Homes in Silver Spring, MD are continuing to increase in value while inventory remains low. These conditions are presenting homeowners with a rare opportunity to sell their home before changes in the market occur. Buyer demand is strong, being heavily supported by investors and former renters. In addition, mortgage interest rates remain historically low.
In June 2012, there was a decrease in total units sold - 245 sold in Silver Spring versus 261 last month, a decrease of 6 percent. This decrease is very likely due to a lack of available inventory. The total number of active inventory in June of this year was 620. Active inventory one year ago was 1,145, and 703 one month ago.
June had 273 homes newly listed for sale in Silver Spring. When compared to 354 listings from June 2011, this reflects a decrease of 23 percent. There were also 269 current contracts pending sale this June, which is 18 percent higher than June 2011 and reflects a demand that is not currently being met by supply.
The median sales price for Silver Spring homes in June 2011 was $303,330 and $349,900 in June 2012. This year’s figure reflects an increase of 15 percent, or $46,570 when compared to last year. This current median sold price is also 3 percent higher than the figure from May 2012.
This market report for real estate in Silver Spring, MD was provided by Emcee Arah and DeeCee Real Estate.
Emcee Arah of DeeCee Real Estate has a comprehensive understanding of real estate, acquired through years of experience and training. Emcee is an honest and effective marketing strategist, who is a long-time Maryland resident, currently residing in Silver Spring. His relevant awards and achievements include 100% Club Remax, Executive Club Remax, President’s Club Remax, and Certified Freddie Mac CreditSmart Counselor. Emcee is a member of the National Association of Realtors (NAR), Maryland Association of Realtors (MAR) and the Greater Capital Area Association of Realtors (GCAAR). He is a member of Metropolitan Regional Information System (MRIS) MLS system, Remax International Network of Realtors and By Referral Only Network of Realtors. Emcee is also a Certified Distressed Property Expert (CDPE) and a Certified Investor Agent Specialist (CIAS).
Due to an unparalleled commitment to exceptional service, proven track record for successful results and in-depth knowledge, Emcee Arah and DeeCee Real Estate have acquired a reputation that is synonymous with integrity and reliability. To begin your home buying experience with a winning team, visit www.DeeCeeRealEstate.com or call (301) 452-5252.