January 3rd, 2010 Categories: Market Updates
We’re already three days into 2010, but it’s not too late for a quick review of the Montgomery County’s real estate market for 2009. Although I wouldn’t call today’s market “normal”, our market definitely stabilized this year. Here’s some interesting stats for the year.
Most expensive sale in Montgomery County
According to our MLS, 9109 Harrington Drive in Potomac was the most expensive home sold in Montgomery County closing for $7,810,000. This Bradley Farms home featured 10 bedrooms, 11 full baths, an elegant interior and nearly 7 acres. It was originally priced at $11.8M when it entered the market in February, 2009. The home was listed with Washington Fine Properties.
Most expensive sale in the Metro D.C. area
211 Chain Bridge Road in McLean, Virginia sold in February for $16,000,000. This cozy cottage was completed in 2008, overlooks the Potomac River and features over 25,000 square feet of living space including 8 bedrooms, 9 full baths, 5 half baths, 5 car garage, indoor pool, indoor basketball court and elegant spaces for stylish entertaining. This custom estate was purchased by the Embassy of the State of Qatar.
Least expensive home sold in Montgomery County
Montgomery County has only a few mobile homes. When 19515 Frederick Road #191 in Germantown sold for $22,900 in July, it became the lowest priced sale for the entire County. Buying a home under $100,000 was unheard of a few years ago. In 2009, 245 homes sold for $100,000 or less. Our area is known for its high housing costs. In 2009, 72% of all homes were sold for $500,000 or less:
Number of Sales over $2M
The market for upper bracket homes was soft in 2009 with 64 homes selling for over $2M. With 103 homes available for sale, there’s currently over 1 year and 7 month’s inventory. Looking at the last ten years, 2009′s sales were less than half sold during the market’s peak in 2006. The graph below shows all resales and does not include many new homes constructed during this period which I roughly estimate to be around 400 homes.
Most popular zip codes
Sales in the following 10 zip codes made up over 52% of the sales for the entire county. Here’s a summary of each zip with the number of homes sold in 2009:
Zip codes with the highest sales volume
Sales volume is the product of the sales price and transaction volume. Montgomery County had over $4.4 billion in 2009 sales. Nearly 60% of the sales took place in the following 10 zip codes:
Zip codes with the hottest sellers markets
This is a measure of the area with the lowest inventory which is simply the number of homes available divided by the number of homes sold. This isn’t the definitive measure of an area’s real estate market. Looking at homes within an area and price range is a much better measure. Still, here’s 10 zip codes with the lowest inventory.
|20851 Rockville||153||19||1.5 months|
|20877 Gaithersburg||346||55||1.9 months|
|20879 Gaithersburg||378||62||2.0 months|
|20814 Bethesda||346||57||2.0 months|
|20855 Derwood||140||24||2.1 months|
|20876 Germantown||296||53||2.1 months|
|20874 Germantown||806||152||2.3 months|
|20816 Bethesda||233||44||2.3 months|
|20878 Gaithersburg||650||126||2.3 months|
|20886 Montgomery Village||494||97||2.4 months|
Zip codes with the hottest buyers markets
The higher the inventory, the bigger selection for homes buyers. Here’s the top 10 zip codes with the highest inventory in Montgomery County.
|20837 Poolesville||46||23||6.0 months|
|20882 Gaithersburg||109||54||5.9 months|
|20833 Brookeville||48||19||4.8 months|
|20866 Burtonsville||140||53||4.5 months|
|20906 Silver Spring||785||296||4.5 months|
|20872 Damascus||132||48||4.4 months|
|20871 Clarksburg||184||64||4.2 months|
|20854 Potomac||459||151||3.9 months|
|20905 Silver Spring||144||47||3.9 months|
|20815 Chevy Chase||327||96||3.5 months|
We love looking at statistics. Let us know if you have any questions about the real estate market in Montgomery County, Maryland. Signup for our monthly newsletter and keep track of the 2010 real estate market.