Silver Spring, MD Market Report – 3/11/10

11 Mar
March 11, 2010

When we factor in the two records snowfalls in February, it is amazing that anyone sold anything! Effectively a 28 day month got reduced to about ten decent selling days, but motivation is high among buyers presently in the marketplace. They see the price gains of those who bought over the previous 15 months and they realize that the down cycle in real estate has reversed and the next up cycle has begun. Increasing consumer confidence in the DC area, low interest rates, and warmer weather is feeding more urgency into the marketplace.

Here are the market statistics for Silver Spring, Maryland:

  • Homes for sale: 1,085 (about the same as last month, but down from 1,456 one year ago)
  • Closed sales: 121 (down from 144 in January, but up from 86 a year ago)
  • Average sold price: $334,529 (up from $317,926 last month, and up from 330,453 one year ago)
  • Average days on market: 88 (down from 132 last month and down from 145 one year ago)

Areas with Silver Spring addresses comprise most of the eastern side of Montgomery County, Maryland. Silver Spring is served by four Metro stations: Glenmont, Wheaton, Forest Glen and Silver Spring.

Housing stock in Silver Spring is every size, style, age and lot size imaginable due to the large expanse that Silver Spring covers. From one bedroom starter condos to multi-million dollar mansions, there is something for everyone.

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

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

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