This report covers the time period of September 1 - September 30 - 2007 and is for single family homes only in Silver Spring, MD 20901 (part of Montgomery County)
20901 in Silver Spring encompasses the neighborhoods from Dumont Oaks to Highland View. It's a broad geographical zip code, covering homes both inside and outside the Beltway. If your home falls in this zip code and you plan to sell I'm happy to help you understand what it will take to get your home sold in this market. Each locale is still unique since all real estate is local and some neighborhoods fare better than others in the same market.
What does it mean?
On average, the homes in this zip code only got 93.35% of their asking price and it took 57 days to get there. Condition is undoubtably one of the largest factors in the homes that were able to command more of their asking price. Pricing at or under the closest comparable is also imperative to get a contract faster and for more of your asking price. With flat or declining appreciation, it is unwise to price your home above the active competition, since inventory continues to rise without enough of it going under contract in any given month to clear what is there. In September alone, 45 new listings came on and 3 went under contract during the month - a 15 month supply of homes if they continue at the same rate! This is called the absorption rate: active/contract=supply of homes in months.
What does it mean?
Only 3 of these homes went under contract in September and the rest had gone under contract at a date earlier than this month.
What does it mean?
The homes that sold on average sold for $425,742. When these homes were withdrawn they were almost $50,000 above what the average selling price was, and they were even higher when they started! As a result they were on the market 119 days on average and then withdrew their listings or they expired.
This data was pulled from the MRIS system on October 2, 2007
All data courtesy of:
Josette Skilling, Realtor
Long & Foster Real Estate, Inc.
4733 Bethesda Avenue
Bethesda, MD 20814
301-385-9213 (cell)
240-497-1700 (office)
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