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Health & Fitness

How's the Real Estate Market in Potomac?

Potomac MD Real Estate Statistics and Trends for July 2011 in zip code 20854

How’s the Potomac Real Estate Market?

The Potomac real estate market saw strong activity for May, June and July 2011.

What Has Sold?

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In May, 42 single family homes, 8 townhomes, 2 condos were sold. Of these, 2 were short sales and there were 3 foreclosures, so distressed properties made up 10% of total sales in Potomac.

In June, 31 single family homes, 14 townhouses and 1 condo were sold. Of these, 5 were short sales and there were no 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, 54 single family homes, 10 townhouses and 2 condos sold. Of these, there was 1 short sale and no foreclosures, making distressed properties 1.5% of sales in Potomac. You can see more details about what is selling in Potomac on our Potomac Property Value page.

What Is Happening with Home Prices?

The average sales price is up for single family homes, townhomes and condos alike, from May to June, but in July condo sales dropped. 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 Potomac. To sign up for an automatic update on what is selling in your neighborhood, visit our Market Snapshot report page.

How Long Is it Taking to Sell a Home?

The average days on market decreased from May compared to June, rising again in July, before going under contract, being significantly higher compared to last year. To get more details on market trends, visit our Potomac Real Estate slideshow presentation.

Who is Buying?

In May, cash buyers (usually investors) represented 13% of buyers in Potomac, in June, cash buyers represented 17% of buyers and in July, 10.6% were cash buyers. Overall in Montgomery County, cash buyers made up 17% of the home sales in both May and June, so Potomac is attracting investors at a slightly lower rate to the rest of Montgomery County.

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.

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