How’s the Darnestown, Gaithersburg & North Potomac Real Estate Market in 20878?
The North Potomac/Gaithersburg real estate market in zip code 20878 saw the following changes in the first quarter of 2012, and compared to last year at this time:
- median sold price went up by 5% in January from December, then up by 5.3% in February and in March, sales prices barely dropped by .01%
- average days on market were higher – from 76 to 97 days to get a home sold in January, higher in February – from 83 to 117 days, and again higher in March, from 88 to 112 days
- sellers were getting less of what they were asking in January (92.8% of the list price vs 94.7% of last year’s average), more of what they are asking in February (92.7% vs 89.4%) and in March, less again (93% vs 95.4% of last year’s average)
- market activity is summarized in the following chart:
What Has Sold?
In January, 21 single family, 21 townhomes and 8 condos sold. There were 8 short sales and 2 foreclosures, making up 20% of sales. In February, 16 single family, 18 townhomes and 4 condos sold. There were 5 short sales and 3 foreclosures, making distressed sales 21%. In March, 23 single family, 22 townhomes and 8 condos were sold, with 4 foreclosure and 2 short sales, making up 11.32% of the market in 20878.
The Gaitherburg/North Potomac neighborhoods with the most activity were Lakelands, Kentlands and Diamond Farm.
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What Is Happening with Home Prices in Darnestown, North Potomac and Gaithersburg?
The average price of single family homes decreased in January from December, but increased through March. Townhomes increased through February leveling off in March and condos saw a decline through February, but rose in March. (see chart – mouse over for details). 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 zip code 20878.
The most expensive home that sold in January was a traditional style home in Lakelands for $890K, in February a colonial for $850K and in March, again in Kentlands, a colonial for $825K.
You can see more details about home sales in our report on Gaithersburg Property Values.
Are Sellers Getting Their Asking Price in 20878 Cities of North Potomac and Gaithersburg?
The chart below (mouse over for details) shows the proportion of the original listing price a home seller is getting when they sell, taking into account price reductions. January’s overall average was 94.4%, compared to last January’s 94.5%; February’s overall average was 93.9%, compared to last year’s average of 91.1% and March’s overall average of 94.9% compared to last year’s 95.4%. The county average in March was 93.6% compared to last year’s 92.8%.
How Long Is it Taking to Sell a Home?
In January it took 75 days to sell a home in 20878, compared to 78 days last year; it took 98 days to sell a home in February, compared to 92 last February and in March, 80 days compared to 73 in 2011. The overall county average for the month of March was 90 days. You can see more market statistics in our Gaithersburg Real Estate Market Trends Report.
Who is Buying?
In January there were 16% cash buyers (often investors) in 20878. There were 14.28% cash buyers for February and 17.3% in March. Overall in Montgomery County, cash buyers made up 20.13% of home sales in March.
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.