MoCoRealEstate

Real Estate Market Statistics

Here’s a look back at the real estate market for Montgomery County in 2011.  Overall sales across the county were down, but home values headed in several directions.  Watch this overview to for a recap of 2011 and trends for 2012.

Get a more detailed view of current inventory pricing by selecting your areas of interest in this interactive chart.

Contact us anytime if you are planning to buy or sell in Montgomery County, or have any questions about our real estate market.

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Overview of MoCo Home Prices

December 27th, 2011 Categories: Buying, Market Updates

Take a tour of Montgomery County and quickly get up to speed on home prices throughout the county.

Posted by Bruce Lemieux | Leave A Comment

October Market Update

October 20th, 2011 Categories: Market Updates

Compared to August, September was a relatively stable month – the key word being “relatively”.  Congress was quieter, but the stock market was still very volatile.  For buyers, interest rates were at historical lows which helped push overall activity up compared to last year.  Still – all market segments are not trending the same way.  Sales of upper bracket homes are trending down reversing a positive trend from the end of last year.

This video update goes through the numbers.

Posted by Bruce Lemieux | Leave A Comment

Redfin’s Stats They Don’t Want You to Know

October 2nd, 2011 Categories: Market Updates

Redfin released their Redfin Scouting Report this week which created quite a kerfuffle. With it, anybody on the web can enter an agent’s name in any of the areas they serve and see listings and sales by all agents – not just Redfin agents. By providing detailed agent statistics, Glenn Kelman, Redfin’s CEO, proclaims it “will help you make a better choice about which agent to hire, and hopefully that choice is more often to hire a Redfin agent”.

Well I don’t like it for a number of reasons. My initial objection was that Redfin didn’t have explicit permission to use MLS data in this way. To participate in our MLS (the Metropolitan Regional Information System, or MRIS), competing brokers agree to a common set of rules in order to share listing data to the great benefit of all consumers. That’s how I’m able to provide my visitors with a complete set of all homes for sale in Montgomery County. Redfin broke these rules when they published a view of sales data by all agents for all brokers without explicit permission. MRIS agreed this wasn’t right so they pulled the plug on it. Consumers may not be sympathetic to that argument, but this issue may not be so much about limiting consumer transparency as it is about one broker breaking the rules to serve its own interests.

Here’s what Redfin’s scouting report won’t tell you:  Redfin is not very good at selling homes. That’s what our MLS data says.  If true, why would Redfin Read the rest of this entry »

Posted by Bruce Lemieux | 6 Comments »

September Real Estate Market Update

September 17th, 2011 Categories: Market Updates

August was a crazy month.  As unemployment stayed stubbornly high, the congress took it upon itself to create the federal debt-default crisis.  As that crisis passed by, a credit downgrade from S&P was simply too much sending the stock market down over 10%.  Only to come back up.  Only later to be greeted with an earth quake and hurricane Irene.  Ugh – my head’s still spinning.

I suppose we should be grateful that any homes sold in August as a result.  Homes sold, but the stats tell me that the market took a step back in August.  This video update goes through the numbers.

 

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Market Update for August

August 16th, 2011 Categories: Market Updates

The stats for real estate contracts for July have been crunched. Compared to July 2010 contracts were up 24%. That’s a big number, but what does it tell us? It’s a good thing, that’s for sure. However, comparing anything to 2010 is tricky given the effects of the federal tax credit. In this video, we review activity over the last five months and see how it compares to last year.

With all the craziness in Washington (dept ceiling hostage crisis, federal credit down-grade), stock market ride and general discontent, it will be interesting to see how August pans out.

Contact us anytime if you are planning to buy or sell in Montgomery County, or have any questions about our real estate market.

Posted by Bruce Lemieux | Leave A Comment

July Market Update for Montgomery County

July 26th, 2011 Categories: Market Updates

It’s hot outside, and the market’s hot – or not – depending on where you’re at in Montgomery County, Maryland.  Here’s an overview of the current state of our market.

