The Chevy Chase real estate market saw a higher average sale price but fewer homes sold for August 2011 compared to last year at this time. The number of days it took to sell a home is also down a bit from last year, and home sellers are getting a higher percentage of their asking price.
What Has Sold?
In August, 21 single-family homes and 10 condos were sold and there were no town homes sold. There were no short sales or foreclosures in the 20815 zip code. The neighborhoods with the most homes sold were in Chevy Chase, Kenwood and The Willoughby (a high-rise condominium).
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What Is Happening With Home Prices?
The average condo sales price in August was $574,700, and has remained about the same over the last few months except for one. Single-family home prices rose from July to August (see chart in illustration). The average single-family sold for $1,270,667. A change in the average sales price for one month is not necessarily an indication of a trend; it could just indicate that more homes were sold in a more or less expensive neighborhood of Chevy Chase.
The most expensive home sold in August was an Arts and Crafts style home with a pool in Chevy Chase Section 3 for $3,250,000.
You can see more details about home sales in our report on Chevy Chase Property Values.
Are Sellers Getting Their Asking Prices in Chevy Chase?
The chart in the illustration shows this year's trend for the proportion of original listing price a home seller is getting when he or she sells. This takes into account price reductions. This month's overall overage is 95.4 percent, which is very good considering last year's average of 95.1 percent and the overall county average that is 94.4 percent.
How Long Is it Taking to Sell a Home?
The average number of days it took a home to sell in August was 46, compared to last year’s 60 days on market, so that is good news. The overall county average last month was 69. You can see more market statistics in our Chevy Chase Real Estate Market Trends Report.
Who is Buying?
Cash buyers in 20815 (often investors) in August represented 22.5 percent of sales. Overall in Montgomery County, cash buyers made up 17.9 percent of home sales, so Chevy Chase 20815 is attracting cash buyers at a higher rate than the rest of Montgomery County.
Call Bob Myers of Re/Max Realty Services at 301-910-9910 if you have any questions about the value of your home or the real estate market.