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
Number of Bedrooms
|Active Listings||Time on Market|
|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|
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 & Associates
Associate Broker, RE/MAX Realty Group
6 Montgomery Village Avenue, Suite 200, Gaithersburg, MD 20879 USA
Client Assistance: 301-670-8996
Email: firstname.lastname@example.org Main Office: 301-258-7757 x 569
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.