 

Overall Contract Activity

OK, let’s jump into the numbers. The first metric to review is the total number of contracts from March through June. The rush to get the 2010 tax credit distorted the timing of last year’s activity, but hopefully looking at a four month period will Read the rest of this entry »

Posted by Bruce Lemieux | Leave A Comment

Ignore Media Reports on the Market – at Least for Now

June 14th, 2011 Categories: Market Updates

Last year’s federal tax credit may be long gone, but the effects are still with us when market statistics are reported.  As a result, don’t panic – or rejoice – if you see headlines like the following:

• “Contracts in April Down 40% from April of Last Year” (the market continues to crater)
• “Contracts in May up 28% from Last Year” (the market is soaring! yeah!)
• “Sales in June significantly below Last Year” (again, cratering)

In early 2010, inventory was super low, and buyers went a little crazy and rushed to get homes under contract by April 30th.  As a result, last year’s monthly metrics were really distorted.  The chart below tells the tale.  Until we’re well past monthly activity from early 2010, take any headline with a grain of salt.

Posted by Bruce Lemieux | Leave A Comment

June Market Update

June 13th, 2011 Categories: Market Updates

Here’s a video review of the Montgomery County real estate market in June 2010.

Posted by Bruce Lemieux | Leave A Comment

Signs of Recovery for Luxury Homes in Montgomery County?

January 19th, 2011 Categories: Bethesda, Luxury Homes, Market Updates, Potomac

Sales of upper bracket homes have suffered over the last couple of years, yet 2010′s numbers show signs of a turnaround.  Is this the beginning of a recovery for this segment of the market, or are we seeing a dead cat bounce (apologies to cat lovers)?  Let’s take a look.

Most Expensive Sales in 2009 and 2010

Before we dig into the numbers, let’s look at the five most expensive sales in 2009 and 2010. Read the rest of this entry »

Posted by Bruce Lemieux | 2 Comments »

Montgomery County Inventory for January

January 19th, 2011 Categories: Market Updates

Housing inventory starts the year nearly 8% lower than mid-December’s level.  If we see normal patterns of inventory, we’ll bottom-out in February and then see a tsunami of new homes starting in March.  This month, distress sales (short sales and bank-owned properties) make up about 34% of the total.  The total number of distressed listings are down compared to December, but it’s a greater percentage of the whole.

For buyers this can be a great time to make a great deal on a home that’s been on the market a while.  Can’t find a home that suits your needs?  Just wait – more homes are coming.  For sellers, now’s the time to get ready for the spring market.  Contact us to get ready.

Posted by Bruce Lemieux | Leave A Comment

Metro D.C. Avoiding Double Dip?

December 29th, 2010 Categories: Market Updates

According to The Wall Street Journal, housing prices will be heading down in 2011 for just about all areas of the U.S.  It looks like Montgomery County and the Metro Washington D.C. area will buck this trend.  Our area was only one in four (the others – L.A., San Diego and San Francisco) that measured increasing home prices in October 2010 compared to 2009.

Here’s a snapshot if inventory taken mid-month.  Many homeowners who were unable to sell in the fall will remove their home from the market until spring.  And, few new listings enter the market this time of year.  The exception – bank owned properties and short-sales.  So even though the total number of distress sales has been relatively flat since July, it represents a bigger percentage of the total market as “regular” inventory has declined.

Posted by Bruce Lemieux | Leave A Comment

Real Estate Market Review in December

December 13th, 2010 Categories: Market Updates

Here’s a snapshot of closed sales from June 1, 2010 through November 30, 2010.  How did this compare to the same period in 2009, and what does this tell us about today’s real estate market?

Homes Sold

Compared to one year ago, fewer homes sold in the last six months. However, the market was on fire in the fall of 2009 with very low inventory and the introduction of the first federal tax credit.

How Long Does It Take to Sell a Home?

In all price ranges, homes went under contract in less time compared to last year. This is a sign of a recovering market.

Are List Prices Realistic?

The more expensive the home, the higher the reduction. Still, price reductions in all price ranges were lower over the last six months compared to the same period one year ago.

So What’s the Prognosis?

Lining-up current sales activity to the previous year is always a good comparison.  With Federal stimulus via the tax credit in the Fall of 2008, however, these comparisons require more consideration.  I would initially say the drop in volume reflects a declining market.  However, lower price reductions and fewer days on the market tell me our real estate market continues its recovery.

I would love to know what you think.  Share your thoughts by making a comment.

