Montgomery County, MD 2/14/11

14 Feb
February 14, 2011

Montgomery County is Maryland’s most populous jurisdiction and its most affluent. The County is located adjacent to the nation’s capital, Washington, D.C., and includes 497 square miles of land area. The topography is rolling with small hills. Elevations range from 52 feet above sea level near the District Line to 850 feet in the northern portion of the County near Damascus.

The first segment of the long debated/long awaited Inter County Connector between 370 and Georgia Avenue in Olney will be opening on February 22.   The Olney area itself is undergoing big changes with new restaurants like Green Turtle, Five Guys, Chipolte and Panera either open or opening soon and the upscale grocery store Harris Teeter is set to open in the spring. This is one of THE places to live in the county!

The real estate market in the county is showing improvement over 2010, sales are up as are listings and the average sale price.  We are still seeing a fair amount of new construction throughout the county and the prices for these new homes are well within the reach of current buyers.

Looking at Montgomery County last month (January 2011) I see many positives.   If we compare January 2011 with January 2010 improvements can be seen.  With an Average Sold Price of $440,671, which is up +9.06% over this time last year and the number of homes Under Contract/Pending Sales up 14.05% to 1070, I see recovery ahead.

This is certainly relevant information. But if you’re trying to decide whether to buy a house, its value can seem limited.

Home prices have fallen a ton in the past few years. Does that mean real estate is a bargain now? I think it is.  Especially, if you are renting and living in Montgomery County rents just keep rising – while the cost of purchasing has gone down.  We are at the bottom folks.  The time to buy is NOW!

Market data and commentary provided by Kathy Fleskes, Managing Broker, Rockville Regional Office.

Search for homes in Montgomery County, and all of the DC Metro: www.averyhess.com

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