Health & Fitness
How's the Real Estate Market in 20878?
North Potomac MD Real Estate Market Report in zip code 20878 for July 2011.
How’s the North Potomac Real Estate Market?
The Gaithersburg - North Potomac real estate market in zip code 20878 saw strong activity for May, June and July 2011.
What Has Sold?
Find out what's happening in North Potomac-Darnestownwith free, real-time updates from Patch.
In May, 27 single family homes, 25 townhomes, and 12 condos were sold. Of these, 10 were short sales and 8 were foreclosures, so distressed properties made up 28% of total sales.
In June, 38 single family homes, 25 townhomes and 18 condos were sold. Of these, 5 were short sales and 4 were foreclosures, so distressed properties made up 11% of total sales.
Find out what's happening in North Potomac-Darnestownwith free, real-time updates from Patch.
In July, 24 single family homes, 17 townhomes and 16 condos were sold. Of these, 8 were short sales and 12 foreclosures making distressed properties 35% of total sales in zip code of 20878.
You can see more details about what is selling in our Gaithersburg Property Values page and North Potomac Property Values page.
What Is Happening with Home Prices?
The average sales price is up for townhomes and single family homes, with a slight drop in July for condo sales. A change in the average sales price for one month is not necessarily an indication of a trend, it could just indicate that more homes were sold in a more or less expensive neighborhood in 20878. To sign up for an automatic update on what is selling in your neighborhood, visit our Market Snapshot report site.
How Long Is it Taking to Sell a Home?
The average days on market stayed the same in May, June and rose a bit in July, and is just a bit higher compared to last year. To get more details on market trends, visit our Gaithersburg MD real estate slideshow presentation.
Who is Buying?
In May, cash buyers (usually investors) represented 17% of buyers in Gaithersburg, less than in April. In June, only 7% were cash buyers and in July 14% were cash buyers. Overall in Montgomery County, cash buyers made up 17% of the home sales in both May and June, and in July 14%.
Call Bob Myers of Re/Max Realty Services at 301-910-9910 if you have any questions about the value of your home or the real estate market.