Leisure World of Maryland - Market Report - Sales - July 2009
This market report details the sales activity in the senior citizens' community of Leisure World in Silver Spring, Maryland. The report period is for activity during the month July 2009. At the time of this report (8/5/2009), there are a total of 241 homes on the market for sale in this community. The asking price for homes in this community ranges from $43,000 for a one-bedroom co-op to $789,000 for a four-bedroom detached home. The list price for these homes averages $199,135. Thirty seven of these are new or returning to the market during the month. If one does not take into consideration the nine homes that have been on the market for over two years, the average days on the market is very close to six months. During the month of July, 22 homes went under contract and another 31 went to closing. This is a significant increase from the 17 that sold in July of 2008.
One Bedroom
Currently thirty-four of the homes on the market are one-bedroom units ranging in current list price from $43,000 to $150.000, averaging $99,267. Eight of these homes were new to the market during the month; the longest has been on the market for nearly two years (727 days). The days on market averaged 162 (approximately five and one half months).
Only one-bedroom home had an offer to purchase accepted during the month; the last list price of that home being $45,000 The days on market with the current realtor was less than one month (25 days). Five other one-bedroom homes went to the closing table during the month and the settled prices ranged from $50,000 to $99,000. The average time on the market for these units was nearly seven months (202 days).
Two Bedrooms
Clearly a majority of the homes on the market (163 of the 241) for sale are the two bedroom homes. The current list price of these homes ranges from $60,000 to $385,000, averaging about $189,000. While 20 of the homes were brought to the market in July the longest on the market is over two years (933 days). The average number of days on market is nearly six months (179 days) for these homes.
Buyers submitted offers on 19 two-bedroom homes during the month. The final list price on these homes ranged from $95,000 to $359,000. The average number of days on market for these homes was close to eight months (249 days), the longest period was a just over 2 years (757 days). Seventeen other two bedroom homes sold in the month of July. The accepted price of these home ranged from $71,900 to $385,000. The days on market ranged from less than a month (7 days) to over two years (858 days), averaging close to six months (167 days).
Three Bedrooms
Currently there are 41 three-bedroom homes on the market for sale in Leisure World. The listed prices range from $149,500 patio home to $539,000 condo apartment with the average being $280.287. While nine of these homes were new to the market during the month, the longest has been on the market for over 22 months (769 days). The average for all units was about five months (154 days).
Buyers successfully submitted offers on 2 three-bedroom homes during the month of July. The last known list price of these homes ranged from $180,000 to $322,500, averaging $251,250. Days on market ranged from less than one month (9 days) to nearly five months (144 days); with the average being nearly three months (77 days). Nine other homes with three bedrooms sold in July. The accepted prices on these homes were $155,000 and $348,000. The days on market ranged from nearly a month (44 days) to nearly a year (353 days).
Four Bedrooms
There are only three four-bedroom homes on the market for sale in Leisure World at this time. These detached homes with attached two car garage are listed from $739,000 to $789,000. The days on market for these homes range from nearly four months (131 days) to nearly a year (352 days). Days on market for these homes averaged seven months (217 days). No offer to purchase a four-bedroom home has been accepted in July, nor has one changed ownership during the month.
My team and I stand ready to help with your real estate needs here in Leisure World. Please feel free to contact me by any of the following methods - my web page, email, or (301) 237-2277.
Robert J. Force
Prudential Carruthers Realtors - Gaithersburg, Md.
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