GAITHERSBURG MD 20877 REAL ESTATE TREND INDICATOR

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Real Estate Agent with Realty Group Referrals 16766

GAITHERSBURG MD 20877 REAL ESTATE TREND INDICATOR

If you are planning to purchase or sell a home in ZIP CODE 20877, you will want to know the trends of the market. The following report is for March and the statistics are compared with the same month last year. During the month, there were 48 new listings and 45 went to pending new contracts. The sold dollar volume was up 23.65% from last year. There were 194 active listings of homes for sale in the zip code during the month. The number of homes sold was 22 from 14 last year. The average days on the market was 152 days from 86 days last year.  The average sale price was 87.34% of the average list price.  The median sold price was $204,950.  The market is still soft which means that it favors buyers.  Foreclosures and short sales listings still influence the area market.  Buyers are finding it more difficult to qualify for mortgage financing and the trend is to the use of FHA financing which has a minimum cash requirement of 3.5% of the purchase price.  FHA Streamlined 203(k) financing allows borrowers to include up to $35,000 of home improvements in the mortgage amount.  First time buyers have the benefit of the currently available $8,000 federal tax credit for purchases completed before the end of November.  The Housing Opportunities Commission (HOC) is offering 100% financing for qualified first time buyers. All prospective buyers are advised to obtain pre-approval for mortgage financing before submitting an offer. More investors are buying  because the prices on lender owned foreclosures are the lowest in several years.  

ZIP Code: 20877 Gaithersburg, MD
From: 03/01/2009 to 03/31/2009                Statistics generated on: 04/08/2009

  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 2 0 1 25 0 1 -30 Days 4
$100,000 - 149,999 1 0 0 1 0 11 19 0 31-60 Days 1
$150,000 - 199,999 0 3 2 2 0 22 11 0 61 - 90 Days 2
$200,000 - 249,999 0 1 1 0 0 15 3 0 91-120 Days 4
$250,000 - 299,999 0 3 0 0 0 19 1 0 Over 120 Days 11
$300,000 - 349,999 0 0 2 0 0 16 2 0 Total 22
$350,000 - 399,999 0 0 2 0 0 25 0 0  
$400,000 - 449,999 0 1 0 0 0 10 0 0 Type of Financing
of Units Sold
(No. of Units)
$450,000 - 499,999 0 0 1 0 0 8 0 0
$500,000 - 599,999 0 0 0 0 0 3 0 0 Conventional 4
$600,000 - 699,999 0 0 0 0 0 2 0 0 FHA 11
$700,000 - 799,999 0 0 0 0 0 1 0 0 VA 2
$800,000 - 899,999 0 0 0 0 0 0 0 0 Assumption 0
$900,000 - 999,999 0 0 0 0 0 0 0 0 Cash 5
$1,000,000 - 2,499,999 0 0 0 0 0 0 0 0 Owner Finance 0
$2,500,000 - 4,999,999 0 0 0 0 0 0 0 0 All Other 0
$5,000,000 & Over 0 0 0 0 0 0 0 0 Unreported 0
Totals 1 8 8 5 0 133 61 0 Total 22
Grand Totals 22 194    
    2009   2008   % Change
Total Sold Dollar Volume: $ 5,179,690 $ 4,188,874 23.65 %
Average Sold Price: $ 235,440 $ 299,205 - 21.31 %
Median Sold Price: $ 204,950 $ 290,000 - 29.33 %
Total Units Sold: 22 14 57.14 %
Average Days on Market: 152 86 76.74 %
Average List Price for Solds: $ 269,559 $ 347,029 - 22.32 %
Avg Sale Price as a
percentage of Avg List Price:
87.34 % 86.22 %  
Total NEW listings: 48
Total Properties Marked Contract: 22
Total Properties Marked Contingent Contract: 23
Total NEW pendings (Contracts + Contingents): 45

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2009 - Information deemed reliable, but is not guaranteed.

Please contact us with your questions on the residential real estate market.  

Your Real Estate Professional,  

Roy Kelley  

Roy Kelley & Associates

Associate Broker, RE/MAX Realty Group

6 Montgomery Village Avenue, Suite 200, Gaithersburg, MD 20879 USA  

Direct:  301-921-4569   

Client Assistance:  301-670-8996

Email: roykelley@mris.com  Main Office:  301-258-7757 x 569

Home Search Website: www.roykelley.com Blog:  http://activerain.com/blogs/roykelley  

Follow me on Twitter:  http://twitter.com/roykelley  

FIRST TIME HOME BUYER $8,000 TAX CREDIT:  www.federalhousingtaxcredit.com  

Newly increased FHA loan limits for Montgomery County and Frederick County:  $729,750.  New limit for FHA reverse mortgages:  $625,000.  

Local note:  Countrywide Home Loans at 6 Montgomery Village Avenue will change to Bank of America Home Loans on April 27. The staff available to assist borrowers will be the same.

Posted by

Roy and Dolores Kelley Photographs

Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

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