Leisure World of Maryland - Market Report - Sales - Aug 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 Aug 2009. At the time of this report (9/2/2009), there are a total of 235 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 $197,362. Thirty six 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 August, 31 homes went under contract up from the 22 in July and another 20 went to closing. 

One Bedroom
Currently 32 of the homes on the market are one-bedroom units ranging in current list price from $43,000 to $150.000, averaging $98,305. Six of these homes were new to the market during the month; the longest has been on the market for nearly two years (747 days). The days on market averaged 155 (approximately five months).

Five one-bedroom home had an offer to purchase accepted during the month, up from the only one in July. The last list price of these homes ranged from $45,000 to $89,900 The days on market with the current realtor ranged for only two weeks (14 days) to just over nine months (288 days), with the average being four months (113 days).  Four other one-bedroom homes went to the closing table during the month and the settled prices ranged from $43,500 to $92,500. The average time on the market for these units was nearly a year (366 days).

Two Bedrooms

Clearly the majority of the homes on the market (159 of the 235) for sale are the two bedroom homes. The current list price of these homes ranges from $60,000 to $365,000, averaging about $186,213. While 25 of the homes were brought to the market in August the longest on the market is over two years (960 days). The average number of days on market is a little over six months (191 days) for these homes.

Twenty-two offers to purchase two-bedroom homes were accepted by sellers during the month of August. The final list price on these homes ranged from $88,500 to $259,000. The average number of days on market for these homes was close to eight months (232 days), the longest period was a just over 2 years (793 days). Fourteen other two bedroom homes sold in the month of August. The closing prices of these home ranged from $107,000 to $325,000. The days on market ranged from less than a month (18 days) to over two years (757 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 $167,500 for a patio home to $539,000 condo apartment with the average being $287,793. While nine of these homes were new to the market during the month, the longest has been on the market for over 23 months (701 days). The average for all units was a little over five months (169 days).  

Currently there are four three-bedroom homes under contract. The last known list price of these homes ranged from $165,000 to $339,500, averaging $283,875. Days on market ranged from just about two months (51 days) to nearly ten months (304 days); with the average being just over five months (164 days). Only two three bedrooms sold in August. The closing prices on these homes were $170,000 and $350,000. Both homes were on the market for nearly five months (141 and 144 days).

Four Bedrooms
There are only two 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 just over five months (159 days) to nearly a year (380 days). Days on market for these homes averaged nine months (270 days). No offer to purchase a four-bedroom home has been accepted in August, 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.