Silver Spring, MD Market Report – 5/1/13

01 May
May 1, 2013

In 20910, the median sold price for Detached properties for March 2013 was $600,000, representing an increase of 18.7% compared to last month and an increase of 15.4% from Mar 2012. 

The average days on market for units sold in March was 86 days, 6% above the 5-year March average of 81 days. 

There was a 31.3% month over month decrease in new contract activity, with 11 New Pendings; a 7.7% MoM decrease in All Pendings (new contracts + contracts carried over from February) to 24; and an 18.2% decrease in supply to 18 active units. 

This activity resulted in a Contract Ratio of 1.33 pendings per active listing, no change from February, and an increase from 0.76 in March 2012. The Contract Ratio is 79% higher than the 5-year March average of 0.74. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the sellers favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor. 

So what does all of this mean? Well, to put it simply, in March 2012 there were 39 properties on the market – now, in March 2013, there are only 13.  This is a sellers market, so if you are on the fence about selling – stop thinking about it and take action now.  The Market is Hot. Contact your local Avery-Hess agent for more information about your particular neighborhood. Our goal at Avery-Hess, Realtors is to exceed your expectations. 

More about Silver Spring

Silver Spring is a suburb of Washington, D.C. in Montgomery County, with both urban and suburban areas. Its borders go as far north as Burtonsville, south to the dividing line with the District of Columbia, and west to Chevy Chase and Rockville. Silver Spring is located on the Red Line of the Metro system, and the Silver Spring stop is the most used station in Maryland. Access to Metro and public transportation, as well as major highways, make Silver Spring a most desirable area with its easy access to downtown Washington, as well as Baltimore.  

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.   

Silver Spring is filled with historic places such as the National Park Seminary, Acorn Park and the actual Silver Spring for which the city was named. Many parks and recreation centers, and the newly revitalized City Place, are in the heart of Silver Spring.  Among some of the other notable landmarks in Silver Spring are the world headquarters of Discovery Communications, the AFI Silver (theater) and the world headquarters of the Seventh Day Adventist Church, which can be seen towering above the Capital Beltway.

With the arrival of warm weather, the many parks and playgrounds in and around Silver Spring will be bursting with children of all ages. Some of the many parks include:

Rock Creek Park, which passes along the west side of Silver Spring and offers hiking trails, picnic grounds, and bicycling. On weekends, its main road, Beach Drive, is mostly closed to motor vehicles.  

Sligo Creek Park follows Sligo Creek through Silver Spring and offers hiking trails, tennis courts, playgrounds and bicycling; on weekends, parts of Sligo Creek Parkway is also closed to motor vehicles.  

Jesup Blair Park, named for the founder of the famous Silver Spring, is a 14.5 acre park which has been recently renovated and has a soccer field, tennis courts, basketball courts and picnic area.

Wheaton Regional Park is located in “greater” Silver Spring, and includes covered tennis courts, an ice skating rink, baseball fields used by teams all over the area, playgrounds, picnic areas, stables and Brookside Gardens - a 50 acre park with arboretums, nature center and magnificent gardens to stroll through.

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.  

Rossmoor Leisure World, an over-55 adult community, is located in greater Silver Spring and is comprised of high-rise and garden apartments, houses and townhouses. There are 2 clubhouses, restaurants, pools and a golf course. 

The large area, ethnic diversity, housing and neighborhoods to fit any lifestyle, make Silver Spring a most desirable place to live.

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

Erica Higgins

Administrative Manager & Marketing Assistant at Avery-Hess, Realtors
Front Royal
Office: (540) 631-9009
Email: ehiggins@averyhess.com

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1 reply
  1. Frances says:

    It is great that we now have several options to choose from when it comes to apartments in Silver Spring, MD

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