accessed from either Route 355 or Interstate 270. In addition to numerous roads and I-270, the MARC Train has a station in Germantown and bus service feeds into the METRO system in at Shady Grove.

The following conditions reflect the market in Germantown, Maryland during March:

• Homes for sale: 451 (up from snowy February’s 410)
• Homes sold: 88 (up from 65 last month and up from 84 one year ago)
• Average sales price: $228,124 (down from $211,975 last month and down from $248,415 one year ago)
• Average days on market: 63 (similar to the last few months, but down from 112 days a year ago)

After showing stabilization, the statistics, being heavily influenced by the large number of lower priced sales, is showing a lower average price. This is not concerning to me because the reduced number of days it takes to sell a house tells me the demand is strong. If demand is strong a balanced market is either here or nearly in hand. First-time buyers and investors still make up the majority of the buyers in the Germantown market over the past few months.

One of the great features of Germantown is South Germantown Recreational Park is a 736-acre park that includes hiking trails, picnic facilities, an indoor sports complex, 22 soccer fields with a lighted stadium, baseball and softball fields, a playground, archery range, golf driving range, two miniature golf courses, a splash playground, model boating lake, a tot lot, and an indoor aquatic center.

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

Gaithersburg, MD Market Report 4/16/10

For the month of March, the average sales price in Gaithersburg took a departure from the previous month in large part due to the majority of lower priced sales. Thus the average fell from $312,311 to $298,534. Below you’ll find statistics as well as a full report for Gaithersburg, Maryland.

• Homes for sale: 821 (up from 700 last month and down from 995 one year ago)
• Closed sales: 154 (up from 96 in snowy February and up from 129 one year ago)
• Average sold price: $294,030 (down from $315,530 last month and down from $337,730 one year ago)
• Average days on market: 68 (down from 113 last month and 122 days from one year ago)

It is the Spring market, so houses are coming onto the market as property owners decide to sell and move in anticipation of the end of school and the summer moving season.

Since much of the sales activity in the last few months in and around Gaithersburg is the lower priced homes selling to first time buyers and investors, the average sales price has been pulled way down as the number of transactions has jumped way up.

Gaithersburg, which is just North of Rockville, has both charm and history.  The historic Old Town has preserved many old buildings turning them into restaurants, brew pubs and shops.  The old train station is still in use and retains it charm and character.  Most Saturdays you can find farmer’s markets, flea markets and the like around Old Town.

Data, analysis, and commentary provided by David Hess, Executive Vice President.

Find your in Gaithersburg and all of Montgomery County: www.averyhess.com

Rockville, Maryland Market Report – 4/7/10

The real estate market in Montgomery County has been gaining strength steadily since December 2008 when prices bottomed. Rockville as the county seat  is a very popular place to live and that popularity is reflected in the market statistics shown below.

Multiple contracts are very common on prices under $350,000. Also, after two years of tightening, real estate mortgage lending seems to be getting easier for qualified buyers. It is either getting easier or those of us in the business have just gotten used to it so it feels easier!

Market Statistics for Rockville, Maryland (20850, 20851, 20852, 20853)

• # of homes for sale: 423 (down from 526 last year)
• # of homes sold: 74 (up from 69 last month, and up from 63 at same time one year ago)
• Median Home Price: $349,125 (up from $334,988 one year ago)
• Average days on the market: 58 (way down from 124 one year ago)

Data, commentary and analysis provided by David Hess, Executive Vice President, Avery-Hess, Realtors

Find Your Home. Plan Your Life. www.averyhess.com

Silver Spring, MD Market Report – 3/11/10

When we factor in the two records snowfalls in February, it is amazing that anyone sold anything! Effectively a 28 day month got reduced to about ten decent selling days, but motivation is high among buyers presently in the marketplace. They see the price gains of those who bought over the previous 15 months and they realize that the down cycle in real estate has reversed and the next up cycle has begun. Increasing consumer confidence in the DC area, low interest rates, and warmer weather is feeding more urgency into the marketplace.

Here are the market statistics for Silver Spring, Maryland:

• Homes for sale: 1,085 (about the same as last month, but down from 1,456 one year ago)
• Closed sales: 121 (down from 144 in January, but up from 86 a year ago)
• Average sold price: $334,529 (up from $317,926 last month, and up from 330,453 one year ago)
• Average days on market: 88 (down from 132 last month and down from 145 one year ago)

Areas with Silver Spring addresses comprise most of the eastern side of Montgomery County, Maryland. Silver Spring is served by four Metro stations: Glenmont, Wheaton, Forest Glen and Silver Spring.

Housing stock in Silver Spring is every size, style, age and lot size imaginable due to the large expanse that Silver Spring covers. From one bedroom starter condos to multi-million dollar mansions, there is something for everyone.

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