Posted by Bruce Lemieux | Leave A Comment

Housing Inventory Down in November

November 23rd, 2010 Categories: Market Updates

Housing inventory changed course and headed lower in November.  This trend should continue through the Winter.  Many home owners who haven’t been able to sell will take their homes off the market during the winter, and other sellers are waiting until Spring.

Although we’re entering the slowest time of the year for real estate sales, we find this can be the very best time to negotiate a good deal on a home purchase — provided there’s a home that meets your needs.  Buyers and sellers in the market during the Winter months tend to be much more motivated to close a contract.

Here’s the inventory chart for November.  Have a great Thanksgiving!

Posted by Bruce Lemieux | 2 Comments »

Housing Inventory Creeping Upwards

October 18th, 2010 Categories: Foreclosures, Market Updates

The total housing inventory and the total percentage of distressed sales inched up again in October.

Inventory is up 2.2% from this time last month, and is over 29% higher than last year.  At this rate, year-end inventory will match the levels last seen in January of 2009.

Increasing levels of distress properties indicates that our market still has more work ahead of it to get back to “normal”.  Distress inventory is up 30% from January is about the same percentage from January. [Note – the values on the chart are correct, but the % calculation was corrected on Jan 2011. Sorry about that.] Here’s a breakdown of short sale and bank-owned properties that make up this month’s total:

These statistics may look at bit glum, but our market did improve this year.  Watch our video that provides a comprehensive summary of our 2010 real estate market.  Do you have questions about specific area of Montgomery County?  Contact us and we would be happy to help.

Posted by Bruce Lemieux | Leave A Comment

Fall Market Overview

September 20th, 2010 Categories: Market Updates

The video below provides a picture of our market in the fall of 2010. Contact us anytime with any questions about our market here (note – this video is in HD so you can click the ‘full screen’ button in the lower right corner and change the setting to 720P HD to see these charts).

Posted by Bruce Lemieux | Leave A Comment

The State of Our $2M+ Real Estate Market

September 15th, 2010 Categories: Bethesda, Luxury Homes, Market Updates, Potomac

Even in today’s market, you’ll see sprawling new estates sprout up along River Road in Potomac.  A few of our clients heard that the upper end of the market was really strong, and others heard it was really soft.  So who’s right?  Let’s take a look at the stats.

Sales History Since 2005

Our market peaked in 2005/2006, so I went back to 2005 to summarize all sales for homes listed $2M or higher:

The sales stats show the demand for $2M+ homes has steadily declined since 2006.  I noted the Lehman Brothers Bankruptcy since it heralded the beginning of the current Great Recession.  Still, credit for high-end properties  tightened-up many months before that.  My own personal benchmark was a very tough $1M closing in March of 2008.  The buyer got what could have been the last jumbo loan with 5% down offered by Bank of America.

Taking a look at annual sales better shows this trend:

Location of 2M+ Sales

It’s no surprise that most of these home sales were located in Bethesda, Chevy Chase and Potomac.  What may be a little surprising is that practically all sales in Montgomery County occurred here – 98%.

Days to Sell

Let’s look at one more metric: time required to sell.  Compared to other price ranges, the most expensive homes have always taken longer to sell.  Since 2006, the average number of days to sell has gone up every year.

As home prices have come down, home buyers in this price segment can get a lot more house for the money.  Still, these trends tell us that downward pricing pressure is still very strong.  Contact us and we can help guide your home search in this market segment of Montgomery County.

Posted by Bruce Lemieux | Leave A Comment

MoCoRealEstate.com vs. The Washington Post: Who’s Stats Are Right?

September 5th, 2010 Categories: Market Updates

Just as I posted my analysis of pending sales, I sat down to breakfast with the Washington Post.  Timely enough, it reported that Montgomery County’s pending sales for July was down 22% from 2009, and a staggering 29% from June.  According to my analysis, July’s sales were down 14% from 2009, and down only 6% from June 2010.   That’s a huge discrepancy.  The Post’s article (by the way, I love the Washington Post) indicates a market in free fall.  My analysis suggests a market that’s still stagnate, and possibly getting a little better.  Who’s right?

I sent the following email to Dina ElBoghdady to help see who’s off the ranch.  I hope it’s not me!

