BCCDC Real Estate by Marcie Sandalow

Archive for the 'State of the Market' Category

Bethesda 20814 Market Report, September 2010

said on October 4th, 2010 filed under: Bethesda, State of the Market

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In September of 2010 there were 26 homes that closed within the month for 20814 Bethesda, Maryland.  This was an increase of 4 units, as there were 22 homes that closed in September of 2009.

The average list price for homes that closed in September 2009 was $557,148.
The average list price for homes that closed in September 2010 was $987,865.

The average sale price for the homes that closed in September 2009 was $511,859.
The average sale price for the homes that closed in September 2010 was Read the rest of this entry »

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Hey Buyers- time to crawl out from under that rock!

said on September 30th, 2010 filed under: Information for Buyers, State of the Market

bigstock_Doubt_And_Fear_Green_Road_Sign_8148633Yeah, I’m talking to you!

So, assuming you consider yourself a buyer, what’s stopping you from buying a house? While I will acknowledge that some markets are less fruitful in the way of listings than others, us real estate agents are looking at the market with complete awe in our eyes.  Trust me, if I had buckets of cash sitting around, I’d be buying up investment properties like crazy. With local home prices down @10% from the peak, and interest rates at all time lows, a lot of us are salivating. And it’s making us wonder why buyers are so hesitant to commit?  While the national news can seem downright gloomy, consider the following:

A typical 3-Bedroom/1.5-Bath home in Bethesda, MD used to sell for @ $775,000 in 2006. Interest rates back then hovered around 6.5%.  With 20% down on a 30-year fixed loan, your P&I (principal and interest) payments would have been @ $3,919 a month.  Fast forward to the 2010 market and the same house would sell for around $700,000 with an interest rate of approximately 4.25%.  Your monthly payment would be $2,755 a month.  For the same house.

Am I dreaming?  The same house is now available for roughly Read the rest of this entry »

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East Bethesda Real Estate Stats- September 2010

said on September 26th, 2010 filed under: Bethesda, State of the Market

East BethesdaI’m a bit of a statistics geek.  Can’t say I was particularly fond of math in school, but stats I like.  Especially real estate stats.

For the first 8 months of this year, from January 1 – August 31, 2010, there have been 32 homes that have sold within East Bethesda.  At the time of this writing 4 homes are under contract, and 11 are offered for sale.

Of these 32 homes:

  • Average DOM (days on market):  31.9 days
  • Average original list price:  $914,418
  • Average list price at time of sale:  $896,481
  • Average final sales price:  $881,900

Buyers were able to purchase these homes for 96.4% of the original asking price.  There is a $32,518 gap between original asking price and final sales price.

Of the 32 homes, 10 of them fall into the category of the “newer home”.  These have been popping up like crazy over Read the rest of this entry »

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The Evers & Co. August 2010 Real Estate Report

said on September 18th, 2010 filed under: Relocating to the DC area, State of the Market

SAM_4238Remember that every action has a reaction, and the First Time Homebuyers Tax Credit that created a bullish month in April of this year also caused the reaction of a slowdown in sales in July and August. Lawrence Yun, the chief economist for the National Association of Realtors predicted this slowdown and he also predicted that the market would regain its strength in the fall. We hope he’s right again.

The August numbers for the close-in Metro area showed sales volume that was down 6.24% from than August 2009. However, the average price was up over last year by 5.11% and the months’ supply of product was 4.7 months, which is healthy and low. While record low interest rates should be enough to bolster the housing market, consumer confidence still needs a boost. One hopeful sign is that the stock market, which took a hit in July, now seems to be climbing back up again, and this is good news for the upper brackets markets specifically, and consumer confidence in general.

*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, August 2010

said on September 9th, 2010 filed under: District of Columbia, State of the Market

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In August of 2010 there were 31 homes that closed within the month for zip code 20016  in the District of Columbia (AU Park/Tenleytown/ Palisades).  This was a decrease of 21 units, as there were 52 homes that closed in August of 2009.

The average list price for homes that closed in August  2009 was $927,409
The average list price for homes that closed in August 2010 was $886,362

The average sale price for the homes that closed in August 2009 was $848,393
The average sale price for the homes that closed in August 2010 was Read the rest of this entry »

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Chevy Chase, DC 20015 Market Report, August 2010

said on September 7th, 2010 filed under: Chevy Chase, State of the Market

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In August of 2010 there were 15 homes that closed within the month for 20015 Chevy Chase, DC.  This was a decrease of 6 units, as there were 21 homes that closed in August of 2009.

The average list price for homes that closed in August 2009 was $1,050,471
The average list price for homes that closed in August 2010 was $806,178

The average sale price for the homes that closed in August 2009 was $971,566
The average sale price for the homes that closed in August 2010 was Read the rest of this entry »

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Bethesda 20817 Market Report, August 2010

said on September 6th, 2010 filed under: Bethesda, State of the Market

Market watch light blue
In August of 2010 there were 40 homes that closed within the month for 20817 Bethesda, Maryland.  This was a decrease of 5 units, as there were 45 homes that closed in August of 2009.

The average list price for homes that closed in August 2009 was $950,960
The average list price for homes that closed in August 2010 was $1,008,427

The average sale price for the homes that closed in August 2009 was $878,664
The average sale price for the homes that closed in August 2010 was Read the rest of this entry »

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Bethesda 20816 Market Report, August 2010

said on September 4th, 2010 filed under: Bethesda, State of the Market

Market Watch yellow
In August of 2010 there were 20 homes that closed within the month for 20816 Bethesda, Maryland.  This was a decrease of 10 units, as there were 30 homes that closed in August of 2009.

The average list price for homes that closed in August 2009 was $1,071,276
The average list price for homes that closed in August 2010 was $892,875

The average sale price for the homes that closed in August 2009 was $991,055
The average sale price for the homes that closed in August 2010 was Read the rest of this entry »

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Chevy Chase 20815 Market Report, August 2010

said on September 3rd, 2010 filed under: Chevy Chase, State of the Market

bccdcrealestate.com

In August of 2010 there were 40 homes that closed within the month for 20815 Chevy Chase, Maryland.  This was an increase of 11 units, as there were 29 homes that closed in August of 2009.

The average list price for homes that closed in August of 2009 was $$1,067,455
The average list price for homes that closed in August of 2010 was $954,464

The average sale price for the homes that closed in August 2009 was $968,051
The average sale price for the homes that closed in August 2010 was Read the rest of this entry »

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Asking Price vs. Selling Price

said on September 2nd, 2010 filed under: Information for Buyers, Information for Sellers, State of the Market

psychiatrists couchOften when I’m writing up statistics about specific neighborhoods, I will talk about the difference between asking and selling prices, usually in a % format. While absorption rates tell you about inventory and the speed with which things are selling, the spread between the asking and selling price lets you know about the mental health of the real estate market. A really large spread signals a disconnect between reality and fantasy, while a smaller spread indicates an understanding of current values and market conditions. While it’s hard to pinpoint the peak of the housing bust (some would say we haven’t seen it yet), for now the end of 2008/early 2009 seems to be the winner (rather, the loser!).  For comparison purposes, let’s take a look at three very different markets.  In this case, I’ll be using East Bethesdaas my little microcosm.

For starters, let’s delve into the crazy peak of the market in East Bethesda, Spring 2005 (specifically April 1 – June 30).  During this time:

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