Gaithersburg, MD Market Report 4/09/13

09 Apr
April 9, 2013

The 20882 section of Gaithersburg is improving, ever so slowly.  Median Sold Price has inched up +6.86% to $538,000, and the Average Sold to Original List Ratio have had no change over the last month.  Condition and price are having a huge effect in this part of Gaithersburg. The 142 Average Days on Market number does not tell the complete story.  Days on the market continue to increase for properties that are overpriced and need work. The new well priced, aesthetically pleasing homes are moving quickly.  So I see this discrepancy as an opportunity for the investor or the savvier homebuyer, if reluctant Sellers are willing to finally lower prices.

February 2013 Real Estate Market Statistics for 20882 Gaithersburg, MD

Statistic

Values

YoY

MoM

Total Sold Dollar Volume

$5,523,900

+52.85%

+448.6%

Closed Sales

10

+42.86%

+400%

Median Sold Price

$538,000

+34.53%

+6.86%

Avg Sold Price

$552,390

+7%

+9.72%

Avg Days on Market

142 days

+11.81%

+189.8%

Avg Sold to Orig List Ratio

95.22%

-2.5%

+

About Gaithersburg -

Gaithersburg, is a city steeped in both charm and history.  The historic Old Town has preserved many old buildings turning them into restaurants, brew pubs and shops and the old train station is still in use and retains it charm and character.

Gaithersburg is a very diverse area.  The charm of Old Town mixes with the newest type of planned community, known as Kentlands with its condos, rental apartments, townhomes and large single family houses as well as senior only apartments.  Kentlands also has many restaurants, small shops, and movie theaters as well as the larger stores such as Kmart and Lowe’s.

One of the first planned communities in the area was located in Gaithersburg.  Montgomery Village centers around a large man-made lake and now includes a golf club, Lakeforest Mall and smaller centers for shopping and gathering with friends.  The many houses, townhomes and apartments in Montgomery Village offer a wide array of living accommodations for residents of Montgomery County.

The greater Gaithersburg area encompasses many small and large communities, and housing ranges from apartments, condos, luxury townhouses and moderately priced homes; large estates on several acres and compact track homes all make up the Gaithersburg community.

A number of large companies call Gaithersburg home including IBM, Lockheed Martin, MedImmune, Sodexo and the National Institutes of Standards and Technology (NIST).

Gaithersburg is also home to the only two box warehouse stores in Montgomery County.  Both Costco and Sam’s Club are located on Rt 355 north of Old Town and are always busy.  Small shopping centers along Frederick Road offer residents of Gaithersburg everything they could possibly need without venturing far from home.

With 270, Rt 355 and the ICC, Gaithersburg is convenient to almost anyplace one needs to go, but why leave home when everything you want is right there?

 

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

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

 

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