MARKET REPORT: LUXURY HOMES IN POTOMAC, BETHESDA AND CHEVY CHASE, MD

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Real Estate Agent with Washington Fine Properties - Washington DC Area Real Estate

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

http://www.freedigitalphotos.net/images/view_photog.php?photogid=851Bethesda 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.

 

Posted by

The Schuman Team at Washington Fine Properties

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Show All Comments
Rainmaker
302,174
Dan and Amy Schuman
Howard Hanna Real Estate Services - Solon, OH
Luxury Home Specialists

Betsy, this is a great report, well done. I think it really shows that sellers need to be priced right because there is so much competition. I love the photos in your header as well, it makes me miss living in DC.

Mar 02, 2010 12:29 AM #1
Rainmaker
249,621
Scott Guay
Berkshire Hathaway Home Services PenFed Realty - Ocean Pines, MD
Associate Broker. Ocean City and Ocean Pines MD

Pricing is still key to getting a home sold.  Until pending listings start to exceed New listings inventory will remain high and put pressure on pricing. We need a strong spring market to get inventory levels down.

Mar 02, 2010 12:33 AM #2
Rainer
3,770
APRIL BAILEY
RE/MAX 1ST OLYMPIC - Lynchburg, VA

Betsy I've been an AR "member" for a while but have not capitalized on it.  Your market report caught my eye.  I'd like to do the same thing for my market---Lynchburg, Virginia and Amherst, Virginia.   I want to create a header for my page as well.  I think it's time to get focused and make this venue work for me!!

Mar 10, 2010 10:57 PM #3
Rainer
287,542
Mark Montross
Catamount Realty Group - Burlington, VT
Listing and Buyer Specialist

I am with April. This is something I have been thinking of doing. Thank you for showing us a good format.

Mar 10, 2010 11:00 PM #4
Rainer
174,677
Betsy Schuman Dodek
Washington Fine Properties - Washington DC Area Real Estate - Potomac, MD
SearchPotomacHomes.com

Thanks everyone for your thoughtful comments. I am going to do this at the end of every month :)

Mar 11, 2010 12:02 AM #5
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Rainer
174,677

Betsy Schuman Dodek

SearchPotomacHomes.com
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