Market Report on Chevy Chase Condos by Lise Howe,Bethesda Condo Queen

By
Real Estate Agent with Keller Williams Capital Properties DC AB15253
https://activerain.com/droplet/5mBQ

If you are a Chevy Chase condo homeowner or a buyer interested in moving into a condo in Chevy Chase, you probably have lots of questions about the real estate market.  What do you need to know in order to make an informed decision about when (or even if) to buy and sell a condo in Chey Chase MD?

At the end of February 2020, there are lots of choices in the Chevy Chase market. 

Here’s a snapshot of recent activity in the Chevy Chase condo market.

Inventory:

  •           13 condos sold in February 2020 as compared to 10 in January 2020 and 7 in February 2019.  The five year average for February is 12.
  •           There were 27 new listings in the month of February, which was a 107.7% increase from 13 in January and a 68.8% increase from Feburary 2019.  The five year average for February is 22.  This increase in inventory suggests that sellers are gaining confidence that they can find their new home - and that they think the sales prices are attractive!
  • There were 38 condos on the market at the end of February - a healthy increase over Januarys's figure of 25 but down from February 2019 which was 46, similar to the 5 year average of 45.
  •       There were 12 new pending sales in February,  and increase of 20% over January.  The five year average of new pending condo sales in Chevy Chase in February is 14.

Click here to view currently listed condos in Chevy Chase

Prices:

  •          The median sale price in February  for a Chevy Chase condo is $500,000, which represents an increase of 5.7% from February’s level of $473,250 and a 2% increase over the previous year’s median sale price in February of $490,000.  However, the February 5 year average sale price was $460,000.

    Days on Market:

    The average number of days on market in February 2020 was 50 days for a condo to go under contract as compared to January 2020's 67 days and February 2019's 47 days.
  • WHAT DOES THIS MEAN FOR BUYERS AND SELLERS?
  • This market activity resulted in a contract ratio of .34 properties under contract per active listing.  This is an decrease from .56 in January 2020 and .37 in February 2019.  The contract ratio is also 3 percent lower than the February 5 year average of .35.  A lower contract ratio signifies a relative decrease contract activity relative to the supply of active listings and indicates that the market is moving in the buyer's favor.

     

    Please click here to see all the condo and coop properties for sale in Chevy Chase. Want more space? Just click here for all the single family homes and townhouses.

     

    To learn more about the real estate market in Bethesda, MD, please contact us at 240-401-5577 or email us at Lise@lisehowe.com.   

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Tags:
chevy chase condos for sale
lise howe realtor
bethesda condo queen
chevy chase condo market report
chevy chase market report february 2020

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,365,160
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I am soooo jealous, Lise... you have inventory! Lucky you. Hopefully this augers well for your spring market.

Mar 15, 2020 09:34 AM #1
Rainmaker
2,946,414
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Lise Howe very valuable market report on good neighborhood Chevy Chase condos. Buyers and sellers should contact you for the best representation.

Mar 15, 2020 09:51 AM #2
Rainmaker
97,576
Joseph Doohan
Joseph Doohan - Las Vegas, NV
I offer business strategy advice for realtors

Thanks for sharing this information on your local market, great information. I hope you have a great day ahead.

Mar 15, 2020 09:52 AM #3
Rainmaker
2,083,179
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Lise Howe  - anything you want to know about condos in Chevy Chase call the Condo Queen.

Mar 15, 2020 11:58 AM #4
Rainmaker
3,099,147
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Lise.

Haven't heard from you in a long time.  I chalk it up to you being busy.

Mar 16, 2020 01:28 AM #5
Rainmaker
2,790,142
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

For all of the information that I need about Chevy Chase Condos, I listen to the Bethesda Condo Queen and you should too!

Mar 16, 2020 06:28 AM #6
Rainmaker
3,343,440
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Lise,  Glad to hear what your condo market is doing and sharing it with us here in the rain.

 

Mar 16, 2020 07:44 AM #7
Rainer
560,147
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update Lise, all the best to you as you get many of these properties listed and sold.

Sally

 

Mar 16, 2020 10:27 PM #8
Rainmaker
5,672,898
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

Mar 19, 2020 08:05 AM #9
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,772,866

Lise Howe

Assoc. Broker in DC, MD, VA and attorney in DC
Ask me a question
*
*
*
*
Spam prevention

Additional Information