Rockville, Maryland Market Report – 11/9/10

Here’s my overall analysis:  There have been less unites for sale than one year ago when had Home Buyer Stimulus #1. So comparing this time period to last year is not an equal comparison. But that said, here are the statistics for Rockville, Maryland:

• # of Homes for Sale: 543 (compare to 520 in August and 495 in September 2009)
• # of Homes Sold: 96  (down from 113 in August, and down from 125 at same time last year)
• Median Home Price:  $397,366 (up from $415,354 in August, and up from $400,507 one year ago)
• Average days on the market: 65 (up from 55 in August, and down from 74 one year ago).

Being located in the center of the county and having many transportation, shopping and entertainment options makes Rockville a very desirable place to live. You can enjoy dinner at one of the many restaurants along Rockville Pike and in the Town Center.  With the end of daylight savings time, you can enjoy long evenings with the family in one of the many lovely communities spread around Rockville.

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 – 11/01/10

The stats in Silver Spring really bounced around in September. One month does not make a trend so rather than pontificate, here are the stats:
Market statistics for Silver Spring, Maryland:

• Homes for sale: 1,436 (up from 1,359 in August and up from 1,243 one year ago)
• Homes Sold: 180 (down from 212 in August but almost the same 183 sales as one year ago)
• Median sold price: $297,214 (down from $335,196 in August, and up from $276,986 one year ago)
• Average days on market: 75 (pretty stable most of this year and nearly the same as one year ago when it was 76)

My prediction is that the market will be slow until after January due to the uncertainties of the elections, repeal of ObamaCare, the negative attention over foreclosure “Robosigners,” and the general malaise among many people caused by their concerns and anxiety for the future of the American Free Enterprise system. For those who are focused on their goals to buy a house, there may be some opportunities over the next 60 days to score a good deal.

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

Rockville, Maryland Market Report – 10/6/10

Here’s my overall analysis: There is around a four percent increase in homes for sale this year compared to the number for sale one year ago. However, the numbers of units sold is about about nine percent lower.  The current average days on market, is still below what it was last year but it does continues to rise. Houses are on the market for about a month less than they were this time last year and today’s prices are slightly higher. Interest rates are lower and are pretty much at the lowest level they have been in 30 years. My expectation is for a stable market for the balance of the year.
Market Statistics for Rockville, Maryland:

• # of Homes for Sale: 520 (compare to 515 in July and 498 in August 2009)
• # of Homes Sold: 113  (down from 122 in July, and down from 124 at same time last  year)
• Median Home Price:  $374,250 (up from $349,600 in July, and up from $365,750 one year ago)
• Average days on the market: 55 (up from 42 in July, and down from 74 one year ago).

Being located in the center of the county and having many transportation, shopping and entertainment options makes Rockville a very desirable place to live.

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

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

Germantown, MD Market Report – 9/29/10

While price statistics this month look like a softening market, one month does not make a trend. We will have to see what the next few months bring after the hangover from the housing tax credit diminishes. In order for buyers to get the tax credit before it expired, some third quarter sales were “pulled” into the second quarter causing inflation in the second quarter.

• Homes for sale: 505 (down from 536 in August, up from 427 one year ago)
• Homes sold:  85 (down from 86 in August and down from 98 one year ago)
• Average sales price: $270,664 (down from $284,660 in August 2010 and down from $283,361 one year ago)
• Average days on market: 45 (down from 52 last month, and the same as 45 days one year ago)

Since we have a stabilized unemployment rate and low interest rates what I expect to happen is similar to what happened in the car business after “Cash for Clunkers” ran out; the market will return to equilibrium over a three to six month period. The market will continue to stabilize as long as we can avoid any more government stimulus.

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

Silver Spring, MD Market Report – 8/25/10

In the current housing market, we are living in the “hangover” of the various government stimulus programs. Just like the “Cash for Clunkers” stimulus in the car business, these programs have distorted and changed the timing of the housing demand. This has lead to below normal results as the market returns to equilibrium. No more stimulus please!

Here are the market statistics for Silver Spring, Maryland:

• Homes for sale: 1,402 (up from 1,364 in June and up from 1,276 one year ago)
• Homes Sold: 170 (down from the stimulus induced 288 last month, and down from last year’s stimulus induced 272)
• Average sold price: $353,433 (down from $364,427 last month, and up from $343,655 one year ago)
• Average days on market: 64 (pretty stable most of this year but down from 99 days one year ago)

While the weather is still warm, hop in the car or take Metro to the Silver Spring and spend a relaxing evening enjoying the many shops and various ethnic restaurants – including African, Burmese, Ethiopian, Italian, Mexican, Jamaican to name a few – in the newly revitalized City Place.  You might even dip your feet in the fountain to cool off!  There are many weekends that you can enjoy music, dance and sample new foods at one of the ethnic festivals held in the area. Hope to see you there!

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 – 8/18/10

Below are the statistics and analysis for the Germantown, MD market:

• Homes for sale: 536 (up from 517 in June. Up from 442 one year ago)
• Homes sold:  86 (down from 128 in June and down from 117 one year ago)
• Average sales price: $284,660 (up from $281,345 in June 2010 and about the same as $283,808 one year ago)
• Average days on market: 52 (up a bit from 40 last month, but still way under 102 days a year ago)

So what do the statistics tell us? Today, we have more inventory at close to the same average sales price as we did a year ago, but it is selling faster. However, due to the race to close in the second quarter, we are currently seeing fewer transactions.

While prices are stable and time on the market is still reasonable, we are without a doubt still feeling the after effects of the tax credit deadline. In order for buyers to get the tax credit before it expired, some third quarter sales were “pulled” into the second quarter.  The “Trade Up” market, where existing homeowners have equity and want to buy a more expensive house, has started and it will also pull prices up as higher priced sales occur.

Since we have a stabilized unemployment rate and low interest rates what I expect to happen is similar to what happened in the car business after “Cash for Clunkers” ran out; the market will return to equilibrium over a three to six month period.

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