Gaithersburg, MD Market Report 7/14/10

14 Jul
July 14, 2010

Talk about a See-Saw, the statistics for Gaithersburg could really confuse even a Real Estate Veteran. Fortunately, there is more to a market than statistics. So let’s jump into the stats first and then we will do some analysis. Below you’ll find statistics as well as analysis for Gaithersburg, Maryland.

  • Homes for sale: 878 (close to last month’s 867,  but down from 902 in April and down from 939 one year  ago)
  • Homes Sold: 214 (very close to May’s 214, April’s  211 and 207 sales one year ago)
  • Average sold price: $345,753 (down from $345,753  in May, similar to $330,231 in April and down from $363,547 one year  ago)
  • Average days on market: 46 (close to 43 days  in May, 48 in April and 102 days from one year ago)

Inventory is pretty stable to falling, number of sales per month is pretty stable and the time it takes to sell is falling. So is the market getting stronger or weaker? A year ago on average it was taking over 100 days to sell a house. In 2010 it takes just a little over a month. We are selling about the same number of units each month for the last year. So why the big swings in price? It is very much a function of the mix of what sells. If we sell more expensive homes it pulls the average up. If we sell a greater number of lower priced units it pulls the stats down.

The lower priced properties are selling like hot cakes. The trade up market while stronger than one year ago seems to ebb and flow and that affects the stats. The drop in days on market says that the demand is real as buyers choose faster and faster.

With summer comes fairs and carnivals and although Gaithersburg has developed into a large metropolitan area with upscale restaurants and stores, there is still a little bit of country as evidenced by the Montgomery County Agricultural Fair held at the fairgrounds in Gaithersburg every August.  Live animals compete for prizes along with fruits, vegetables, homemade baked goods and crafts.  Those along with the tractor pulls, the huge truck contests, musical entertainment, good food and the carnival rides draw huge crowds each year. This is an event you don’t want to miss!

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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