The Brookeville, MD market statistics for August 2012 look very different than the previous month. While the number of sales were about the same - 11 sales in August and 12 in July - the average sales price decreased to $528,491 compared to $575,392 a month earlier.
The good news is that the number of sales more than doubled compared to the same time-frame a year earlier (only 5 closed transactions) and the average sales price is well above August 2011 ($476,600). It's also above the average sales price of the 2nd quarter of 2012 ($478,288) and close to the average sales price of all of 2011 ($539,311)
The average DOMP (days on market property) is vastly different from July 2012. On average it took only 75 days for July's sales but more than 200 days for the sales that occurred in August. Why? 2 likely reasons: 1. I did notice that on average there was a rather big difference between original list price ($589,636) and actual sales price ($528,491) as well as the list price at time of contract ($551,064). Thus, overpricing was likely a factor and price adjustments were necessary. 2. The historic Longwood Manor house finally sold, after a total of 1,223 days on the market. If we leave this sale out of the equation, the average DOMP was not quite as bad.
August 2012 sales for Brookeville, MD ranged between $268,000 for an "as-is" ("tear-down or renovate") on New Hampshire Ave to $765,000 for a 5 bedroom 1998 Colonial on 2 acres in the highly sought after Abrams subdivision.
There are currently 41 homes for sale in Brookeville, MD - only 3 were newly listed in August 2012.
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Thinking about selling your Brookeville, MD home? Keep in mind that all Real Estate is local and the August 2012 statistics may not necessarily be representative of your Brookeville neighborhood. Please contact me for a Comparative Market Analysis of your subdivision.