How's the Real Estate Market in 20878? September 2011 Report

The real estate market is in good shape in zip code 20878 compared to last year at this time - the average sold price is up by 11%; the average days on market is down 5%; and sellers are getting close to what they are asking - 95% of the list price.

What Has Sold?

In September, 24 single family homes, 11 condos and 10 town homes were sold.  There was 1 short sale and 6 foreclosures in the 20878 zip code, which covers North Potomac, Darnestown and part of Gaithersburg.  The neighborhoods with the most homes sold were Lakelands and Kentlands, which is no surprise, considering how large these communities are. 

Do you want to stay up to date on what homes are selling for in your neighborhood?  Then sign up for our Market Snapshot Report.

What Is Happening with Home Prices?

The average condo sales price dropped a bit in September from August to $230,891. Single family homes sales rose from August to September to $672,592 (see chart in illustration, or click to see interactive charts).  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 of Gaithersburg/North Potomac. 

The most expensive home sold in 20878 in September was a colonial style home in North Potomac's Belvedere for $1,117,500.

You can see more details about home sales in our reports on North Potomac Property Values.

Are Sellers Getting Their Asking Price in 20878?

The second chart in the illustration shows this year's trend for the proportion of original listing price a home seller is getting when they sell.  This takes into account price reductions.  Some good news is this month's overall average is 96.2%, compared to last year's average of 96% and the overall county average that is 93.9%.

How Long Is it Taking to Sell a Home?

The average number of days it took a home to sell in September was 56, 3 days less than last year.  The overall county average last month was 77.  You can see more market statistics in our North Potomac Real Estate Market Trends Report.

Who is Buying?

Cash buyers in 20878 (often investors) in September represented 13.33% of sales.  Overall in Montgomery County, cash buyers made up 16.79% of home sales.

Call me at 301-910-9910 if you have any questions at all about the real estate market.