We have just over a four month supply of houses to choose from based on the rate of sales in June. (517 divided by 128). Economists say that a six month supply is normal to have a balanced market. After the tax credit I expect sales activity will fall for a few months since the market “borrowed sales from the future.” This is similar to what happened in the car business after “cash for Clunkers.” Below are the statistics and analysis for the Germantown, MD market:
- Homes for sale: 517 (down just a smidge from 525 in May. Up from 491 one year ago)
- Homes sold: 128 (up from 113 in May and up from 110 one year ago)
- Average sales price: $281,345 (down from $291,860 in May 2010 and about the same $283,791 one year ago)
- Average days on market: 40 (up a bit from 33 last month, but still way under 93 days a year ago)
The increase in the “Trade Up” market, where existing homeowners have equity and want to buy a more expensive house is beginning and will also pull process up as more higher priced sales pulls up all of the averages.
South Germantown Recreational Park is a 736-acre park that includes hiking trails, picnic facilities, baseball and softball fields, a playground, archery range, golf driving range, two miniature golf courses, a splash playground, model boating lake, a tot lot, and an indoor aquatic center. The Germantown Park is the newest to be added in Montgomery County, Maryland. The Maryland SoccerPlex is used by teams throughout the area and includes 24 outdoor soccer fields.
Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.
Search for homes in Germantown, and all of the DC Metro: www.averyhess.com