The 20901 zip-code of Silver Spring, MD saw a total of 118 closed sales during the 2nd quarter of 2012, 99 of which were standard sales (neither short sale nor bank-owned). The sales activity is an improvement over the 1st quarter of 2012 as well as the 2nd quarter of 2011.
The average sold price for all properties was $374,441 and $395,835 for standard sales only. Properties were active on the market for an average of 78 days.
The 1st quarter generally tends to be slower with less sales activity, even if we experienced a very mild winter, due to the holidays and the preference of families to move towards the end of the school year. Thus, seeing a jump in the number of sales during the 2nd quarter as well as average sales price is not unusual. Comparing year-over-year sales data more accurately depicts which direction the market is trending.
The current 20901 sales activity is very much in line with that of all of Silver Spring. Detached single-family homes were on the market for an average of 81 days compared to 69 for Silver Spring and had an average sold price of $399,130 compared to $396, 072 for Silver Spring.
Here's a breakdown for the 20901 subdivisions with the most sales activity during the 2nd quarter:
- Indian Spring* 14 sales - 54 DOMP¹ - $400,164
- Highland View* 13 sales - 97 DOMP - $443,865
- Northwood* 12 sales - 45 DOMP - $350,950
- Woodmoor 8 sales - 90 DOMP - $440,125
- Long Branch Vill. 5 sales - 60 DOMP - $356,800
- Forest Knolls 4 sales - 17 DOMP - $302,250
¹Days on Market Property (presents more accurate data, it includes all days on market even if brokerages were switched)