CURRENT MARKET CONDITIONS FOR LUXURY HOMES
IN BETHESDA, CHEVY CHASE & POTOMAC MD
Whether I am at a cocktail party, the grocery store or on a walk, I get asked the same question over and over again: Betsy, what's happening in the real estate market? So, I thought I would share some data about the Current Market Conditions For Luxury Homes in Bethesda, Chevy Chase & Potomac, MD. After doing some initial research of the luxury home market over $1,000,000, I was stunned to learn of the number of homes flooding the market in Bethesda, Chevy Chase and Potomac, MD. My answer for January 2010 is lots of listings, very few sales.
Bethesda Market
Zip Codes: 20814, 20816, 20817
Listing Data:
Detached single family homes over $1,000,000 - 80 (homes listed between $1,039,000-$10,750,000)
New to the market since 1/1/10 - 21
Under contract since 1/1/10 - 5
Take away - 25%+ more inventory in January, 2010 and 5%+ selling
Chevy Chase Market
Zip Codes: 20815
Listing Data:
Detached single family homes over $1,000,000 - 34 (homes listed between $1,095,000-$3,995,000)
New to the market since 1/1/10 - 17
Under contract since 1/1/10 - 1
Take away - 50% jump in luxury inventory in January, 2010 with only one sale
Potomac Market
Zip Codes: 20854
Listing Data:
Detached single family homes over $1,000,000 - 110 (homes listed between $1,135,000-$12,500,000)
New to the market since 1/1/10 - 20
Under contract since 1/1/10 - 2
Take away - About 20% more inventory in January, 2010 and only 2 sales
More than ever, Sellers in Bethesda, Chevy Chase and Potomac, MD, need to align their sales efforts with the current market conditions.
http://www.potomacchamber.org/
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About The Author:
This information is provided compliments of Betsy Schuman Dodek of Washington Fine Properties. Betsy is a native Washingtonian and a resident of the Luxmanor Community in North Bethesda, Maryland. Betsy, along with her partner Marsha Schuman, specialize in servicing the luxury home market in NW Washington as well as Suburban Maryland including Chevy Chase, Bethesda, North Bethesda, Potomac, Rockville and Kensington. They have worked with numerous professionals, business owners, and executives who are relocating to and from Washington, DC and Suburban Maryland. They enjoy working with first-time home buyers as well. If you are looking to buy or sell real estate in the District of Columbia or Suburban Maryland, please contact the Schuman Team at 301-996-8700.
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