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Rockville, Maryland Market Report – 7/9/10

While the statistics show increasing strength in the market, which is correct, the rapid gain in price may be more a function of the “trade up market” than the numbers reveal. What is the Trade Up Market? This is when an existing homeowner sells their house and buys a more expensive property. The result is that there are more sales in the higher price ranges which has the effect of pulling up the averages. While this is good and is a sign of strength, when it first starts, as is now happening, it creates a statistical surge.  Market Statistics for Rockville, Maryland

# of Homes for Sale: 525 (down from 599 in May, 537 in April and down from 586 at the same time last year)
# of Homes Sold: 151 (up from 128 in May, 96 in April, and up from 111 at same time last year)
Average Home Price: $407,377 (up from $375,747 in May, $336,663 in April and up from $389,344 one year ago)
Average days on the market: 53 (up from 40 in May, but down from 62 in April, down from 92 one year ago). Continued reduction in time on market shows increasing demand.

The home buyer tax credits probably had the effect of shifting some demand forward, similar to what the “Cash for Clunkers” did to car sales. So I am expecting a bit of a reduced volume of transactions until September when we get back to “normal.”

A little about Rockville: Richard Montgomery High School is a premier magnet county high school which draws students from all over the county. Montgomery College, Johns Hopkins University and the University of Maryland at Shady Grove all have campuses in Rockville.

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

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

Rockville, Maryland Market Report – 6/1/10

The sales action is still predominantly in the lower price ranges in Rockville. This is holding back the average and median prices. Other parts of Montgomery County, MD’s stats are showing increases due to the rise of a trade up market. The Rockville stats are not yet reflecting that.

Market Statistics for Rockville, Maryland

# of homes for sale: 599 (up from 537 last month, and stable with 603 for sale at the same time last year)
# of homes sold: 128 (up from 96 last month, and up from 110 at same time last year)
Median Home Price: $354,113 (up from $336,663 last month but down from $378,881 one year ago)
Average days on the market: 40 (down from 62 last month, down from 83 one year ago). Continued reduction in time on market shows increasing demand.

Rockville is the second largest city in Maryland and the county seat of Montgomery County. The agencies of the Department of Health and Human Services as well as numerous software and biotech companies make their home in Rockville.

The revitalization of the Rockville Town Center has brought new life to a once tired and run-down area of the city and the apartments, condos, restaurants and shops as well as the square with its fountains and entertainment are a gathering place for all.

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

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

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

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

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

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.