Gaithersburg, MD 20878 Zip Code Real Estate Statistics

By Roy Kelley

Industry Observer with Retired

July 12, 2010 08:55 AM

Gaithersburg, MD 20878 Zip Code Home Sales Statistics

Home owners and prospective purchasers want to know the trends of the local real estate market. The following statistics are for the past month and are compared with the same month last year. There were 108 new listings of homes for sale and 85 homes for sale went to pending new contracts. The sold dollar volume for the zip code was up 12.51% from last year. The number of homes sold and settled was 89 from 73 last year. The average time on the market was 31 days from 75 days last year. The average sale price was 95.52% of the average list price. The median sold price was $425,000.

Please contact us if you wish to receive statistics for another zip code.

Blooming for Maryland home buyers.

RealEstate Business Intelligence, LLC.
ZIP Code Statistics - Higher Price Segment Format

ZIP Code: 20878 Gaithersburg, MD
From: 06/01/2010 to 06/30/2010 Statistics generated on: 07/07/2010

	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	5	0	0	10	0	1 -30 Days	56
$100,000 - 149,999	0	0	0	2	0	4	6	0	31-60 Days	24
$150,000 - 199,999	0	0	0	2	0	4	5	0	61 - 90 Days	3
$200,000 - 249,999	0	0	0	2	0	6	14	0	91-120 Days	2
$250,000 - 299,999	2	4	0	5	0	15	12	0	Over 120 Days	4
$300,000 - 349,999	0	6	3	6	0	13	21	0	Total	89
$350,000 - 399,999	0	1	1	3	0	16	9	0
$400,000 - 449,999	1	2	0	1	0	10	1	0	Type of Financing of Units Sold (No. of Units)
$450,000 - 499,999	0	6	3	0	0	22	0	0
$500,000 - 599,999	0	6	11	0	0	31	0	0	Conventional	61
$600,000 - 699,999	0	0	6	0	0	36	0	0	FHA	18
$700,000 - 799,999	0	1	3	0	0	14	0	0	VA	1
$800,000 - 899,999	0	0	4	0	0	13	0	0	Assumption	0
$900,000 - 999,999	0	0	2	0	0	15	0	0	Cash	9
$1,000,000 - 2,499,999	0	0	1	0	0	8	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	3	26	34	26	0	207	78	0	Total	89
Grand Totals	89	285

	2010	2009	% Change
Total Sold Dollar Volume:	$ 39,914,605	$ 35,477,887	12.51 %
Average Sold Price:	$ 448,479	$ 485,998	- 7.72 %
Median Sold Price:	$ 425,000	$ 480,000	- 11.46 %
Total Units Sold:	89	73	21.92 %
Average Days on Market:	31	75	- 58.67 %
Average List Price for Solds:	$ 469,518	$ 514,013	- 8.66 %
Avg Sale Price as a percentage of Avg List Price:	95.52 %	94.55 %

Total NEW listings:	108
Total Properties Marked Contract:	28
Total Properties Marked Contingent Contract:	57
Total NEW pendings (Contracts + Contingents):	85

Mortgage Financing: Pre-approval for financing is the first step in the home purchase process. Buyers, including investors, need to have a lender letter in hand when they submit an offer on a property. Buyers should be prepared to fully document their income and obligations. Ask us for a referral if you do not have an existing relationship with a mortgage lender.

The FHA loan limit for Montgomery County and Frederick County is $729,750. FHA financing 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. The limit for FHA reverse mortgages: $625,000. Age 62+ seniors use reverse mortgages when they need to eliminate mortgage payments.

All of the available listings of homes for sale may be viewed on MRIS, the regional multiple listing service, on Homes Prospector at www.roykelley.com

Please contact us with your questions on the residential real estate market. Buyers and sellers should understand the impact of short sale listings and REO properties.