Rockville, MD Market Report – 3/18/13

18 Mar
March 18, 2013

Focusing in on the Rockville 20851 zip code shows a very tight market.  New Listings are down -35.7% from January 2013 but up +28.6% in comparison to February 2012.  For a total of 7 New Listings this February our increase is really not that significant and continues to be reflective of a Seller’s Market.

New Pending Contracts in February 2013 landed at 8.  This number is down

–57.9% from January of this year and also down in comparison to February 2012, another sign of our low inventory market.  Fewer listings mean fewer pending deals.

February 2013 Real Estate Market Statistics for 20851 Rockville, MD

Statistic

Values

YoY

MoM

Total Sold Dollar Volume

$2,666,499

+268.3%

-3.14%

Closed Sales

8

+166.67%

0%

Median Sold Price

$335,250

+36.84%

-0.67%

Avg Sold Price

$333,312

+38.11%

-3.14%

Avg Days on Market

18 days

-83.02%

+80%

Avg Sold to Orig List Ratio

101.54%

+4.49%

+1.74%

Although the number of Closed Sales is up +166.7% over February 2012 I do believe that last year’s numbers where an anomaly of sorts because historically the average Closed Sales for February is 6 and so our number for last month (8) is not that exciting.  This unusual absence of business in February 2012 also adversely affects the Days on the Market stats which are shown as down -83.02% over this same time last year.

Median Sold Price and Average Sold Price both up over the +35% range.  These stats do make sense in the current market and I speculate this trend will continue.  Low inventory and low interest rates makes this a perfect time to Sell your Home.

 

More about Rockville

Spring arrives in Rockville and the cherry trees that line the streets in many of the communities are in full bloom and rival any blossoms in the Washington, DC area.

The rowboats, kayaks and paddle boats on the 75-acre Lake Needwood are brought out of storage and are ready for the casual fisherman or just those wanting to paddle around the lake.  Picnic tables, hiking trails and more delight residents throughout the year and in the warmer months the area is filled with people enjoying the outdoors.  Smaller Lake Frank (56 acres) is nearby and a favorite fishing spot in the heart of the city.  These are just a few of the many parks and recreations centers that abound in Rockville.

Rockville is the county seat of Montgomery County and is the second largest city in Maryland behind Baltimore.  Rockville includes both the incorporated city of Rockville and the outlying areas that comprise the entire Rockville area.  The incorporated city has its own police department, water and trash collection, while the rest of the area is covered by the county police, trash and WSSC for water.

It is home to several Federal government agencies including agencies of the Department of Health and Human Services.  Along the 270 corridor are numerous software and biotechnology companies.  Montgomery College, Johns Hopkins and the University of Maryland at Shady Grove give County residents a wonderful choice for higher education.

Fallsgrove and King Farm are planned communities in Rockville and afford a range of housing options for both the single professional and the family including condos, townhouses and single family homes.

The Rockville Town Center is built adjacent to the Montgomery County Courthouse and is a unique setting with condos, rental apartments, restaurants, movie theaters and shops.  The many restaurants enable diners to sit outside and enjoy their meal.  It is convenient to the Metro and revitalized what had been a dying area into a vibrant, busy oasis in the heart of downtown Rockville.

Visit Rockville and you may just decide to stay.

 

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

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

 

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