MoCoRealEstate

Silver Spring Market Update

June 28th, 2009 Categories: Silver Spring

More homes sell in this part of Montgomery County than any other area.  The relatively high inventory for homes priced under $200,000 isn’t intuitive given that the entry level market in Montgomery County is so hot right now.  The explanation — this segment is dominated by condos.  Financing for condos is tougher with higher down payments and many condo developments don’t qualify for FHA loans.  When FHA isn’t an option, a buyer needs more money down – 20% or more.  Condo fees also diminish a home’s affordability.  Take condos out of the mix and inventory is around 2.5 months for homes priced under $300,000.

Compared to the entire Montgomery County real estate market, demand for homes in just about every segment is slightly lower.  Sales for homes priced under $600,000 make up 95% of all sales activity here.

These stats show inventory in late June 2009 and the number of contracts for the previous six months.
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Do you have questions about the Silver Spring real estate market? Call us at 301-527-9079 or send an email for more info about buying, selling and living in and around Silver Spring, Maryland.

Posted by Bruce Lemieux

This entry was posted on Sunday, June 28th, 2009 at 9:12 am and is filed under Silver Spring. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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