Gaithersburg MD 20877 Real Estate Trend Indicator

By Roy Kelley

Industry Observer with Retired

December 17, 2009 01:51 AM

Gaithersburg MD 20877 Real Estate Trend Indicator

If you are planning to purchase or sell a home in zip code 20877, you will want to know the trends of the market. The following report is for the past month and the statistics are compared with the same month last year. There were 125 active listings on the multiple listing service (MRIS). During the month, there were 42 new listings and 31 went to pending new contracts. The sold dollar volume was up 157.40% from last year. The number of homes sold was 42 from 13 last year. The average days on the market was 46 days from 126 days last year. The average sale price was 96.88% of the average list price. The median sold price was $220,000. Foreclosures and short sales listings influence the area market. Buyers are finding it more difficult to qualify for mortgage financing and the trend is to the use of FHA financing which has a minimum cash requirement of 3.5% of the purchase price. FHA Streamlined 203(k) financing allows borrowers to include up to $35,000 of home improvements in the mortgage amount. FHA loan limits for Montgomery County: $729,750. Limit for FHA reverse mortgages: $625,000. All prospective buyers are advised to obtain pre-approval for mortgage financing before submitting an offer.

There are 58 homes for sale in Zip Code 20877. Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-97152843-28

The Home Buyer Tax Credit now includes current home owners as well as first time buyers. http://www.federalhousingtaxcredit.com/glance.php

Metropolitan Regional Information Systems, Inc. ZIP Code Statistics - <$100K to >$5M Format

ZIP Code: 20877 Gaithersburg, MD
From: 11/01/2009 to 11/30/2009 Statistics generated on: 12/08/2009

	Residential Unit Sales Number of Bedrooms	Active Listings		Time on Market
Price Class	2 Or Less	3	4 or More	Condo Coop	Ground Rent	Residential	Condo Coop	Ground Rent	of Units Sold (No. of Units)
Under $100,000	0	0	0	6	0	1	30	0	1 -30 Days	28
$100,000 - 149,999	0	4	0	4	0	11	7	0	31-60 Days	5
$150,000 - 199,999	0	1	2	1	0	16	2	0	61 - 90 Days	2
$200,000 - 249,999	0	3	1	0	0	10	0	0	91-120 Days	1
$250,000 - 299,999	0	3	3	0	0	11	0	0	Over 120 Days	6
$300,000 - 349,999	0	1	4	2	0	10	1	0	Total	42
$350,000 - 399,999	0	1	4	0	0	10	0	0
$400,000 - 449,999	0	1	0	0	0	8	1	0	Type of Financing of Units Sold (No. of Units)
$450,000 - 499,999	0	0	1	0	0	2	0	0
$500,000 - 599,999	0	0	0	0	0	4	0	0	Conventional	13
$600,000 - 699,999	0	0	0	0	0	0	0	0	FHA	19
$700,000 - 799,999	0	0	0	0	0	0	0	0	VA	1
$800,000 - 899,999	0	0	0	0	0	1	0	0	Assumption	0
$900,000 - 999,999	0	0	0	0	0	0	0	0	Cash	9
$1,000,000 - 2,499,999	0	0	0	0	0	0	0	0	Owner Finance	0
$2,500,000 - 4,999,999	0	0	0	0	0	0	0	0	All Other	0
$5,000,000 & Over	0	0	0	0	0	0	0	0	Unreported	0
Totals	0	14	15	13	0	84	41	0	Total	42
Grand Totals	42	125

	2009	2008	% Change
Total Sold Dollar Volume:	$ 9,439,410	$ 3,667,250	157.40 %
Average Sold Price:	$ 224,748	$ 282,096	- 20.33 %
Median Sold Price:	$ 220,000	$ 300,000	- 26.67 %
Total Units Sold:	42	13	223.08 %
Average Days on Market:	46	126	- 63.49 %
Average List Price for Solds:	$ 231,991	$ 310,988	- 25.40 %
Avg Sale Price as a percentage of Avg List Price:	96.88 %	90.71 %

Total NEW listings:	42
Total Properties Marked Contract:	14
Total Properties Marked Contingent Contract:	17
Total NEW pendings (Contracts + Contingents):	31