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Market Trends
Commentary Provided byTop Agent If you can qualify, now is an exceptional time to buy a home in North Potomac. Low rates with falling home prices makes a home purchase a great value! Call now for more information at Carmen @ 301-980-9300 or Libby @ 301-467-9538 |
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| Report Date | Fall 2009 | ||
| Nearest Metro Area | Washington DC | ||
| Buyers’ or Sellers’ Market | More buyers than sellers | ||
| Average Time on Market | 60-90 days | ||
| Market Trend | Increasing | ||
| Housing Inventory | Good supply - Some Prices | ||
| Average Home Price | $450,000 - View Graph Trend | ||
| Best Selling Price Range | $450,000 - $499,000 | ||
| Worst Selling Price Range | $750,000 - $799,000 | ||
| Compared to Last Year | Down 15-20% | ||
| Prices As % of Asking Price | 95-100% | ||
| Multiple Offers? | Yes | ||
| Greatest Activity | Repeat Buyers | ||
| Buyer Activity for the past 90 days in North Potomac is | Increasing | ||
| Seller Activity for the past 90 days in North Potomac is | No Change | ||
| Is Financing Available For Qualified Buyers in North Potomac? | Yes | ||
| Existing Home Prices for the past 90 days are | Increasing | ||
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 15-20% | ||
| Housing Hot Spots | Most cities within the Montgomery County area are considered 'Housing Hotspots' | ||
| Reason to Buy/Sell | Population Growth | ||
| Average Sold Price | $450,000 - View Graph Trend | ||
| National Real Estate Market | |||
| National Summary: National Housing Market Recovery Near? Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there. Click here for full article... | |||
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North Potomac Local News
Short Sales and Bank Owned Properties in North Potomac - June 13th 2009
We are not seeing as many short sales or bank owned properties, and that is good news. Property values have declined because of short sales and bank owned in surrounding areas. However, North Potomac remains a moderately stable real estate market, all things considered. When you look at this from a consumer standpoint what does it really mean to you, the buyer? It tells you that even though prices have declined and buying at today's market prices is a great deal, houses below 750K-800K are selling in an average of 60 days if priced competitively. I am seeing multiple offers and buyers excited to buy in an area they couldn't afford a few years ago.
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