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Health & Fitness

How's the Real Estate Market in 20878?

A real estate market update for North Potomac in zip code 20878 for April 2011.

Real estate market activity in the Gaithersburg - North Potomac zip code of 20878 stayed about the same between March and April of 2011. A total of 57 homes sold: 12 were condos, 28 were single family homes and 17 were townhouses (56 homes sold in March). Eleven of these properties were short sales and four were foreclosures, so distressed properties were slightly higher in April over March, but not by much. You can see more details about neighborhood home values on our North Potomac property value website.

The median sales price stayed about the same for townhomes and single family homes, but condo prices took a dip (see chart). This is not a drop in value overall for condos in 20878, it just reflects that more condos sold in less expensive neighborhoods in April, like Diamond Farms vs. the more expensive Kentlands and Timberbrook.

The average days on market has decreased, signaling that the busy spring market is underway. We've gone from 92 days in February to 73 days in March to 58 days in April.  However, this is still higher than the same time last year, indicating we are not in as strong a market as 2010. You can see more details about days on market, sold price vs. asking price statistics and how many homes are for sale in our Market Update Slideshow.

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Cash buyers represented almost 25 percent of the market activity, about the same as last month. Overall in Montgomery County, cash buyers made up 20 percent of the transactions in April, so obviously the investors think 20878 is a great investment since there is a higher proportion than average.

Call Bob Myers of Re/Max Realty Services at 301-910-9910 if you have any questions about the real estate market in North Potomac or Darnestown.

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