Average Home Prices in the 20901 zip-code of Silver Spring, MD
365 properties sold during 2012 in the 20901 zip-code of Silver Spring, Md which is an increase of 33 over 2011. All properties sold for an average of $362,810 after an average of 74 days on the market. The average sales price for 2012 is above the average for 2011 but below 2010.
Detached single-family homes only: of the 365 properties 306 were detached homes which sold for an average price of $385,260. The vast majority were standard sales with an average price of $402,980.
Distressed Sales
The chart below shows that the number of distressed sales has been decreasing which is, of course, a good thing. There can be a number of reasons, for example: borrowers were able to work-out a solution with their lender, borrowers previously in distress no longer are or upside-down borrowers were able to come up with the cash needed to sell. REOs and short sales can negatively impact buyer traffic in a subdivision as well as the average sales price, a lower number of distressed sales is a sign of stabilization.
Inventory
The number of sales in general and standard sales in particular has increased considerably, at the same time the number of listings has gone way down. There were 3 months during 2012 during which sales activity outpaced listing activity in 20901. We've been seeing an increased buyer traffic due to a higher confidence in the Real Estate market and still very low interest rates.
Buyers and sellers, however, want the same thing and that is for prices to increase. Buyers are hoping that they are buying at the right time and will see their equity grow and sellers are holding out for higher prices to be able to sell and to be able to move up. An increased buyer traffic and decreased seller traffic leads to a decrease in inventory.
2013 Outlook
No crystal ball here and I cannot predict the political climate, changes in the economy locally and world-wide nor how interest rates are going to change this year. However, if the latter stay low and buyer confidence remains up we could see increased competition for the lower number of listings.
A low inventory results in less days-days-on-market and multiple offer situations which can push the average sales price up. If the inventory remains low, we likely won't see a big jump in the number of sales - unless, of course, more sellers see their equity grow and are able to move-up.
20901 Silver Spring, MD is the zip-code around Four Corners - north and south of Rt. 29, east and west of University Blvd. The area is a convenient commuter location, providing easy access to the beltway, within close proximity to Downtown Silver Spring and home to charming subdivisions, Blair High School and parts of Sligo Creek Park.
Please keep in mind that all Real Estate is very local. If you would like an in-depth look about market activity in your Silver Spring, MD neighborhood, please contact me.
Click Here To See All Homes Currently For Sale in 20901 Silver Spring, MD
I would love the opportunity to meet with you for a consultation when you are ready to buy or sell in the Silver Spring, MD area.
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