Bethesda Real Estate - Newsletter updates

By
Real Estate Agent with Keller Williams Capital Properties

"Study the past if you would define the future" 
Confucius
 


As we head into the holiday season and the end of the year there is much uncertainty in our real estate markets.  In Montgomery County we tend to fare better than the national market but it's critical to remember that all real estate is local!    While California, Nevada, Florida and Arizona are all suffering heavy foreclosure losses, the cause of their distress is unlike states like Michigan or Ohio where they have massive job losses to contend with.  Speculative behaviour led to unrealistic increases in pricing, not in line with real wages.  And of course greed led to fraud in many segments of the market.  Cheap money fueled it all...  

That's where the wise Confucius comes in...  it was never a good idea for any buyer to get something for nothing!  But they fed into the frenzy of getting homes at any cost and then those same buyers slammed their collective feet down and said "no more"  right about August of 2005.  Leading to our current stats...   Our Montgomery County inventory levels are still significantly higher than in years past:

  • Single family homes - 2691 active
  • Townhomes - 1358 active
  • Condos - 1105 active

The telling part of the story is in the drop in volume sold of almost 35% from October of last year.  And we are down 36% in units sold from this time last year.   

  • But on the flip side, 633 homes sold for a total volume of $330,144,162.  Their average sold price was up around 2% and their median down around 3%.  That average selling price was at $521,555!  That's the average for the whole county.   So homes are still selling.  They are not all in foreclosure (next month's topic by the way...).  And they take a bit longer to get sold with less of the list price commanded.  About 92%. 

As sellers you need to be completely realistic about the market and pricing.  It means condition is KING and it means realistic expectations about what buyers are asking for and getting.  As buyers it means you have more choice but  in prime areas if the home is priced well and in good condition it's gone quickly with a great deal of interest.  Time and again I've seen buyers lose the home they really wanted because they didn't fully understand that all real estate is local.  It's about the micromarkets!  If you know those trends as a buyer or a seller then you are equipped with enough information to make a good decision.   Sure makes the rest of the process a whole lot easier...

This information went out in my monthly newsletter.  If you'd like to get it fresh email me and I'll be glad to add your contact info!

 

 

Information Source: MRIS - Information is deemed reliable but not guaranteed.

For more information about real estate sales in Bethesda, MD 20816 please email me at josette.skilling@longandfoster.com or visit my website at Bethesda Real Estate

All data courtesy of:
 Bethesda Real Estate
Long & Foster Real Estate, Inc.
4733 Bethesda Avenue
Bethesda, MD 20814
301-385-9213 (cell)
240-497-1700 (office)

  Bethesda Real Estate

Disclaimer: The opinions expressed by The Activerain Network and its members and those providing comments are theirs alone, and do not reflect the opinions of Josette Skilling or Long & Foster Real Estate, IncJosette Skilling and Long & Foster Real Estate, Inc. are not responsible for the accuracy nor the content provided by the community.

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If you are looking to buy or sell a home here or in one of the other lovely surrounding Bethesda real estate communities, please start your search by calling me, a Bethesda Realtor. 

Search here for all Bethesda homes for sale

 

Serving the Greater Bethesda real estate, Chevy Chase, Potomac, Kensington area communities and other surrounding areas.

I'm available to help you!

Josette Skilling

Associate Broker & Co-Founder

Urban Tree Properties, Keller Williams Capital Properties
7801 Woodmont Avenue
Bethesda, MD 20814
Cell: 301-385-9213
Office: 202-780-7570

Email: josette@urbantreeproperties.com
Urban Tree Properties

Copyright © 2015 by Josette Skilling

Bethesda Real Estate

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Rainer
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Adam Affleck
Remax Charlottetown Realty - Charlottetown, PE

Great info and very informative, thanks

Adam

www.atlanticrealtysolutions.com

www.adamaffleck.com

 

Dec 05, 2007 03:56 AM #1
Rainmaker
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Josette Skilling
Keller Williams Capital Properties - Bethesda, MD
Adam, thanks for stopping by.
Dec 05, 2007 03:58 AM #2
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