The housing market in zip code 20902 surged during June.  A total of $17.8 million worth of homes sold this June compared to June of last year – a 38.72 percent increase. 

The median price of homes that sold was up 18.41 percent, and the number of units sold increased by 18.60 percent. 

Also of significance: The average days on the market for homes that sold was only 30 days, compared to 103 days last year.

Things were hopping in Gaithersburg last month.  A total of $39.9 million worth of homes sold during June, which is up 12.51 percent compared to June of last year. 

The total number of homes sold increased by 21.92 percent, and the time that sold homes lingered on the market dropped by 58.67 percent.

A total of $58.6 million worth of homes sold in Chevy Chase, MD during June 2010, which is up 24.99 percent compared to June of last year.

The median sold price was up 14.36 percent, and the total units sold increased by 25.53 percent during that same period.

Given all the problems elsewhere, that adds up to some very welcome news for Chevy Chase homeowners.

A total of $579,734,994 worth of homes sold in Montgomery County during June, which is an 11.82 percent increase over June of year.

 The median price of homes that sold dropped slightly – by 0.57 percent, and the total number of homes that sold was up by 12.10 percent. 

Of great interest is that the number of homes which went under contract in June increased slightly compared to May.  So the end of the $8,000 tax credit seems not to have stalled home sales here.

Mortgage interest rates reached their lowest level in fifty years – down to 4.69 percent last week for thirty-year fixed rate mortgages. 

Time to refinance, if you haven’t recently done so!  If you need the name of a good lender, please let us know....

A total of $28.50 million worth of homes sold in zip code 20817 during May, a drop of 7.63% compared to May of last year. 

The median price was up slightly -- by 3.12% -- and the total number of homes sold was down 17.07% during this time frame. 

Given the uptick in activity we’ve been seeing in nearby zip codes, the sales downturn in 20817 is anomalous, and we suspect, short-term.  We’ll keep you posted.

A total of $40.36 million worth of homes sold in Potomac during May – a 93.18 percent increase compared to May of last year. 

The median price of homes that sold was up 14.98 percent and the number of units sold increased by 88.46 percent compared to last year. 

Also, the average days on the market for homes that sold dropped 65.71 percent… all around good news for sellers.

During May a total of $22,085,419 worth of homes sold in zip code 20815, which is an increase of 21.98% compared to May of last year. 

The median price of homes that sold was up 11.79% and the number of homes sold increased by 23.08%, so it was a good month for home sellers in Chevy Chase.

A total of $25.4 million worth of homes sold in Rockville during May 2010, which represents a 44.50 percent increase over May 2009. 

The median price of homes sold was down 7.66 percent, but the number of homes that sold increased by 54.05 percent during this timeframe.

During May a total of $41,638,497 worth of homes sold in zip code 20878, an increase of 88.57 percent over May of 2009.

The median price of homes sold was up 8.80 percent, and the total number of homes sold jumped by 74.00 percent during that same timeframe. 

So thing are heating up….

A total of $457,199,840 worth of homes sold in Montgomery County during this May, which is a 23.04 percent increase over May of 2009.  It is also a substantial increase over April 2010. 

The median price of sold homes was down slightly – by 1.99 percent – and the total number of homes that sold was up 23.34 percent compared to last year. 

So the upward trend in number of sales that we witness last month has continued apace....

Rates on 30-year mortgages averaged 4.84% last week, according to the analysts at Freddie Mac.  This is the lowest level this year, and near the lowest rates since the 1960’s. 

This has come as a surprise to many observers, who had expected rates to begin rising with the end of the Federal Reserve’s mortgage-securities purchase program.  The expectation was that rates would rise, once the Fed stopped bailing out the market. 

But… the tumultuous financial situation in Europe has provided unanticipated relief for American homebuyers.   The reason:  international investors are pulling money out of Europe and sending it to what they see as the relative safety of the U.S. bond market.  This, in turn, is driving down mortgage yields.

A total of $38.4 million worth of homes sold in the zip code 20878 portion of Gaithersburg during April 2010, which is a 154.04 percent increase over April of 2009.

The median sold price of homes was unchanged over that timeframe, and the total number of units sold was up 142.86 percent.

A total of $11,055,423 worth of homes sold in Montgomery Village during April 2010 -- a whopping 135.23 percent increase over sales in April 2009.

The median sold price of homes was up 8.52 percent, and the number of units that sold doubled compared to the previous year.

It is still not certain that we've shifted from a buyers market to a sellers market, but these numbers are pointing in that direction.  Once the May numbers are out, we'll have a better understanding of whether this is a trend or an aberration.  Will keep you posted!

Germantown is another area that experienced a surge of real estate activity last month.

In April, $7.8 million worth of homes sold in zip 20876, which is up 75.21% compared to April 2009.

The median selling price increased slightly -- by 1.37% -- and the total number of units sold was up 61.11 percent.

If you'd like additional details, or a report for a specific neighborhood, just send us an email or call us and we'll get the information to you.

The residential real estate market in Chevy Chase showed significant activity last month.

A total of $20.8 million worth of houses and condos sold in zip code 20815 during April 2010 -- a 27.74 percent increase over April of 2009.

The median sold price increased 9.22 percent, and the number of homes that sold was up 27.78 percent over last year.  

Additionally, the number of days on the market average for sold homes dropped 28.57 percent.

Stay tuned for May news!     

You may have heard of it, but we wanted to share a few details. 

MD’s who have completed their residency within the previous 10 years can get up to 100% financing for loans up to $650,000. 

Medical residents, interns, and fellows can get up to 100% financing for loans up to $417,000. 

…And there’s no PMI. 

So, if you happen to know of any doctors who want to purchase or refinance a home, you may want to check out this program. 

You can email our friend, Greg Awbrey at SunTrust for details: greg.awbrey@suntrust.com

A total of $35,242,130 worth of homes sold in zip code 20817 during April 2010, which is an 84.05% increase over sales in April of 2009.

The median sold price jumped 28.80%, and the number of units sold was up 41.38%

Also, the average number of days on the market for homes that sold dropped by 20.99%.

So it was a very good month for residential sales... and we'll be sure to keep you posted on whether this is a trend or a one-shot anomaly.

In the meantime, you can get real-time updates on homes for sale by logging onto www.HomesDatabase.com/IbiSofillas

The updated real estate statistics are in today, courtesy of our friends at MRIS (Metropolitan Regional Information Systems, Inc).

A total of $420.5 million worth of houses and condos sold in Montgomery County last month -- a 39.37% increase over the sales numbers for April of 2009.  

The median price of homes that sold was up 2.08%, and the total number of homes and condos sold increased 40.54%

These are pretty impressive increases over last year, and it will be very interesting to see whether this pattern continues, now that the tax credit expired last week.

Stay tuned!

Here's a quick readout on residential real estate sales for last month....

A total of $6.1 million worth of homes sold in Damascus during March 2010, an increase of 186.78 percent over March of 2009.  (Yes, you read that right!)

The median price of sold homes was up 43.39 percent, and the number of units that sold doubled, compared to last year.

Also, the time on the market for homes that sold dropped by 14.29, indicating a speed up in the market.

For further details, please send me an email or give me a call anytime.