Gaithersburg, MD Market Report 6/15/10

15 Jun
June 15, 2010

For the month of May, the average sales price in Gaithersburg got back onto its slow steady rise in average sale prices. Thus the average rose from $330,231 to $345,753. For the first time in a long time, prices in Gaithersburg are beating their one year ago comparisons.  Below you’ll find statistics as well as a full report for Gaithersburg, Maryland.

  • Homes for sale: 867 (down from 902 last month and down from 945 one year ago)
  • Homes Sold: 214 (very close to last month’s 211 and up from 156 one year ago)
  • Average sold price: $345,753 (up from $330,231 last month and up from $336,760 one year ago)
  • Average days on market: 43 (down from 48 last month and 115 days from one year ago)

What has made the big statistical change is the re-emergence of a trade up market. Existing property owners with equity are selling and buying more expensive houses. This has brought life to the market above $500,000 and the increase in sales at the higher price range is pulling up the average and median prices.

The drop in days on market says that the demand is real as buyers choose faster and faster.

Gaithersburg is a very diverse area with the charm of Old Town mixing with the newest type of planned community found in the development known as Kentlands with its condos, rental apartments, townhomes and large single family houses.  Walk among the streets of Kentlands and you will see the residents and visitors enjoying the restaurants, small shops, and movie theaters as well as the larger stores such as Kmart and Lowe’s.

Data, analysis, and commentary provided by David Hess, Executive Vice President.

Find your in Gaithersburg and all of Montgomery County: www.averyhess.com

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