MoCoRealEstate
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- $1,300,000 - 10841 Stanmore Dr
- $845,000 - 8521 Churchill Downs Rd
- $924,900 - 15216 Rockport Dr
- $1,016,753 - 14938 Finegan Farm Dr
- $1,345,000 - 7316 Bradley Blvd
- $875,000 - 5225 Pooks Hill Rd #1810-12s
- $799,000 - 505 Sherwood Mills Ct
- $1,250,000 - 10801 Rosemont Dr
- $799,900 - 15109 Grey Pebble Dr
- $1,350,000 - 6101 Rosemont Cir
- $999,000 - 3312 Coquelin Ter
- $1,450,000 - 11109 Smokey Quartz Ln
- $950,000 - 13700 Canal Vista Ct
- $1,699,000 - 8432 Burning Tree Rd
- $995,000 - 5736 Bradley Blvd
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$1,300,000 - 10841 Stanmore Dr
Rockville
6 beds, 3 full, 1 part bathsHome size: 3,502 sq ftLot size: 2.10 acYear built: 1963 -
$845,000 - 8521 Churchill Downs Rd
Gaithersburg
5 beds, 5 full, 1 part bathsLot size: 2.05 acYear built: 1990 -
$924,900 - 15216 Rockport Dr
Silver Spring
7 beds, 6 full, 1 part bathsHome size: 9,110 sq ftLot size: 43,560 sq ftYear built: 1996 -
$1,016,753 - 14938 Finegan Farm Dr
Germantown
6 beds, 6 full, 1 part bathsLot size: 3.80 acYear built: 2005 -
$1,345,000 - 7316 Bradley Blvd
Bethesda
6 beds, 5 full, 1 part bathsLot size: 29,899 sq ftYear built: 1965 -
$875,000 - 5225 Pooks Hill Rd #1810-12s
Bethesda
3 beds, 3 full, 1 part bathsHome size: 3,800 sq ftYear built: 1974 -
$799,000 - 505 Sherwood Mills Ct
Sandy Spring
5 beds, 4 full, 1 part bathsHome size: 7,631 sq ftLot size: 14,335 sq ftYear built: 2006 -
$1,250,000 - 10801 Rosemont Dr
Rockville
6 beds, 4 full, 1 part bathsLot size: 15,068 sq ftYear built: 2005 -
$799,900 - 15109 Grey Pebble Dr
Germantown
5 beds, 4 full, 1 part bathsHome size: 6,607 sq ftLot size: 3.64 acYear built: 1994 -
$1,350,000 - 6101 Rosemont Cir
Rockville
5 beds, 4 full, 1 part bathsLot size: 15,069 sq ftYear built: 2005 -
$999,000 - 3312 Coquelin Ter
Chevy Chase
4 beds, 3 full, 1 part bathsLot size: 8,666 sq ftYear built: 2005 -
$1,450,000 - 11109 Smokey Quartz Ln
Potomac
7 beds, 7 full, 2 part bathsLot size: 2.00 acYear built: 1985 -
$950,000 - 13700 Canal Vista Ct
Potomac
5 beds, 4 full, 1 part bathsLot size: 2.20 acYear built: 1986 -
$1,699,000 - 8432 Burning Tree Rd
Bethesda
7 beds, 6 full bathsLot size: 29,233 sq ftYear built: 2009 -
$995,000 - 5736 Bradley Blvd
Bethesda
6 beds, 5 full bathsLot size: 29,256 sq ftYear built: 1938
North Potomac Market Update
June 28th, 2009 Categories: North Potomac
In an article from May, I was seeing a ton of demand for homes in North Potomac priced around $600,000. The chart below confirms this trend with less than two months’ inventory for homes priced from $600,000 to $800,000. Two factors are driving sales here: 1. motivated move-up buyers and 2. low available inventory. Two of our listings in North Potomac in this price range have attracted heavy showings and multiple offers. Buyers with low offers are losing out with such strong competition. They’ll insist that the market is so bad that any seller should jump on an offer 10% below asking price. This might be the case in other parts of the county, but not here in this price range.
As price creeps over $800,000, the demand gets softer. A buyer can get an FHA loan with only 3.5% down for mortgages under $730,000. Over that amount, buyers need more cash — 15 to 20%. The higher the loan amount, the higher the down payment percentage. Move-up buyers in the area can be challenged to come up with the extra cash especially if they have most of their cash locked-up in the equity of their current home. The stats for North Potomac vividly demonstrate this breaking point for financing a home much beyond the mid $700,000s.
These stats show inventory in late June 2009 and the number of contracts for the previous six months.
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