The Washington Post recently compiled data from the MLS showing the changes in the average home sale price across Montgomery County, comparing the fourth quarters of 2006 to 2007. 

The results prove, once again, that real estate is about location, location, location.

Certain zip codes reportedly showed an increase in sales price, most notably Poolesville, Gaithersburg and parts of Rockville, Boyds and Germantown.   Huge areas across the county saw drops of anywhere from 2% to 19%.  Some close in areas in Bethesda and Silver Spring saw slight gains from 2% to 9%. 

The oversupply of homes and the mortgage credit crunch have obviously impacted Montgomery County, although our situation is not as serious as other parts of the country.

Some of this data goes against my personal experience with my clients - Clarksburg, for example, has seen a huge drop in value.  Builders are offering incredible incentives right now, which don't show up in the sales price.  In addition, this data doesn't show the seller subsidy that is paid at closing that reduces the buyer's closing costs.  To get an idea of the true market value, you have to deduct that subsidy to arrive at the net price.

I post reports on various Montgomery County neighborhoods on my website, where you can see current listings, homes under contract, and recent sales.  You get a great idea of what is going on in the neighborhood looking at this type of report.

If you are concerned about what your home is worth, I can do a quick home evaluation via e-mail or stop by and give you a more in-depth analysis, just call me at 301-910-9910.