North Potomac, MD Market Report – 8/17/11

17 Aug
August 17, 2011

The editors of Money Magazine have rated North Potomac #3 on the Best Places to Live list.  WOW!

1. Holmdel, NJ
2. Southborough, MA
3. North Potomac, Maryland

Population: 24,909
Median family income (per year): $147,594

North Potomac was created in 1988 from the cities of Gaithersburg, Potomac and Rockville and lies parallel to the Potomac River.  Now we all know why Money Magazine rated North Potomac #3, with a Median Family Income of $147,594 per year – we have no doubt.

I would say that it is North Potomac’s, proximity to Washington D.C. and Nationally Recognized Schools that also make it one of the most desirable places to live.

Here is a snap shot of North Potomac’s Real Estate Market for last month:

July 2011 Real Estate Market Statistics for  20878 North Potomac, MD

2011 vs. 2010 Jul ‘11 vs. Jul ‘10
Total Sold Dollar Volume $27,637,952 -26.11% -31.24%
Closed Sales 57 -24% -29.63%
Median Sold Price $460,000 0% +0.02%
Avg Sold Price $484,876 -2.78% -2.29%
Avg Days on Market 50 days +51.52% +11.11%
Avg Sold to Orig List Ratio 95.93% -1.77% -0.65%

Taking a quick glance at these stats – it isn’t as bad as the national news is saying, but it sure doesn’t look fabulous.

No one wants to see the percentage of Total Sold Dollar Volume go negative (-31.24% in this case) or the Average Days on Market Increase (+11.11%).

It is true that this economic down turn has affected even the best of areas.  BUT the information that this table fails to mention is that New Pending Sales (under Contract) are up +1.82% over this time last year, the Detached (single-family homes) Average Sold Price is up to $700,140 from $691,856.

Although this small increase is only +1.20%, I see it coupled with the minimal difference in Sold Price vs, List Price of -0.65%,

Is this a possible sign that this Real Estate Market is improving?  I like to think so.  Although it could be argued that Sellers are just pricing their homes more in line with the market?  Only time will tell.

Market data and commentary provided by Kathy Fleskes & Serena Toro, Rockville Regional Office.

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

 

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