Brookeville, MD, a charming town just north of Olney and Silver Spring, MD dates back to 1794. Its appeal to home buyers can be summed up by its historic significance and properties, its location (9 miles to the nearest Metro Station and about 20 miles to Wash DC), its setting (surrounding by spectacular parkland) and recreational opportunities, great schools and a quaint community feel. Many properties also come with a generously sized lot and plenty of privacy which living in close-in Silver Spring, MD, for example, is lacking.
Brookeville, MD Market Trends
The chart shows the average SOLD price over the last 10 years. The years 2005 - 2007 clearly reflect the Real Estate boom, the average sale price was also fueled by the development of new subdivisions and estate homes.
Brookeville's Real Estate Market largely attracts and depends on 2 types of buyers: the niche buyer looking for historic properties and the move-up buyer. Naturally, move-up buyers can only purchase if they are able to sell their current homes - lost equity and the economic situation have slowed down that segment of the market considerably. The improvement of the market (we've seen an encouraging trend in the lower price-ranges) will enable move-up buyers to actually move up! Perhaps the stabilization of the average sales price of the last 2 years as well as the first quarter of 2012 is a first indication.
1st Quarter Sales Activity
During the first quarter of 2012 10 Brookeville homes sold for an average sold price of $566,300 after an average of 63 days on the market.
This is considerably less than the average sold price during the 1st quarter of 2011 but higher than that of 2010. However, the first quarter of 2011 saw 3 sales above $1 Million whereas the highest sale during the first 3 month of 2012 was $775,000. 4 homes sold thus far in the 700s. In comparison, 2010 saw a max sold price of $620,000.
The one million+ properties also influenced the days on market which averaged 115 during the first quarter of 2011 versus just 34 during the same time frame in 2010.
If you are considering purchasing your new home in the Brookeville, MD area and are not currently working with a Realtor®, please contact me for a buyer's consultation. There's no cost to you when hiring a buyer's agent, Thompson Co. Realtors never charges a transaction processing fee.
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