-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-

Hi Dina,

I enjoyed your article in the Post this morning (Sunday 9/5). As a real estate agent focused on Montgomery County, I can’t reconcile your stats. I don’t believe they are as bad as reported.

Yesterday, I extracted all 2010 contracts in Montgomery County (properties with a status of Sold, Contract, Contract/No Kickout, Contract/Kickout) for 2010 and compared them to 2009. When evaluating the health of our real estate market, I always look at ‘Contract Date’ since that’s the best indicator of the market at that point in time.

In July, we had 930 contracts vs. 1084 for 2009 – a 14% decrease. June 2010 had 994 – a 6.4% decrease. Your article has a 22% decrease from July 2009, and 29% decrease from June 2010. This is a significant discrepancy. According to your graph, George Mason based their numbers on data from MRIS. I’m looking at the same data and can’t come up with these numbers. I also looked at the ‘Close’ date and got counts for July: 1,800 in 2009, 1,528 in 2010 – a 15% reduction.

I am definitely seeing a higher level of anxiety from sellers and caution from buyers, but I don’t see a market in decline, but rather one that’s pretty flat. Here’s a snapshot that I just completed looking at contracts through the end of August. Overall for 2010, Montgomery County is up 8% in contracts, and contracts in August are up compared to 2009. The tax credit definitely affected the market. I don’t believe the credit brought more buyers into the market, but rather moved purchased forward.

Here’s my assessment of the Montgomery County real estate market. I don’t see a declining market as suggested by your stats, but I see a market — much like the economy — that is getting better, but not by much. A slight improvement from 2009 isn’t a great prize since 2009 wasn’t so good.

Let me know what you think. If anything, I would definitely have someone review GMs stats. I apologize in advance if I’ve got it wrong, but I don’t see how.

Thanks, Bruce.

Posted by Bruce Lemieux | 2 Comments »

Montgomery County Real Estate Bucks National Trends

September 5th, 2010 Categories: Market Updates

National media has recently reported that pending home sales dropped significantly last month.  Here in Montgomery County, we did see a big drop in contracts when the tax credit expired at the end of April.  Since then, has contract activity continued to plummet?

So for our market, contract activity has been relatively flat May through August.  Contract activity for August was up compared to July and higher than August 2009.  Looking at the first eight months of this year, total contract activity is up 8% over 2009.

Still, all trends don’t point in the same direction.  Total inventory has increased just about every month this year.  Later this month, I’ll drill into these stats by areas and price ranges to get a more detailed picture of our market.  Until then, contact us anytime with questions about our real estate market in Montgomery County.

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Housing Inventory for August

August 22nd, 2010 Categories: Market Updates

Our monthly snapshot of housing inventory shows that the number of available homes for August is just about the same as last month with 4,110 homes.  The inventory of distressed homes (bank-owned properties and short sales) makes up about 1/3 of the total 28%. Note – the values on the chart are correct, but the % calculation was corrected on Jan 2011. Sorry about that.

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Inventory Continues to Climb

July 15th, 2010 Categories: Market Updates

This month’s check on available housing in Montgomery County shows that inventory continues to climb.  For the first time this year, this month’s inventory exceeds 2009′s level.  For qualified buyers, the mix of higher selection of homes and rock bottom interest rates make it a great time to buy.

[August 22, 2010 - I caught an error in calculation of the number of distress inventory which should be at 1,177 homes - or 28% of the total, not 20%.  Sorry about that.]

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Contract Trends

July 10th, 2010 Categories: Market Updates

Last month I summarized the rate of contracts by week just after the federal home buyer tax credit expired.  Contract activity soared as the deadline approached, then plummeted the following weeks.  My theory:  I don’t believe the credit brought many new buyers into the market, but rather encouraged buyers to simply accelerate their purchases.   The three most important factors driving home sales are affordability, interest rates and jobs.  Right now, all three of these factors are favorable in Montgomery County.

An update of contracts through the end of June is shown below.  Contracts have trended up since the beginning of May.  As we enter the hot, summer sales season, I would expect contract activity to begin trending down again as it does in a normal (whatever that is) year.

Contact us anytime with questions about our local market in Montgomery County.

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Real Estate Trending to a Buyer’s Market

June 17th, 2010 Categories: Market Updates

After a crazy-busy spring market with 30% increase in contracts compared to 2009, the most current statistics indicate that buyers will soon be back in the drivers’ seat as available inventory jumps up while contract activity cools down.

