How's the Real Estate Market in 20878?

TV and newspaper reports are all hailing the rise of home prices, so what is happening in 20878?  As of the August 2012 data, the real estate market appears to be doing pretty well compared to this time last year.

From January to August, there have been 223 single family homes sold, 172 townhomes and 94 condos sold.  More homes have been sold this year compared to last year’s 202 single family homes and 253 attached homes sold.

This year, sellers are getting 96.1% of their asking price compared to 2011’s 95.4% of their asking price.

So far in 2012, the average sold price for a single family home decreased to $641,612 compared to 2011’s $654,620.  This may be a statistical issue, since more properties sold for under $400K in 2012 than in 2011, dragging down the average price.

The average sold price for attached homes (both town houses and condos) increased to $338,115 from $305,987.

Both this year and last year, Gaithersburg/North Potomac homes were listed for average of 60 days before selling.

The neighborhoods with the most activity have been Amberfield, Diamond Farms, Kentlands and Lakelands.  The most expensive home that sold was a colonial in Belvedere for $1.3 million in July.  You can see more details about neighborhood sales at www.20878homevalue.com.

As of the end of August, zip code 20878 has had 9 foreclosures and 55 short sales.  This time last year, there were 42 foreclosures and 55 short sales, showing great improvement this year with a large decrease in distressed home sales.

Please visit our website to see more details regarding the North Potomac – Gaithersburg real estate market and to view market reports, interactive charts and much, much more!