How’s the Rockville Real Estate Market in 20850?
The Rockville real estate market in zip code 20850 saw the following changes in the first quarter of 2012 compared to last year at this time:
- January’s average sold price decreased 22.05%, February’s average sold price went down by 15.91% and March’s average sold price was 11.26% less
- average days on market to get a home sold in January was 77 days from 103, in February, 83 from 56 days and in March, days on market went from 57 to 77
- sellers were getting .49% less of what they were asking in January (93.2% of the list price vs 93.6% of last year’s average), less in February (95.1% vs 96.7%) and .43% more in March (95.9% vs 95.5%)
- market activity is summarized in the following chart:
What Has Sold?
In January, 8 single family, 8 town houses and 11 condos sold. There were 6 short sales and no foreclosures. In February, 7 single family, 5 townhomes and 7 condos sold. There was 1 short sale and 3 foreclosures. And in March, 12 single family, 20 townhomes and 3 condos sold, with 1 short sale and 1 foreclosure in the 20850 zip code.
The Rockville neighborhoods with the most activity were King Farm, Willows of Potomac, Rose Hill Falls and Americana Centre.
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What Is Happening with Home Prices in Rockville?
In January and February, single family home prices saw a decline, but came back up in March. In January, the average price of townhomes and condos decreased, rose in February and again, a slight decrease 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 Rockville.
The most expensive home that sold in January was a colonial style home in Willows of Potomac for $970K; In February it was a colonial townhome for $692,500 in Potomac Country Corner; and in March, the most expensive home sold was a colonial in Willows of Potomac for $1.101M.
You can see more details about home sales in our report on Rockville Property Values.
Are Sellers Getting Their Asking Price in Rockville?
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 91.1%, in February it was 91.4%, March’s was 95.9% compared to last year’s 95.5% and the overall county average in March was 93.6%.
How Long Is it Taking to Sell a Home?
In both January and February it took 104 days to sell a home, and in March it took 77 days to sell a home in Rockville, all relative to the time of year and last year’s comparisons. The overall county average for the month of March was 90. You can see more market statistics in our Rockville Real Estate Market Trends Report.
Who is Buying?
There were 23.07% cash buyers (often investors) in January, 11.11% cash buyers in February and 9.09% in March for Rockville. 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 Rockville 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.