Silver Spring, MD Market Report – 5/1/12

01 May
May 1, 2012

In the past 90 days, the Rockville office of Avery-Hess, Realtors has closed one sale, has 3 properties under contract and has two active listings in Silver Spring.

Houses in Montgomery County, which includes Silver Spring, are on the market an average of 94 days.   The average sale price is $391,552, but with the spring market heating up we expect to see those prices increase.  The biggest issue in this area is the lack of inventory for buyers and we are hopeful that we will see more houses on the market as the weather warms up.

March 2012 Real Estate Market Statistics for 20902 Silver Spring, MD

Statistic Values YoY MoM
Total Sold Dollar Volume $13,507,750 +24.44% +57.03%
Closed Sales 44 +18.92% +62.96%
Median Sold Price $315,000 +3.79% -0.21%
Avg Sold Price $306,994 +4.64% -3.64%
Avg Days on Market 90 days +20% -9.09%
Avg Sold to Orig List Ratio 95.41% +3.12% +4.25%

 

March 2012 Real Estate Market Statistics for 20906 Silver Spring, MD

Statistic Values YoY MoM
Total Sold Dollar Volume $12,217,300 -17.5% +27%
Closed Sales 58 -12.12% 0%
Median Sold Price $207,500 -2.35% +50.91%
Avg Sold Price $210,643 -6.12% +27%
Avg Days on Market 99 days -38.89% -1%
Avg Sold to Orig List Ratio 90.99% +1.51% -1.39%

The opening of the new ICC makes travel from the Silver Spring area to Prince George’s County and the Laurel area as well as west to Frederick much faster and easier.

A number of new communities are being built in Silver Spring, including a very large townhouse and single family development on the grounds of the former Indian Spring Country Club.  Access to Metro and public transportation as well as major highways makes Silver Spring a most desirable area with its easy access to downtown Washington as well as Baltimore.

With the arrival of warm weather the many parks and playgrounds in and around Silver Spring will be filled with children of all ages.

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

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

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