Potomac 20854 Real Estate Market Report - August 2011

How’s the Potomac Real Estate Market in 20854?

The Potomac real estate market saw strong activity for August 2011.

What Has Sold?

In August, 50 single family homes, 13 townhomes and 2 condos were sold. Of these, there were 3 short sales and no foreclosures, making distressed properties 4.6% of total sales in 20854. The neighborhoods with the most homes sold were Inverness Forest, Piney Glen Village, Willerburn Acres and Highland Stone.

Do you want to stay up to date on what homes are selling for in your neighborhood? Then sign up for our Market Snapshot Report.



What Is Happening with Home Prices?

The average condo sales price rose considerably in August, but there are only 1 or 2 condos sold in 20854 each month so it is not a particularly significant statistic. Townhome prices have been gaining since April. Single family home prices vary from month to month. (see chart above - mouse over for details) A change in the average sales price for one month is not necessarily an indication of a trend, it could just indicate that more homes were sold in a more or less expensive neighborhood of Potomac 20854.

The most expensive home that sold in 20854 in August was a single family home in Palatine for $2,375,000.

You can see more details about home sales in our report on Potomac Property Values.

Are Homes Getting Their Asking Price?

Are sellers getting their asking price in 20854? The chart below shows what percentage of the asking price a seller is getting - it does take into account any previous price reductions that may have been made. The August average is identical to last year. Mouse over the chart for more details:



How Long Is it Taking to Sell a Home?

The average number of days it took a home to sell in August was 89, compared to last year’s 80 days on market. You can see more market statistics in our Potomac Real Estate Market Trends Report.

Who is Buying?

Cash buyers in 20854 in August represented 21.5% of sales. Overall in Montgomery County, cash buyers made up 17.9% of home sales. Conventional loans made up almost 70% of Potomac home buyers, with FHA making up the rest.

What is For Sale?

Click on the map below to start your Potomac home search, save your favorites, set up automatic emails, and receive alerts for properties that fit your criteria.



Call Bob Myers of Re/Max Realty Services at 301-910-9910 if you have any questions about the value of your home or the real estate market.