How's the Real Estate Market in 20878?

The fourth quarter of 2011 in zip code 20878 saw some interesting changes compared to last year at this time:

• The average number of properties sold is consistent with last year, except for a drop in December.  Compared to the last four years, market activity in the fourth quarter of 2011 was pretty comparable.  The last quarter tends to be a slower part of the year for real estate overall.

• The median sold price of single family homes was about the same as the past four years, with the exception of a drop this past December.

• Overall the average days on market were consistent with the last four years, but December was higher - skewed by one home in particular that had been on the market a total of 1,277 days!

• Only three homes out of 63 sold received their asking price, taking into account the seller subsidy to the buyer.  There were 32 homes that reduced their original asking price out of the 63, some of these reductions were quite significant.

Compared to last year at this time sellers were getting this percentage of their asking price:

October: 91.9% of the list price vs. 95.9% last year 

November: 95.1% of the list price vs. 94.3%  last year

December: 93.6% vs. 94.8% last year

Click to visit our website for more real estate market data in 20878.

What Has Sold?

In the last quarter of the year, 63 single family homes, 35 townhomes and 44 condos were sold.  Of those, 20 were short sales and 7 were foreclosures.

The 20878 neighborhoods with the most activity were Fernshire Farms, Kentlands, Lakelands, Shady Grove Village, Quince Orchard Park and Diamond Farm.  Check out the latest reports on our site for Gaithersburg Property Values and North Potomac Property Values.

What Is Happening with Home Prices in 20878?

2011 outperformed last year for single family homes except for December, where there was a big drop.  Townhome prices were much better in 2010, as were condo prices.

A change in the average sales price is not necessarily an indication of a trend, it could just indicate that more homes were sold in a more or less expensive neighborhood of 20878.

The most expensive homes sold each month were: a custom built colonial in Ancient Oak for $1.015 million; another custom built colonial in Willow Ridge for $1.035 million and a Darnestown colonial on 2 acres that went for $1.089 million.

It is taking longer to sell a home in the North Potomac/Gaithersburg area compared to last year’s final quarter: 87 days compared to 58.

There were 12.76% cash buyers (often investors) in Gaithersburg/North Potomac and 20.68% cash buyers overall in Montgomery County.

To get more information, visit our website at http://bobmyers4homes.com or give Bob a call at 301-910-9910.