I’ve been tracking real estate trends in Bethesda/Chevy Chase/Northwest, DC for many years (specifically zip codes 20814, 20815, 20816, 20817, 20015 and 20016) and in 2012 the word we keep hearing is "recovery". It's certainly true of our close in DC market. Our market has returned to roughly 95% of pre-crash levels, while much of the country still flounders.
- In 2007 2,153 homes sold with an average price of $918,074
- In 2008 1,796 homes sold with an average price of $870,833
- In 2009 1,951 homes sold with an average price of $819,145
- In 2010 1,978 homes sold with an average price of $834,749
- In 2011 1,964 homes sold with an average price of $839,263
- In 2012 2,091 homes sold with an average price of $848,264
Foreclosure and short sale activity is up from last year with a total of 48 transactions in 2012. There were 22 bank sales in 2008; 75 in 2009; 91 in 2010; and 30 in 2011.
Sellers in these zip codes received between 94.6% -97% of their original asking price which is an improvement over 2011 (93.1% - 96.8%) The number of days on market has improved, with the average sale taking 65.7 days.
We seen a spate of multiple bids recently, with inventory levels at all time lows. With mortgage rates holding steady at just under 4%, home-ownership is rather compelling. There are a lot of would-be buyers competing for the same plot of land. Buyers- it's time to update those pre-approval letters and be prepared to drop some contingencies. It's brutal out there.
I've been working with buyers and sellers for the past 14 years. If you care to learn more about the Bethesda/Chevy Chase/DC market, please let me know.