Potomac, MD Market Report – 1/2/13

02 Jan
January 2, 2013

Potomac is named for its proximity to the Potomac River and is about 15 miles northwest of Washington, D.C.   It is often known for its affluence and highly educated residents.  It has been named as one of the most affluent and well-educated towns in the United States.   Residents of Potomac tend to be both water-lovers and horse owners.

The National Park at Great Falls on the Maryland side of the Potomac offers all forms of recreation.

Potomac real estate includes some of the wealthiest neighborhoods in the nation including Falconhurst, Palatine and the golf community of Avenel.  The most affluent homes are found in and around Potomac Village which is located at the intersection of River Road and Falls Road.  Potomac Village is the local shopping area with upscale shops and restaurants.  However, all Potomac real estate is considered desirable and large million-dollar single-family homes are the norm.

Looking at the statistics for the 20854 zip code in Potomac, Maryland, the news is all good.

November 2012 Real Estate Market Statistics for: 20854 Potomac, MD

Statistic

Values

YoY

MoM

Total Sold Dollar Volume

$39,631,920

+17.18%

+7.6%

Closed Sales

45

+21.62%

+12.5%

Median Sold Price

$845,000

+10.46%

+11.55%

Avg Sold Price

$880,709

-3.65%

-4.35%

Avg Days on Market

86 days

-3.37%

+1.18%

Avg Sold to Orig List Ratio

95.28%

+0.43%

+0.51%

From the numbers above you can see there are positive changes in most categories.  Median Sold Price is up +10.46% over November of last year and up +11.55% over October of this year.  $845,000 for a Median Sold Price and $880,000 the Average Sold Price makes those home owners in the Potomac area, smile.  Not only are sale prices slightly increasing but the number of Closed Sales are up +21.62% over this same time last year.

The number of new listings is down and the number of new under contracts is up – it is very clear that we have lots of buyers and very little inventory.  Hence the prices will continue to creep up.  With interest rates remaining at historic lows I anticipate a very active spring in 2013.  If you are in the Potomac area and thinking about selling your home the time to call an Avery-Hess agent today to learn about your options!

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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