How's the Real Estate Market in 20817?
The Bethesda real estate market in zip code 20817 in September 2011 saw a drop in the average sold price by 30% compared to last year, which can be attributed to the high end price range of $900K and higher. The average days on market are less than last year and sellers are getting about the same for what they are asking - 92.9% of the list price vs. 92.6% of last year's average list price.
What Has Sold?
In September, 20 single family homes and 3 condos were sold; there were no town homes sold. There was 1 short sale and no foreclosures in the 20817 zip code, making distressed sales 4.34%. The neighborhood with the most homes sold was Wyngate.
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What Is Happening with Home Prices?
The average condo sales price dropped a bit in September from August to $183,333 - based on three sales. Average single family home prices also dipped from August to September to $919,273 (see chart in illustration or visit our Bethesda Real Estate website for interactive charts). 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 Bethesda.
The most expensive home sold was a newly built arts and crafts style home in Alta Vista Terrace for $1,355,000.
You can see more details about home sales in our report on Bethesda Property Values.
Are Sellers Getting Their Asking Price in Bethesda's 20817?
The second chart in the illustration shows this year's trend for the proportion of original listing price a home seller is getting when they sell. This takes into account price reductions. This month's overall average is 92.9%, compared to last year's average of 92.6% and the overall county average that is 93.9%.
How Long Is it Taking to Sell a Home?
The average number of days it took a home to sell in September was 76, as compared to last year's 96 days. The overall county average was 77. You can see more market statistics in our Bethesda Real Estate Market Trends Report
Who is Buying?
Cash buyers in 20817 (often investors) in September represented 13% of sales. Overall in Montgomery County, cash buyers made up 16.79% of home sales.
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.
Thomas Morgan
8:53 am on Friday, November 11, 2011
Thanks for the update. I think that sellers see prices as rising as an opportunity to list at higher prices, right? The data seem to show that there is more of an equilibrium.
dan
3:48 pm on Friday, November 11, 2011
Well, actually home sale prices for Bethesda are down YTD. However, home prices tend to peak during peak selling season (e.g. spring). Take a look at these graphs (http://dankrell.com/realestate/2011/11/bethesda-home-sale-trends) which indicate a seasonal trend, (yes, it appears that home prices are about 5% lower compared to January for Bethesda single family homes). What we're seeing is that the spring selling season is shortened and more intense than what we have seen in many years.
Thomas Morgan
4:33 pm on Friday, November 11, 2011
Thanks, Dan. What's the feeling about the fall/winter? How about opportunities for investors, if this isn't the bottom?
dan
4:56 pm on Friday, November 11, 2011
If only I had Crystal Ball..."Bottom" doesn't seem to be a tangible absolute- at least for now. The consensus seems to be that "hyper-local" (http://dankrell.com/blog/2010/02/16/hyper-local-real-estate-understanding-your-homes-value) is so much more important these days. As for investors- Sure there are lots of deals to be found, the question will be, "what will be your ROI?"