POTOMAC, MARYLAND REAL ESTATE TREND INDICATOR

By Roy Kelley

Industry Observer with Retired

September 11, 2008 09:02 AM

POTOMAC, MARYLAND REAL ESTATE TREND INDICATOR

If you are thinking about buying or selling a home in zip code 20854, you should take a close look at the following report that compares the statistics for August with the same month last year. There were 53 new listings in the area and 39 listings went to contract. There were 37 actual settlements as compared to 57 homes sold last August. The total sold dollar volume was down 36.67%. The average number of days on the market was down to 63 from 97 days last August. The average sale price was 92.27% of the average list price. What does this mean? It is still a soft market which favors buyers. The good news is that most of us in the real estate business have noticed an increase in activity and the number of contracts being submitted. It will be interesting to see the September statistics. Interest rates were attractive and have gone lower since the government took over Fannie Mae and Freddie Mac. Buyers have the largest selection and the lowest prices that have been available for several years. The lenders still have a surplus inventory of foreclosures in Montgomery County, but they are also selling fairly quickly as buyers take advantage of the bargains.

Roy Kelley, Associate Broker, RE/MAX Realty Group

Home Search Website: www.roykelley.com

Email: roykelley@mris.com; Client Assistance: 301-670-8996

ZIP Code: 20854 Potomac, MD From: 08/01/2008 to 08/31/2008 Statistics generated on: 09/09/2008

	Residential Unit Sales Number of Bedrooms					Active Listings			Time on Market
Price Class	2 Or Less	3	4 or More	Condo Coop	Ground Rent	Residential	Condo Coop	Ground Rent	of Units Sold (No. of Units)
Under $100,000	0	0	0	0	0	0	0	0	1 -30 Days	16
$100,000 - 149,999	0	0	0	0	0	0	0	0	31-60 Days	8
$150,000 - 199,999	0	0	0	0	0	0	0	0	61 - 90 Days	5
$200,000 - 249,999	0	0	0	0	0	0	0	0	91-120 Days	1
$250,000 - 299,999	0	0	0	0	0	0	0	0	Over 120 Days	7
$300,000 - 349,999	0	0	0	0	0	0	0	0	Total	37
$350,000 - 399,999	0	0	0	0	0	1	0	0
$400,000 - 449,999	0	0	0	0	0	2	1	0	Type of Financing of Units Sold (No. of Units)
$450,000 - 499,999	0	0	0	0	0	8	0	0	Type of Financing of Units Sold (No. of Units)
$500,000 - 599,999	0	2	1	0	0	17	1	0	Conventional	32
$600,000 - 699,999	0	1	7	0	0	21	2	0	FHA	2
$700,000 - 799,999	0	0	5	0	0	19	0	0	VA	0
$800,000 - 899,999	0	0	5	0	0	15	1	0	Assumption	0
$900,000 - 999,999	0	0	5	0	0	21	0	0	Cash	2
$1,000,000 - 2,499,999	0	0	10	1	0	113	4	0	Owner Finance	0
$2,500,000 - 4,999,999	0	0	0	0	0	37	0	0	All Other	1
$5,000,000 & Over	0	0	0	0	0	9	0	0	Unreported	0
Totals	0	3	33	1	0	263	9	0	Total	37
Grand Totals	37					272

	2008	2007	% Change
Total Sold Dollar Volume:	$ 37,086,000	$ 58,563,201	- 36.67 %
Average Sold Price:	$ 1,002,324	$ 1,027,425	- 2.44 %
Median Sold Price:	$ 824,000	$ 870,000	- 5.29 %
Total Units Sold:	37	57	- 35.09 %
Average Days on Market:	63	97	- 35.05 %
Average List Price for Solds:	$ 1,086,246	$ 1,102,175	- 1.45 %
Avg Sale Price as a percentage of Avg List Price:	92.27 %	93.22 %

Total NEW listings:	52
Total Properties Marked Contract:	21
Total Properties Marked Contingent Contract:	18
Total NEW pendings (Contracts + Contingents):	39