Inventory in Montgomery County steadily declined every month in 2009 through early 2010.  Then in March, tons of new homes came on the market.  Luckily for many sellers, so did the contract activity.  Now, new homes continue to be added to the market while buyer activity wanes.  With super low interest rates and a larger selection of homes, home buyers are in a great position to negotiate a great deal on a home purchase.

[August 22, 2010 - I caught an error in calculation of the number of distress inventory which should be at 1,071 homes - or 26% of the total, not 19%.  Sorry about that.]

Posted by Bruce Lemieux | Leave A Comment

Detailed View of Montgomery County Contract Activity

June 14th, 2010 Categories: Market Updates

Compared to 2009, home sales have increased in all areas of Montgomery County and in all price ranges so far in 2010.

See this overview for each area in Montgomery County:

• Bethesda, Chevy Chase and Kensington
• Clarksburg and Damascus
• Germantown and Boyds
• Darnestown
• Gaithersburg, Derwood and Montgomery Village
• North Potomac
• Olney, Ashton, Brookeville and Sandy Spring
• Poolesville and the Ag Reserve
• Potomac
• Rockville and North Bethesda
• Silver Spring, Takoma Park and Burtonsville

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Contracts by Price

June 6th, 2010 Categories: Market Updates

“How has the first time buyer and move-up tax credit affected the market?” We get this question a lot.  My feeling is that the credit created a ‘cash for clunkers effect’ motivating buyers to make home purchases earlier than they would have normally made.  A look at overall contract activity by week clearly shows buyers rushing to make the deadline.

Since the credit phases out for purchase over $800K and buyers with higher income, I took a look at contracts by price range:

As expected, the more expensive the home, the lower the impact.  In the coming days I’ll provide updates for each area of Montgomery County.  Contact us anytime for specific questions about our real estate market.

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Inventory Is Climbing

May 29th, 2010 Categories: Market Updates

We’ve been super busy over the last couple of months with buyers and sellers, so I haven’t made market update recently.  And the market has changed a lot this spring.  Total inventory has jumped up quite a bit.  Here’s a snapshot taken mid May:

The total distress inventory continues to trend down.  And since ‘normal’ inventory has jumped up, distress inventory is a smaller percentage of the total.  Inventory tells only part of the story.  Next up: spring contract activity.

[August 22, 2010 - I caught an error in calculation of the number of distress inventory which should be at 953 homes - or 25% of the total, not 17%.  Sorry about that.]

Posted by Bruce Lemieux | 2 Comments »

Spring Contract Activity for Montgomery County

May 29th, 2010 Categories: Market Updates

Here’s a snapshot of a summary of weekly contract activity for Montgomery County.  Compared to 2009, contract activity is up 20% so far compared to last year.  The year started out strong, took a pause during Snowmageddon 2010, and then roared to the tax credit deadline on April 30th.  Now, the market is taking a breather.

Contact us if you have questions about specific areas and price ranges in Montgomery County, Maryland.

Posted by Bruce Lemieux | Leave A Comment

Montgomery County’s Real Estate Market is Looking Up

March 19th, 2010 Categories: Market Updates

As the snow has melted, our real estate market is starting to bloom.  I’ve planned to report detailed stats for Montgomery County, but we’ve been so busy with buyers and sellers that I haven’t found the time.  Showing activity has definitely picked-up and we’re seeing multiple contracts for our buyers and sellers.  Inventory is still low, but that’s improving as well.  Here’s a snapshot from mid-March:

This is the first time in we’ve seen inventory go up over the last 14 months.  The number of distressed properties has remained about the same, but is now a smaller percentage of the total inventory.

I’m excited about analyzing the actual sales activity over the last few months.  From our experience, activity is definitely ‘up’.  It will be interesting to see how all areas and price ranges are doing.  Contact us if you have any specific questions about your areas of interest.

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Inventory in February

February 20th, 2010 Categories: Market Updates

This month’s check on inventory looks a lot like January’s inventory.  The number of homes on the market is 41% lower than February 2009, and distress inventory (foreclosures and shortsales) represent 18% of the homes on the market.

