BCCDC Real Estate by Marcie Sandalow

2010 Real Estate Statistics- Bethesda/Chevy Chase & DC

said on January 11th, 2011 filed under: Bethesda, Chevy Chase, District of Columbia, Relocating to the DC area, State of the Market

2010 Wrap Up

When it comes to real estate, I really enjoy crunching the numbers.  It always gives me a good perspective on the market and helps me to organize my thoughts on various topics. I tend to focus in on the zip codes that include Bethesda, Chevy Chase and the upper northwest portion of DC along Wisconsin and Connecticut Avenues.

So, how did we do in 2010?  We did o.k.   Actually, a little better than o.k. For the first time in many years, we had some modest gains coupled with some minor losses. Compared to the past three years, this is an improvement.

Some figures to keep in mind for zips 20814, 20815, 20816, 20817, 20015 & 20016:

  • In 2007 2,153 homes sold with an average price of $918,074
  • In 2008 1,796 homes sold with an average price of $870,833
  • In 2009 1,951 homes sold with an average price of $819,145
  • In 2010 1,978 homes sold with an average price of $834,749

The chart below will give you some details on 2010 transactions within Bethesda/Chevy Chase/DC (BCCDC!)

Some rambling thoughts on the 2010 market and the data provided:

  • 2009 really does seem to be the year that the market bottomed out.  I certainly sensed it in my own dealings.  Buyers were out for blood, and they generally got it.
  • But for one exception (Chevy Chase, MD 20815) sellers received a higher percentage of their asking price in 2010 compared to both 2009 and 2008.
  • In 2010 the average house within this zip code range received 94.1% of the asking price.  The average original list price was $886,157; the average final sales price was $834,749.  The difference  in dollars:  $51,408.
  • For the most part, Days on Market seem to have peaked in 2009, with improvements in every zip code in 2010.
  • There has been a lack of inventory (yes… here!) in the $300,000-$900,000 range.  I’d even bump that up to the $1,200,000 range.  The upper brackets portion of the market continues to limp along, but the easing of loan money (up to $2-mil) will help to un-stick some of this inventory.

For more information about Bethesda, Chevy Chase and DC real estate, please contact me. I’d love to help you find your next house.

posted by Marcie Sandalow

This entry was posted on Tuesday, January 11th, 2011 at 7:17 am and is filed under Bethesda, Chevy Chase, District of Columbia, Relocating to the DC area, State of the Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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