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ROCKVILLE, MD REAL ESTATE MARKET REPORT SEPTEMBER 2008, List vs. Sold Prices

By
Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

LIST PRICE vs. CLOSED PRICE IN MONTGOMERY COUNTY, MD, Market Report SEPT, 2008 - Rockville.

Montgomery County Maryland real estate markets offer a market where negotiation is popular.  Home buyers often call asking "What is the lowest price the seller will take?" 

The only way to discover the lowest price is to make an offer and negotiate the price, terms and conditions until both sides believe that they have the best that they are going to get.  Negotiation is more than price in real estate in Montgomery County.  How quickly a buyer can close the sale is important for properties that are vacant.  Cash buyers can often get better prices because there will not always be a financing contingency.   Any contingency included in a contract offer deminishes the value of the offer. 

Contingencies often include but are not limited to:

  • Financing
  • Closing date
  • Inspections
  • Inclusions/Exclusions
  • Earnest Money Amount/Payment
  • HOA and Condo Documents
  • Acceptance

ROCKVILLE MD CLOSED PRICES IN SEPT, 2008.

Communities in Rockville in the average price range include:  Manor Lake, Bel Pre, Manor Woods, West End Park, Halprin Village, Twinbrook, Hungerford, Aspen Hill, Weaton Woods, Rockwood, Sycamore Acres, Franklin Park, Brookehaven, Maryvale. 

EXAMPLES of SOLD prices in Montgomery County for Single Family Homes for September 2008.  The list below shows the list price AND the closed price.  The close price reflects the final list price and final closed price.

Examples of homes in the average sold price range:

          Home in Rockville           Home in Rockville MD

List price vs. Sold Price Rockville MD September 2008

ListPrice ClosePrice   City
$332,777 $323,000   Rockville
$599,500 $599,500   Rockville
$350,000 $350,000   Rockville
$246,900 $242,000   Rockville
$319,900 $311,000   Rockville
$349,900 $340,000   Rockville
$600,000 $565,000   Rockville
$450,000 $430,000   Rockville
$315,000 $305,000   Rockville
$359,000 $348,500   Rockville
$549,900 $542,700   Rockville
$399,000 $350,000   Rockville
$675,000 $650,000   Rockville
$849,000 $763,000   Rockville
$349,900 $337,500   Rockville
$349,000 $333,000   Rockville
$575,000 $550,000   Rockville
$439,900 $415,000   Rockville
$275,000 $260,000   Rockville
$669,900 $635,000   Rockville
$311,400 $300,000   Rockville
$769,000 $755,000   Rockville
$449,900 $435,000   Rockville
$705,000 $680,000   Rockville
$299,900 $290,000   Rockville
$299,900 $300,000   Rockville
$434,000 $400,000   Rockville
$399,900 $380,000   Rockville
$915,000 $865,000   Rockville
$420,000 $390,000   Rockville
$320,000 $299,500   Rockville
$310,000 $310,000   Rockville
$356,250 $365,000   Rockville
$375,000 $355,000   Rockville
$424,990 $400,000   Rockville
$237,500 $220,000   Rockville
$298,000 $275,000   Rockville
$299,900 $305,000   Rockville
$629,000 $600,000   Rockville
$325,000 $323,000   Rockville
$264,900 $264,000   Rockville
$440,000 $429,600   Rockville
$270,000 $267,300   Rockville
$775,000 $720,000   Rockville
$675,000 $651,000   Rockville
$729,000 $729,000   Rockville
       

MARKET REPORT FOR ROCKVILLE ZIP CODE 20852.

  • Average List Price all properties - $406,643
  • Average Sold Price all properties - $375,754
  • Average List to Sold price - 92.40%

                          Map Rockville MD

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, e-mail.  Real estate talk

Homes for sale in Bethesda, Gaithersburg, Germantown, Kensington, Laytonsville, Montgomery Village, Potomac, Olney, Burtonsville, Takoma Park

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Comments(10)

Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Your numbers are interesting as you look at the price ranges.  Lower you have almost no movement....

It is interesting that the market is changing so rapidly that numbers can start to changed dramatically on any given day. I want to watch the hot sheets in Atlanta to see if the daily "price changes" will reflect yesterdays stock drop.  Stock prices and liquidity are great motivators.  Next months statistics may reflect more give in lieu of it being harder to obtain financing, fewer buyers in the market, and nervous homeowners that have to sell to get liquid.

Sep 30, 2008 01:29 AM
Cherimie Crane
Cherimie Crane & Associates - Beaufort, SC

This is a really fantastic market snapshot. I am sure your clients appreciate the time you take in informinig them of market activity.

Sep 30, 2008 02:12 AM
Ken Montville
RE/MAX United Real Estate - College Park, MD
The MD Suburbs of DC

Two observations about this list --

  • it's a damn short list for all of Rockville which says something about the market Unless it's only 20852 and, then, it's still a small list),
  • it doens't indicate the "subsidy" (if any) the Seller provided to the Buyer to help cover closing costs.

The "net proceeds" for the Seller always reflect what they offered to the Buyer in the way of covering their closing costs in addition to the negotiated sales price. The sales price, the contingencies and the "subsidy" (if any) are part of the whole package. 

I know that you know but do the readers know?

A nice guage of the market, though.

Sep 30, 2008 02:14 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Jim.  I decided to pull the info from yesterday because of the debacle yesterday.  I'll be a dollar to a donut that some buyers will "opt out" because of yesterday.

Cherimie.  I certainly hope so.

Ken.  This is a "snapshot".  From time to time, I post "subsidy".  However, I'm sure you know, as do I, that many agents do not accurately reflect subsidies in their SOLD reports.  There have been more than 500 homes in Rockville to close in September.  I was interested in giving a picture of the averages. 

Goodness.  The information herein is the information herein.  I could write a book.  In fact, you can write a book.  There is no way to provide accurate detailed indormation for home buyers that will answer all of their questions.

THAT'S WHY THEY NEED A GOOD BUYER'S AGENT.

 

Sep 30, 2008 02:32 AM
Shirley Parks
Sands Realty 210-414-0966 - San Antonio, TX
Broker, 210-414-0966, San Antonio TX Real Estate

The house on the right looks a lot like the split foyer house I lived in on Sloan Street in Rockville 30 years ago.  Some good memories there.

Sep 30, 2008 03:08 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Lenn - I always liked Rockville when I lived in the DC area years ago. This was a thoughful snapshot of the area. It will be interesting to see how it changes in the next few months.

Jeff

Sep 30, 2008 03:44 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Jeff.  Rockville is a fabulous location.  Price (better than Bethesda).  Location with several METRO stations, government center, and some wonderful neighborhoods.

Shirley.  That house is quite semilar to thousands of split levels in Rockville.

Sep 30, 2008 05:29 AM
Ken Montville
RE/MAX United Real Estate - College Park, MD
The MD Suburbs of DC

Lenn -- Thanks for the clarification.

Sep 30, 2008 07:53 AM
Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Lenn,  What percentage of 7.6% difference is seller subsidies in MD?  I assume there is little or no difference between MD and VA with DC being a possible exception,  Karen

Sep 30, 2008 10:38 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Karen.

Much more seller subsidy in MD.  Very high closing costs because of high transfer and recordation taxes. 

Oct 02, 2008 01:29 AM