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Gaithersburg MD 20879 Real Estate Trend Indicator

By
Industry Observer with Retired

Gaithersburg MD 20879 Real Estate Trend Indicator  

If you are planning to purchase or sell a home in zip code 20879, 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 122 active listings on the multiple listing service (MRIS).  During the month, there were 36 new listings and 40 went to pending new contracts. The sold dollar volume was up 5.08% from last year.  The number of homes sold was 36 from 33 last year. The average days on the market was 74 days from 105 days last year.  The average sale price was 93.61% of the average list price.  The median sold price was $220,500. 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 66 homes for sale in Zip Code 20879.   Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-97152870-951  

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: 20879 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 1 0 0 9 0 1 -30 Days 22
$100,000 - 149,999 2 0 0 3 0 3 11 0 31-60 Days 4
$150,000 - 199,999 0 4 1 3 0 13 14 0 61 - 90 Days 3
$200,000 - 249,999 0 7 0 0 0 25 4 0 91-120 Days 0
$250,000 - 299,999 0 1 3 0 0 19 2 0 Over 120 Days 7
$300,000 - 349,999 0 4 2 0 0 12 0 0 Total 36
$350,000 - 399,999 0 0 3 0 0 4 0 0  
$400,000 - 449,999 0 0 1 0 0 0 0 0 Type of Financing
of Units Sold
(No. of Units)
$450,000 - 499,999 0 0 0 0 0 3 0 0
$500,000 - 599,999 0 0 1 0 0 1 0 0 Conventional 8
$600,000 - 699,999 0 0 0 0 0 0 0 0 FHA 18
$700,000 - 799,999 0 0 0 0 0 1 0 0 VA 4
$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 5
$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 1
$5,000,000 & Over 0 0 0 0 0 0 0 0 Unreported 0
Totals 2 16 11 7 0 82 40 0 Total 36
Grand Totals 36 122    
    2009   2008   % Change
Total Sold Dollar Volume: $ 8,704,688 $ 8,283,800 5.08 %
Average Sold Price: $ 241,797 $ 251,024 - 3.68 %
Median Sold Price: $ 220,500 $ 245,000 - 10.00 %
Total Units Sold: 36 33 9.09 %
Average Days on Market: 74 105 - 29.52 %
Average List Price for Solds: $ 258,310 $ 286,074 - 9.71 %
Avg Sale Price as a
percentage of Avg List Price:
93.61 % 87.75 %  
Total NEW listings: 36
Total Properties Marked Contract: 25
Total Properties Marked Contingent Contract: 15
Total NEW pendings (Contracts + Contingents): 40

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2009 - Information deemed reliable, but is not guaranteed.

Please contact us with your questions on the residential real estate market. Your referrals of friends and family members will always be appreciated.

Posted by

Roy Kelley, Retired, Former Associate Broker, RE/MAX Realty Group

Gaithersburg, Maryland  

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