Gaithersburg, MD Market Report – 1/8/10

08 Jan
January 8, 2010
The latest market conditions in Gaithersburg, Maryland are as follows:
  • Homes for sale: 710
  • Closed sales: 182
  • Average sold price: $307,630
  • Average days on market: 64

The average sales price took a big dive from last month in large part because the majority of sales was comprised of lower priced properties. As a result, the average sales price dropped from $327,160 to $307,630. Common sense tells us that the market did not drop by 7% in one month. What we’re faced with here is a statistical anomaly that should smooth itself out over time.

In the meantime, almost any home priced under $350,000 in Gaithersburg is getting multiple contracts. The average days on market one year ago was 106 days, last month 63 days, and this month 64 days; the trend is unmistakable. It takes on average, about 65 days for a well-priced house in good condition to sell.

Gaithersburg is convenient to numerous major transportation routes and the Metrorail’s Shady Grove station. When the Inter County Connector is completed in a few years, Gaithersburg residents will be able to go directly East-West into Prince Georges County without having to go onto the interstates or wait at traffic lights as they cut across the county. Gaithersburg is well served by all major retailers and restaurant chains.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Gaithersburg, and all of the DC Metro: www.averyhess.com

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