The July 2012 Homes Sales Statistics for 20901 Silver Spring, MD show a big improvement over the same period a year ago.
43 properties sold in 20901 during July 2012 after an average of 58 days on the market. The average price of $378,472 is up by about 7% compared to July 2011 and slightly higher than the average price during the 2nd quarter of 2012. The average price for detached homes only was $407,891 compared to $398,269 for July '11.
The most significant improvement can be seen in the number of closed transactions. During July of 2011 only 17 properties sold in 20901 compared to the 43 during July '12. It shows that both, seller and buyer confidence is up, more sellers can afford to sell and more buyers are out house-hunting. Slow and steady price increases, continued record low interest rates and 20901 Silver Spring's desirable location have certainly helped the market improve.
Currently there are 59 properties For Sale in 20901 - 12 of which were newly listed in July 2012. The average list price is $409,393 for all properties and $455,867 for detached homes.
Looking at July's sales pace and the number of homes active on the market gives us a very low absorption rate of only 1.4. This means that it would take less than a month and a half for the current inventory to sell if July's sales pace were to continue and no new listings were added. An absorption rate of 0-3 months is considered a seller's market.
If you would like to take advantage of the seller's market in 20901, please give me a call.
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