In the coming weeks, I’ll report on the number of contracts for 2010.  By now I really expected to see an early spring market with many more homes entering the market, but the back-to-back blizzards effectively shut-down all real estate activity for early Feb.  We’re speaking to a surge of buyers and sellers who are are ready to go, so I really expect March to be a busy month for real estate.

Contact us if you have specific questions about the market or are thinking about buying or selling in Montgomery County.

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Inventory for January

January 23rd, 2010 Categories: Market Updates

Available housing inventory for Montgomery County continued to shrink – down over 41% from January 2009, and 3.6% lower than the mid-December snapshot.  The number of distress sales inched up a little from December.  With lower overall inventory, distress sales as a percentage of the total is higher at 31%.

See All Homes for Sale in Montgomery County.  Contact us anytime for questions about our market.

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Real Estate 2009 Year in Review

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.

	Zip Code	Sold	Available	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.

	Zip Code	Sold	Available	Inventory
	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

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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.

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Real Estate Market Update for December 2009

December 17th, 2009 Categories: Market Updates

Overall inventory of available homes in Montgomery County continues to dissolve dropping over 7% from mid November; down 39% for the year.  The very small pool of available homes is really making it tough for buyers to find homes that meet their needs.

The total number of distress sales inched up a bit, but has been flat for the last several months.  Transaction volume was still high in November compare to last year, but it’s trending down as we expect this time of year.

Buyers and sellers are anticipating the coming Spring market.  Low interest rates and low inventory set the stage for a healthy — dare I say “normal” — market in early 2010.  If you are planning a move, contact us so we can help you get ready.

Posted by Bruce Lemieux | Leave A Comment

Past Sales for Potomac, North Potomac and Darnestown

December 9th, 2009 Categories: Market Updates

Detailed past sales for 2009 have been posted for the following areas and neighborhoods.  Past sales are updated here periodically.  Contact us if you would like to see current past sales for your areas of interest.

	North Potomac
	- Mills Farm
	- Orchard Hills
	- Potomac Chase
	- Potomac Grove
	- Quince Haven
	- Quince Orchard Knolls
	- Stonebridge
	- Willow Ridge
	Darnestown
	- Ancient Oak
	- Spring Meadows
	- Quail Run
	Potomac Outside

Posted by Bruce Lemieux | 2 Comments »

November Housing Inventory Update for Montgomery County

November 21st, 2009 Categories: Market Updates

How low can you go?  That’s the question for housing inventory in Montgomery County.  Total available homes dropped 6.5% from mid-October.  For the year, inventory is down over 34%.  The total number of distress sales has been flat over the last couple of months.  Since total inventory has shrunk, distress inventory is a larger part of the total – about 27%.

Compared to 2008, transaction volume is blazing.  Volume in October was nearly double Read the rest of this entry »

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Real Estate Market Overview for October

October 18th, 2009 Categories: Market Updates

A mid-month snapshot of Montgomery County inventory shows that housing inventory continues to shrink, although at a smaller rate than for earlier months. During the course of a month, homes enter the market increasing inventory. Inventory is reduced when homes go under contract and when home sellers give up and remove their home from the market. With this in mind, looking only at inventory won’t reveal a complete view of the market, but it is a critical measure. Declining inventory results in fewer options for buyers and less competition for sellers. Here’s the overview:

Another important metric is the contract activity.  Compared to last year, overall contract activity continues to be robust:

From last month’s review of contract activity, we see that a home’s price range is a big factor in a home’s demand.  Also, comparing this snapshot of contracts with September’s, you’ll notice that the number of contracts for previous months was revised down.  Why’s that?  Once a home goes under contract, the buyer and seller must then get to settlement.  In the coming days, I’ll post an article that walks through this process and how a contract can get derailed.

Your comments are always welcome below.  Contact us anytime for any questions about the Montgomery County real estate market.

Posted by Bruce Lemieux | Leave A Comment

Montgomery County Inventory for September

September 14th, 2009 Categories: Market Updates

A mid-September snapshot of available homes in Montgomery County shows that the trend of declining housing inventory continues.  This time last month, there were 3,435 homes on the market in Montgomery County.  Now there’s 3,376 – a 1.7% reduction.  For all practical purposes, this month’s inventory is flat from last month.  The total number of estimated distress sales is 820 down from 867 last month – a reduction of 5.4%.  If you are in the market for a home right now, it’s easy to be frustrated by the lack of fresh, new homes.  I’m finding that very nice, well-priced homes go quick.

