Supply:
The number of single family homes available for sale in Bethesda, MD 20816 is 32
Demand:
- There have been 129 single family homes sold in Bethesda, MD 20816 this year to date
- Compared to 158 in 2006 to date, this is a decline in demand of 18%
- Days on market are 51 which is an increase of 44% from last year
- Days on market in 2006 were 35
- Days on market in 2005 were 22
- Days on market in 2004 were 32
Sales:
- The total number of home sales as of today for 2007 is 129
- The total number of home sales in 2006 was 206
- The total number of home sales in 2005 was 208
- The total number of home sales in 2004 was 234
Prices:
- Median Sold Price has increased throughout 2007
- This represents a 10% increase in the Median Sold Price to date as compared to 2006.
- This figure has ranged from a high of $1,187,500 in January to a low of $855,000 in August
- The Median Sold Price for all Bethesda, MD homes in 20816 in 2007 as of today is $950,000
- The Median Sold Price for all Bethesda, MD homes in 20816 homes in the 3rd quarter is $925,000
- The Median Sold Price for all Bethesda, MD homes in 20816 homes in the 2nd quarter is $950,000
- The Median Sold Price for all Bethesda, MD homes in 20816 homes in the 1st quarter is $955,000
- The Median Sold Price for all Bethesda, MD homes in 20816 homes in 2006 was $862,500
- The Median Sold Price for all Bethesda, MD homes in 20816 homes in 2005 was $870,500
- The Median Sold Price for all Bethesda, MD homes in 20816 homes in 2004 was $763,500
Under Contract:
- There are currently 28 homes under contract
- The median price is $1,097,000
- Average days on market was 66.
- At current market performance rates, it will take 4.3 months to sell all of the homes that are on the market now.
How to Calculate the Absorption Rate:
- 13 homes have listed in the last 30 days. 3 have gone under contract
13/3 = 4.3
It should take 4.3 months to clear the existing inventory
What it all Means to You:
- Prices are up by a median of 10% because so many older properties have been replaced with homes over $1M. There have been 24 sales of homes over $1.4M this year, including six over $2M
- Overall demand is down by 18% which means fewer homes have sold this year and the total sales volume is down
- There are many excellent opportunities to buy but this zip code is increasingly expensive to live in
- Properties that are priced under $1M that are well priced and in very good condition still sell quickly for close to their asking price
- On average sellers are getting 97% of their list price so offers that are much lower than that are not as likely to get accepted on property that is in good condition
November 3, 2007
For more information please email me at josette.skilling@longandfoster.com or visit my website at www.josetteskilling.com
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)
