Bethesda MD Januray Market Review

I am sure that everyone read the USA Today report stating the January 2008 was the worst month in the last ten years for Real Estate.

So lets take a look at the Bethesda, Kensington market and see how it did in Jan '08

Zip Code 20814
2008/2007 % Change
Total Sold Dollar Volume: - 42.77 %
Average Sold Price: - 9.64 %
Median Sold Price: - 25.38 %
Total Units Sold: - 36.67 %
Average Days on Market: - 7.14 %
Average List Price for Solds: - 5.62 %

Summary: The volume of homes sold was way down over 2007, but the average price wasn't off as bad as one would expect.

The bright side: Days on market is less then it was in 07, so things are moving faster.

Zip code: 20816
2008/2007 % change
Total Sold Dollar Volume: - 60.47 %
Average Sold Price: - 20.94 %
Median Sold Price: - 20.37 %
Total Units Sold: - 50.00 %
Average Days on Market: 30.43 %
Average List Price for Solds: $- 18.83 %

Summary: Less volume, lower prices

The bright side: this data is based off of 7 transactions, 2007 there were only 14.

Zip code: 20817

2008/2007 %change
Total Sold Dollar Volume: - 34.69 %
Average Sold Price: 7.76 %
Median Sold Price: 12.14 %
Total Units Sold: - 39.39 %
Average Days on Market: 79.71 %
Average List Price for Solds: 12.73

Summary: Prices are up, median prices are way up and list prices are up, we are seeing a drop in volume, and days on market are longer in 08.

Bright side: PRICES are up! This zipe code saw a 7% increase yr/yr in a declining market!

Zip code 20895
Total Sold Dollar Volume: - 57.41 %
Average Sold Price: - 6.30 %
Median Sold Price: - 2.01 %
Total Units Sold: - 54.55 %
Average Days on Market: 26.74 %
Average List Price for Solds: - 7.58 %

Summary: The Kensington market is about half off, once again we are basing these reports on 10 transactions.

Bright side: December was so strong, In Decmeber the numbers were:

Zip code: 20895
Total Sold Dollar Volume: 19.00 %
Average Sold Price: 19.00 %
Median Sold Price: 19.15 %
Total Units Sold: 0.00 %
Average Days on Market: - 38.46 %
Average List Price for Solds: 21.60 %

The real story will unfold in the next 30 days as the Febraury numbers are released. It is true that there are areas of our market that are trending down, but there was some great strengths in the close in neighborhoods. I want to say that the lack of tranactions makes the sample size to small to really get a good feel for the market.

Stay tuned, more will come!

-Matt