Will inventory continue to dwindle through year end?  I think so.  I believe that inventory will stay flat or drift at current levels through the end of January.  For sellers, this can be a great time to enter the market given the low level of competing properties.
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Do you have questions about the Montgomery County real estate market? Call us at 301-527-9079 or send an email for more info about buying, selling and living in Montgomery County, Maryland.

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Fall Real Estate Market Forecast for Montgomery County

September 7th, 2009 Categories: Market Updates

Analyzing year-to-year trends for the Montgomery County real estate market is a real challenge with the highs and lows that we’ve seen over the last five years.  As we enter the fall market I believe that a comparison to last year’s activity tells us a lot about our market and where it’s headed for the rest of the year.

Brisk, Blazing with Strong Momentum

After a tentative start, monthly transaction volume in Montgomery County got stronger and stronger as the year progressed.  After reaching a peak in April, last year’s market activity slowly declined into the winter.  Not this year.  Transactions kept chugging peaking in July with 61% more contracts than July of 2008.  I expect we’ll see overall activity reduce each month through year-end, but the overall momentum will continue into the Fall with brisk activity compared to last year.

Breathtaking, Blistering, Crazy-wild

Your experience as a buyer or seller in Montgomery County is very different based on your price and location.  Our market has been blistering for entry level homes.  To see how price affects our market, I separated contract activity by list price:  $400K and lower, and over $4ooK.  The market for homes $400K and lower has been crazy-wild.  Read the rest of this entry »

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Montgomery County Housing Inventory

August 20th, 2009 Categories: Market Updates

It’s time for the mid month look at Montgomery County’s housing inventory.  Our housing supply continues to shrink.  Total inventory is down 27% from January.  The total inventory of distress properties is down 30%.   Distress properties continue to make up 25% of available inventory — consistent with the last several months.  Here’s the cart:

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Do you have questions about the Montgomery County real estate market? Call us at 301-527-9079 or send an email for more info about buying, selling and living in Montgomery County, Maryland.

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Montgomery County Real Estate at a Glance

August 6th, 2009 Categories: Market Updates

You’ve heard it a zillion times – real estate is local.  Another common nugget of real estate wisdom – “location, location, location”.  In Montgomery County, a home’s location and price range are the primary factors driving demand.  To cut to the chase and provide a simple overview of our market, I analyzed all contracts from February through the end of July and compared sales activity.  The results are summarized in the following chart:

Busiest Zip Codes in Montgomery County

Here’s the top 10 by the number of contracts ratified over the last six months.  Activity in these zip codes represents 53% of all contracts for Montgomery County. Read the rest of this entry »

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Montgomery County Inventory Melting Away

July 18th, 2009 Categories: Market Updates

As a kid, the Wicked Witch of the West and her troop of flying monkeys terrified me.  I thought of Ms. West when looking at this month’s stats.  For a home seller, excessive inventory of available homes is pure evil that results in lower sale prices and longer days on the market.  I find that high inventory also erodes buyer confidence.  Motivated buyers can stay on the sidelines when they continue to see lots of homes that aren’t selling.  “Once I buy, would I ever be able to sell?” they think.  As homes start selling, more buyers get in the market.  I think we’re seeing that happen here.

Every month this year we’ve seen inventory melt away.  From mid June to mid July, total inventory went down Read the rest of this entry »

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Metro D.C. Unemployment Up in 2009

July 7th, 2009 Categories: Market Updates

A strong job market is essential for a healthy real estate market.  The metro D.C. area continues to have the lowest unemployment of the largest 15 metropolitan areas in the U.S.  Compared to unemployment in November, however, the stats show that we’re not immune to job losses experienced throughout the country.

A higher jobless rate can drive up the rate of foreclosures. And, with fewer jobs we see fewer job relocations which reduce the number of new home buyers coming into the area .
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Do you have questions about the Montgomery County real estate market? Call us at 301-527-9079 or send an email for more info about buying, selling and living in Montgomery County, Maryland.

Posted by Bruce Lemieux | Leave A Comment