June 28th, 2009 Categories: Bethesda
The overall real estate market for homes in Bethesda, Chevy Chase and Kensington is healthy in most price ranges. The entry level market is primarily condominiums. The overall condo market in Montgomery County is softer than for fee-simple homes (most townhomes and single family homes) which explains the higher inventory for homes priced under $300,000. Most mortgage providers require a higher down payment and condo fees also reduce affordability for first-time buyers. The market is blazing for homes priced $500,000 to $700,000 with just over two months’ availabile inventory. Inventory creeps up with the price. There’s tons of available homes price over $1.3M with over a years worth of inventory.
These stats show inventory in late June 2009 and the number of contracts for the previous six months.
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