BCCDC Real Estate by Marcie Sandalow

Archive for the 'State of the Market' Category

The Evers & Co October 2010 Real Estate Report

said on November 14th, 2010 filed under: State of the Market

bigstock_Real_Estate_Offer_1333743The best way to describe the current market in the close-in Washington Metro area is “spotty”. In the convenient, hot neighborhoods, condos and townhouses between 300-$800,000 are selling fast, especially if they are well-priced and show well. As you move out into Montgomery County and Fairfax County, things slow down, especially with properties over $1.5 million, and this price range has been slower to sell all year.

A quick look at sales shows us that while the average dollar volume of sales in the area in down 16% from last October, the average price is up 10.8%. Also, the average “days on the market” is 67.5 days, down 17.8% from last year at this time. The price is up because it lags behind other numbers and is still enjoying the influence from the spring market. Meanwhile, we have seen sales volume decline, starting in July, partly due to the hangover from the spring bubble and partly due to lagging consumer confidence. As for the immediate future, with interest rates so unbelievably low in what is a strong economic marketplace, an uptick in consumer confidence is all that is needed to get the market off and running.

* Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery County, Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.

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AU Park/Tenleytown, DC 20016 Market Report, October 2010

said on November 12th, 2010 filed under: District of Columbia, State of the Market

Market Watch purple

In October of 2010 there were 33 homes that closed within the month for zip code 20016  in the District of Columbia (AU Park/Tenleytown/ Palisades).  This was an increase of 5 units, as there were 28 homes that closed in October of 2009.

The average list price for homes that closed in October  2009 was $660,718.
The average list price for homes that closed in October 2010 was $1,056,100.

The average sale price for the homes that closed in October 2009 was $622,179.
The average sale price for the homes that closed in October 2010 was Read the rest of this entry »

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Chevy Chase, DC 20015 Market Report, October 2010

said on November 11th, 2010 filed under: Chevy Chase, State of the Market

Market Watch orange

In October of 2010 there were 23 homes that closed within the month for 20015 Chevy Chase, DC.  This was an increase of 8 units, as there were 15 homes that closed in October of 2009.

The average list price for homes that closed in October 2009 was $834,658.
The average list price for homes that closed in October 2010 was $893,226.

The average sale price for the homes that closed in October 2009 was $778,333.
The average sale price for the homes that closed in October 2010 was Read the rest of this entry »

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Bethesda 20817 Market Report, October 2010

said on November 10th, 2010 filed under: Bethesda, State of the Market

Market watch light blue
In October of 2010 there were 29 homes that closed within the month for 20817 Bethesda, Maryland.  This was a decrease of 2 units, as there were 31 homes that closed in October of 2009.

The average list price for homes that closed in October 2009 was $991,023.
The average list price for homes that closed in October 2010 was $1,074,136.

The average sale price for the homes that closed in October 2009 was $906,036.
The average sale price for the homes that closed in October 2010 was Read the rest of this entry »

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Bethesda 20816 Market Report, October 2010

said on November 9th, 2010 filed under: Bethesda, State of the Market

Market Watch yellow
In October of 2010 there were 5 homes that closed within the month for 20816 Bethesda, Maryland.  This was a decrease of  25 units, as there were 30 homes that closed in October of 2009.

The average list price for homes that closed in October 2009 was $844,013.
The average list price for homes that closed in October 2010 was $771,940.

The average sale price for the homes that closed in October 2009 was $792,125.
The average sale price for the homes that closed in October 2010 was Read the rest of this entry »

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Chevy Chase 20815 Market Report, October 2010

said on November 8th, 2010 filed under: Chevy Chase, State of the Market

bccdcrealestate.com

In October of 2010 there were 24 homes that closed within the month for 20815 Chevy Chase, Maryland.  This was a decrease of 9 units, as there were 33 homes that closed in October of 2009.

The average list price for homes that closed in October of 2009 was $$730,705.
The average list price for homes that closed in October of 2010 was $1,175,125.

The average sale price for the homes that closed in October 2009 was $675,463.
The average sale price for the homes that closed in October 2010 was Read the rest of this entry »

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Bethesda 20814 Market Report- October 2010

said on November 7th, 2010 filed under: Bethesda, State of the Market

Market Watch logo

In October of 2010 there were 26 homes that closed within the month for 20814 Bethesda, Maryland.  This was an decrease of 10 units, as there were 36 homes that closed in September of 2009.

The average list price for homes that closed in October 2009 was $783.249.
The average list price for homes that closed in October 2010 was $525,723.

