In the current housing market, we are living in the “hangover” of the various government stimulus programs. Just like the “Cash for Clunkers” stimulus in the car business, these programs have distorted and changed the timing of the housing demand. This has lead to below normal results as the market returns to equilibrium. No more stimulus please!
Here are the market statistics for Silver Spring, Maryland:
- Homes for sale: 1,402 (up from 1,364 in June and up from 1,276 one year ago)
- Homes Sold: 170 (down from the stimulus induced 288 last month, and down from last year’s stimulus induced 272)
- Average sold price: $353,433 (down from $364,427 last month, and up from $343,655 one year ago)
- Average days on market: 64 (pretty stable most of this year but down from 99 days one year ago)
While the weather is still warm, hop in the car or take Metro to the Silver Spring and spend a relaxing evening enjoying the many shops and various ethnic restaurants – including African, Burmese, Ethiopian, Italian, Mexican, Jamaican to name a few – in the newly revitalized City Place. You might even dip your feet in the fountain to cool off! There are many weekends that you can enjoy music, dance and sample new foods at one of the ethnic festivals held in the area. Hope to see you there!
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