Since we are talking about Gaithersburg, I’d like to start out by reminding everyone that the Montgomery County Agricultural Fair starts on Friday August 13th and runs for ten days. This is one event that everyone loves to attend!
OK, Let’s get on to the statistics for Gaithersburg.
- Homes for sale: 891 (up from 878 in June and up from May’s 867, down from 907 in April and down from 907 one year ago)
- Homes Sold: 160 (down from 205 in June, down from 210 sales one year ago)
- Average sold price: $331,238 (up from $329,155 in June, up from $301,689 one year ago)
- Average days on market: 43 (very stable throughout 2010 but down from 113 days from one year ago)
Inventory is pretty stable, the number of sales per month is down but the time it takes to sell is still falling. These stats say that the market is increasing in strength. But I think that new contracts being written may be slowing some so we may be going into a leveling or small decline in the near term. This is to be expected after such a great rise in prices over the past 18 months.
Commentary and analysis provided by David Hess, Executive Vice President.