Silver Spring Md. 20906 - Condo - Market Report May 2008

This is a Market Report about Condos in the Silver Spring, Md. zip code of 20906 for the month of May 2008.  Excluded from this are the homes in the active seniors community of Leisure World.

As of 6/12/08 there are 61 Condos on the market in this area, with configurations ranging from 1 to 4 bedrooms, and list prices ranging from $111,625 to $299,000.

There are currently only 8 Condos under contract in this area, and 4 went to closing during the month of May.

One- Bedroom Homes

 Of these homes only six are one-bedroom homes.  The current list price of these homes range from a low of $111,625 to a high of $259,900, with the average being $162,421.  None of these homes where new to the market in May.  The longest on the market is near 9 months (268 days), while the average is a little over 3 months (95 days).

There are no one-bedroom condos under contract at this time, nor has any one-bedroom condo gone to the closing table during the month of May.

Two-Bedroom Homes

Of these homes on the market 37 were two-bedroom homes. The current list price of these homes range from $189,900 to $291,900, with the average being  $219,886.  Eleven of these homes were new to the market since May first.  The longest on the market is over 11 months (408 days), while the average being close to 3 and a half months (104 days).

There are 6 two-bedroom Condos under any form of contract at the time of this report in the market area.  The days on market ranged from near 2 months (57 days) to near 10 months (357 days), with the average being near 6 and a half months (195 days).

There where 3 two-bedroom Condos that went to settlement during this time frame. The closing price of these homes ranged from $129,000 to $229,900, with the average being 186,600.  The days on the market ranged from 44 to 269, with the average being just over 5 months (153 days).

Three-Bedroom Homes

Seventeen of these Condos on the market were three- bedroom homes.  The current list price of these homes ranged from $140,000 to $299,000.  with the average being $226,012.  Six of these were new to the market place since May first.  The longest has been on the market for near eight months (235 days), with the average being near 2 and a half months (75 days).

Just two three-bedroom homes went under some form of contract during the month.  The last known list prices of these homes ranged from $200,000 to $208,900, with the average being $204,450.  The days these home were on the market ranged from near five months (143) to near six months (179 days).

Only one three-bedroom homes went to the closing table during May.  The home sold for $265,000, with a seller subsidy of $11,1000. The home was on the market for less than 1 week (4 days).

Four-Bedroom Homes

Only one of these Condos on the market were four-bedroom homes.    The current list price of this home range is $209,900.  This home has been on the market for just over two months (69 days). 

No four-bedroom Condo is currently under contract in this market place.

Nor has a four-bedroom Condo gone to the closing table since May 1 either.