How’s the Potomac Real Estate Market in 20854?
The Potomac real estate market in zip code 20854 saw the following changes in the first quarter of 2012 compared to last year at this time:
- average sold price went down by 3.44% in January, down by 13.61% in February and in March, again down 26.92%
- average days on market are lower in January – from 91 to 83 days, lower in February – from 130 to 78 days, and higher in December – from 125 to 149 days to get a home sold
- sellers were getting more of what they were asking – 95.5% vs. 90.4% in January, more in November – 94.4% of the list price vs. 88.3%, and the same in March as that of last year’s average of 92.6%
- market activity is summarized in the following chart:
What Has Sold?
In January, 12 single family, 4 townhomes and no condos sold. There were no short sales and 1 foreclosure. In February, 17 single family, 5 townhomes and 0 condos sold. There were 3 short sales and 1 foreclosure in the 20854 zip code. In March, 28 single family, 8 townhomes and 2 condos sold. There was 1 foreclosure and 2 short sales.
The Potomac neighborhoods with the most activity were Avenel, Fawsett Farms Manor, Inverness Knolls and Potomac Outside.
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What Is Happening with Home Prices in Potomac?
The average price of single family homes decreased slightly in January and February with an increase in December. Townhomes increased in January and dropped in February and March. Condo sales dropped in January and February with an increase 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 Potomac.
The most expensive home that sold in January was a colonial in Avenel $1.725M. The most expensive home that sold in February was a colonial in Potomac Manor for $1.950M. In March, the most expensive home sold was a custom built colonial in Falconhurs for $2.710M.
You can see more details about home sales in our report on Potomac Property Values.
Are Sellers Getting Their Asking Price in Potomac?
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 95.5%; February’s overall average was 94.4%, compared to last year’s average of 88.3%; March’s overall average was 92.6%, the same as 2011′s; and the overall county average that was 93.6% in March.
How Long Is it Taking to Sell a Home?
It took 83 days to sell a home in January, 78 days in February to sell a home in Potomac, and 149 days in March. The overall county average for the month of March was 90. You can see more market statistics in our Potomac Real Estate Market Trends Report.
Who is Buying?
There were 31.25% cash buyers (often investors) in Potomac for January; 18.18% cash buyers in February and 24.32% in March. Overall in Montgomery County, cash buyers made up 20.13% of home sales in March.
What is For Sale?
Click on the map below to start your Potomac home search, save your favorites, set up automatic emails, and receive alerts for properties that fit your criteria.
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.