As of today, April 3rd, 2008, we have a total of 230 homes for sale in Potomac, MD. 

12 homes sold in Potomac in the last 7 days; and we have 75 homes "Under Contract" at this point in time. 

As of the end of February 2008, homes are selling, on average, for 90.48% of their list price. 

Compared to February 2007 when the average sales price in 20854 was $1,064,028; we've seen an increase in the average sales price which was $1,229,832 in February of 2008.  That's a 15.58% increase in the average home price in Potomac over the last year.  These are real numbers.  I realize that the media keeps touting doom and gloom, but the statistics seem to indicate that Potomac is not a declining market, as much of the country is.  For that, I'm grateful.

On the downside, however, in February of 2007 42 homes were sold in Potomac.  In February of 2008, only 17 homes were sold.  That's almost a 60% downturn in units sold.

The average number of days on market has gone from 112 in February of 2007 to 175 in February of 2008.  Still, I'm seeing many homes sell in less than 60 days over the last few weeks.  It seems like the Spring market is kicking-in.  6 of the 12 homes sold in the last 7 days were on the market for less than 10 days!

Certainly the Federal Reserve Chairman Bernanke's words yesterday were difficult to hear.  His belief that we might be slipping in to a recession, was discouraging; but he said that we could expect things to get better in the third quarter of this year.  We seem fortunate to live in Potomac where the real estate market is not what we all wish it was, but we are so much more fortunate than much of the country.  For that I give thanks.

Best wishes,  Colleen Barlow, Realtor, W.C.&A.N. Miller Realtors, a Long & Foster Co, Potomac, MD 20854 Phone: 301-717-1663