Silver Spring, MD Market Report – 5/25/10

Driving north on Georgia Avenue you arrive in Silver Spring as you cross the dividing line with the District of Columbia.  Silver Spring is a suburb of Washington, D.C. in Montgomery County with both urban and suburban areas.  Silver Spring is located on the Red Line of the Metro system and the Silver Spring stop is the most used station in Maryland.

Real Estate Prices in Silver Spring are starting to reflect the trade-up market. Trade up is the term when existing homeowners sell and buy a bigger house. As this occurs, it pushes demand “Up the Food Chain” resulting in higher prices. This has been going on for about four months

Here are the market statistics for Silver Spring, Maryland:

• Homes for sale: 1,415 (up from 1,293 last month, but down a bit from 1,551 one year ago)
• Homes Sold: 222 (up from 188 last month, and up from 178 a year ago)
• Average sold price: $340,068 (down from $325,417 last month, and down from $35,551 one year ago)
• Average days on market: 78 (virtually unchanged from last month and down from 105 days one year ago)

The Silver Spring shopping district which centers around Georgia Avenue and Colesville Road has gone from a major shopping area to almost a ghost town and now with the newly revitalized City Place back to a vibrant area with restaurants, shops, theaters, etc.  The world headquarters of Discovery Communications has brought many jobs to the Silver Spring area.  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

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

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

Silver Spring, MD Market Report – 10/16/09

Silver Spring comprises most of the eastern third of Montgomery County, Maryland. In the southern half of Silver Spring the housing stock is older and more urban in feel, influenced by the revitalized downtown areas of Silver Spring and Wheaton, which are both serviced by Metro stations on th  Red Line. There are many great retailers and restaurants, including major chains and specialty and ethnic restaurants. Transportation into Washington, DC is very good as it is served by many major access roads, buses, and Metrorail. There are  single family homes of all sizes, ages and styles in Silver Spring, as well as townhouses and condominiums.

The following is a recap of the current conditions in the Silver Spring, Maryland housing market:

• Homes for sale: 1,243
• Closed sales: 213
• Average sales price: $333,335
• Average days on market: 76

Available inventory in Silver Spring is down 29% from the same time one year ago and the time it takes to sell a house has dropped from 132 days to 76. Increasing consumer confidence is largely to be credited for the improving sales data.

Silver Spring has numerous cool things to do and see. One that I will highlight here is the National Capital Trolley Museum on Bonifant Road, between Layhill Road and New Hampshire Avenue.

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