The average sale price for the homes that closed in October 2009 was $711,997.
The average sale price for the homes that closed in October 2010 was Read the rest of this entry »

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East Bethesda Homes for Sale 11/5/2010

said on November 5th, 2010 filed under: State of the Market

All the homes in this article are currently for sale within East Bethesda. The top of the list features the newest listings, while the bottom showcases those that have been on the market for quite some time. I’ll be updating this post every Friday, so be sure to check back to see what’s new, what’s gone, & what might be coming (and check out the date up top… if it’s not current, neither is this information!). I’ve lived in East Bethesda for over 15 years. I’ve sold real estate in East Bethesda for over 11 years. I know it like the back of my hand. While all of this information is available to you on the various search engines, I’ve taken the time to inject my opinion on the condition, pricing, and likelihood of each property selling… or not. I hope you’ll give me a call if you have any questions. I have loved living here over the years, and I want to share it with other enthusiastic people!

If you would like to receive a weekly e-mail update about new listings & weekend open houses within East Bethesda, please let me know via the comment section below, or send me an e-mail, and I’ll get it set up.

This week we have had 1 sale, and 2 homes reduce their price.

7915 Kentbury Drive, East Bethesda7915 Kentbury Drive, $899,000
Expanded and renovated home with 6BR and 4FB.  This house has a lot of rooms.  None of them are terribly large, but there are a bunch of ‘em.  And it looks pretty- handsome paint colors, granite counters, etc.  But cracks in the grout on the first floor bath and gaps in the doorway to the deck make me wonder about attention to detail.  It backs to the proposed Purple Line, which is another potential problem.  Days on Market: 23

SAM_43434400 Chestnut Street, $1,795,000
Lovely house with lots of Texas charm. Pretty front porch, perched up high so you can sit back and watch the world go by. Corner lot. 6 bedrooms and 5.5 baths. 2-car garage. Fenced yard. Radiant heated floors in master bath. Very fancy. Days on Market: 28

4617 Windsor Lane, East Bethesda4608 Harling Lane, $699,000
Pretty little cape cod on a pretty little block, steps from downtown Bethesda. Needs a lot of updating. Has a separate 2-story garage with office space (and a bathroom) on the second level. Large basement.  There’s plenty of potential. Recent $50K price drop.  Days on Market: 38 Read the rest of this entry »

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Foreclosures & Short Sales in Bethesda, Chevy Chase & DC

said on October 29th, 2010 filed under: Bethesda, Chevy Chase, District of Columbia, State of the Market

It’s hard to peruse the news these days without hearing about the foreclosure crisis. While some parts of the country are gripped in an unfolding foreclosure nightmare (think Florida & Las Vegas), other parts of the country are doing alright.  Because I haven’t seen a whole lot of first-hand foreclosure/short sale activity, I figured it was time to crunch some numbers to see how our close-in DC market is doing.  The graph below spells out activity in this particular arena dating from 2008.

In 2008, there was little or no activity in most zip codes.  Come 2009 we had some activity.  The numbers almost doubled in 2010.  Heading into the end of 2010, we appear to have a market made up of 4.5% foreclosure and short sales, or about 1 out of 22 transactions.  Not bad compared to other markets. Get outside of the beltway and the numbers are dramatically different.  In Germantown, MD (zip 20874), foreclosures and short sales numbered 348 for all of 2010 (through October 28).  Total sales in 20874 for 2010 numbered 694.  An astonishing 50% of all 2010 transactions involved a bank. Rockville, MD (zip 20850) fares better with a total of 73 foreclosure and short sale transactions for 2010.  With the total # of sales for 2010 at 397, the number of bank sales is at 18.3%. These are sobering figures. Really, when you get right down to it, the 4.5% rate of foreclosure/short sale for Bethesda/Chevy Chase and parts of DC seems just shy of a miracle.

If you are interested in learning more about local market trends, give me a call.

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Absorption Rates @ Bethesda/DC

said on October 24th, 2010 filed under: State of the Market

Absorption Rates Bethesda/DCSometimes when I talk about real estate, you might hear me say “we have a 4.5 month of supply of homes”, which might leave you scratching your head.  Simply put, I’m referring to the absorption rate, or the calculation of how long it will take for all the homes currently on the market to sell at the present rate of sales. It is not an exact science. But it does help to predict market trends. For all of you math geeks, here’s how it’s done. Find the number of listings currently on the market. Determine how many listings sold last month. Multiply that number by 12 (months).  Divide that number by the current number of listings, and that’ll give you the number of units that would sell each week. Then divide the number of units that should sell each week by the current inventory… and voila: You’ve found your absorption rate.

There are a bunch of zip codes that I track on a regular basis.  The following absorption rates were calculated on October 22, 2010:

20814 (downtown Bethesda)      3.88 months (20814 September Market Trends)

20815 (Chevy Chase, MD)       Read the rest of this entry »

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