MARKET REPORT: LUXURY HOMES IN POTOMAC, BETHESDA AND CHEVY CHASE, MD
January and February 2010 are behind us - so what can we learn? Well, after doing some initial research of the luxury home market over $1,000,000 in Potomac, Bethesda and Chevy Chase, MD, here's what I have come up with:
New Product is coming to the market and outpacing sales. Buyers were potentially deterred by the snow and are waiting for the Spring Market!
Potomac Market (20854)
-Detached SFH over $1,000,000 - 141 (listed between $1,075,000-$12,500,000)
-New listings since 1/1/10 - 31
-Under contract since 1/1/10 - 7
Take away - About 22%+ more inventory in January, February 2010 and only 5% went under contract
Bethesda Market (20814, 20816, 20817)
-Detached SFH over $1,000,000 - 84 (homes listed between $1,039,000-$10,750,000)
-New listings since 1/1/10 - 35
-Under contract since 1/1/10 - 12
Take away - 40%+ more inventory in the first 2 months of the year and 15%+ selling
Chevy Chase Market (20815)
-Detached SFH over $1,000,000 - 34 (listed between $1,095,000-$3,995,000)
-New listings since 1/1/10 - 17
-Under contract since 1/1/10 - 6
Take away - 50% jump in luxury inventory and almost 20% in sales
More than ever, Sellers in Potomac, Bethesda and Chevy Chase MD, need to align their sales efforts with the current market conditions. The more compelling the list price and the more renovated the home, the more likely that a buyer will step up today.
