Real Estate Information

The residential real estate market in Montgomery County, Maryland continues to favor buyers over sellers in most neighborhoods.

The audited year-end statistics for 2009 were just released by Metropolitan Regional Information Systems, Inc., and we thought we'd share this information with you.

In Montgomery County, $4.5 billion worth of homes sold in 2009, which is up 4.98 percent compared to 2008.

The median price of homes that sold was down 13.92 percent, the number of homes sold was up 21.78 percent, and the average time on the market for homes that sold was down 11.65 percent.

These numbers indicate that the law of supply and demand is alive and well.  As the prices in our area have declined, the number of homes and condos has increased... And the average time on the market for homes that do sell has dropped.

The outlook for 2010 remains good for buyers and cautiously optimistic for sellers.  The Washington area had an average of  5.3 months of for-sale inventory at the close of December -- down from 7.3 months a year ago.  In recent history, prices in our area have tended to rise when the ratio of inventory to sales is below 6 months.  So, the gap between supply and demand is closing.  Our expectation is that renewed demand will yield gradual gains in prices by late this year.

If you are interested in specific values in your own neighborhood, please call or email us anytime!

Here's an update on the real estate market in Montgomery County, Maryland.

During January, $232 million worth of houses and condos sold in Montgomery County, which is a 42.23 percent increase over sales in January of last year.

The median selling price of homes was up 2.27 percent, and the number of units sold increased by 48.84 percent.

Additionally, the average time that a home stayed on the market dropped by 37.50 percent.

So, the residential market is showing signs of recovery, based on this data.

By the way, these statistics are courtesy of Metropolitan Regional Information Systems, Inc., which collects data on home sales in metro DC.

If you want further details on our market, just let us know via email or telephone, and we'll be happy to respond.

The total dollar volume of homes sold in Chevy Chase, Maryland during December 2009 was $27.6 million, which is a 22.84 percent increase over December of 2008.

The median selling price of homes during that same time frame was up 11.59 percent, and the number of homes sold increased by 16.67 percent.

So, the news for Chevy Chase home sellers was quite upbeat, compared to last year.  We'll be sure to keep you updated on the latest news, and please let us know if you have any questions!

Here's an update on the residential real estate market in the portion of Bethesda, MD encompassed by zip code 20814.

A total of $18,394,100 worth of homes and condos sold in 20814 during December 2009, which is a 37.76 increase from December 2008.

The median selling price of homes declined 1.92 percent, but the number of units sold jumped by 45.45 percent during this same time frame.  Furthermore, the average days on the market dropped by 34.95 percent, indicating that homes sold significantly faster in December 2009 as compared to December of the previous year.

If you want additional details, please feel free to email or call us anytime.

Here's the latest news on the residential real estate market in Montgomery County, MD.

During the month of December 2009, $341 million worth of homes sold in Montgomery County -- a 22.75 percent increase over December 2008.

The median selling price of homes and condos was $335,000, representing a drop of 1.98 percent compared to last year.

The big news is that 756 homes sold in December 2009, which is a 17.39 percent increase over December 2008, and the average time on the market plummeted by 33.33 percent.

English translation: more homes sold, and they sold faster than last year.

If you are interested in further information, please give us a call or email anytime.

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.