Potomac, MD Market Report – 8/9/13

09 Aug
August 9, 2013

The statistics below are for the whole of 20854, including all types of Real Estate. What we all want to know is “What is happening with my house,” right? I have broken it down by Single Family homes, Townhomes, and Condo/Coops.

Statistic

Values

YoY

MoM

Total Sold Dollar Volume

$93,822,250

+86.93%

+53.6%

Closed Sales

92

+73.58%

+58.62%

Median Sold Price

$865,000

+1.88%

-1.14%

Avg Sold Price

$1,019,807

+7.69%

-3.17%

Avg Days on Market

50 days

-27.54%

+21.95%

Avg Sold to Orig List Ratio

97.2%

+1.38%

+1.39%

In 20854, the median sold price for Single Family homes - Detached properties for June was $895,000, representing a decrease of 4.6% compared to last month, and an increase of 4.7% from Jun 2012. The average days on market for units sold in June was 48 days, 26% below the 5-year June average of 65 days.

There was a 9.5% month over month decrease in new contract activity with 67 New Pendings; a 12.8% MoM decrease in All Pendings (new contracts + contracts carried over from May) to 116; and a 3.3% increase in supply to 190 active units. This activity resulted in a Contract Ratio of 0.61 pendings per active listing, no change from May and no change from June 2012. The Contract Ratio is 41% higher than the 5-year June average of 0.43. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor.

In 20854, the median sold price for Attached/Townhouse properties for June was $507,500, representing an increase of 4.1% compared to last month and a decrease of 4.2% from June 2012. The average days on market for units sold in June was 77 days, 43% above the 5-year June average of 54 days.

There was an 11.1% month over month increase in new contract activity with 10 New Pendings; no MoM change in All Pendings (new contracts + contracts carried over from May) with 15; and a 23.5% decrease in supply to 13 active units. This activity resulted in a Contract Ratio of 1.15 pendings per active listing, up from 0.88 in May and an increase from 0.68 in June 2012.

The Contract Ratio is 33% higher than the 5-year June average of 0.86. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor.

In 20854, the median sold price for Condo & Coop properties for June was $870,000, representing an increase of 230.8% compared to last month and an increase of 0% from Jun 2012. Yes there are some really expensive condos in Potomac. The average days on market for units sold in June was 14 days, 92% below the 5-year June average of 183 days. There was a 100% month over month decrease in new contract activity with 0 New Pendings; a 50% MoM decrease in All Pendings (new contracts + contracts carried over from May) to 2; and a 25% decrease in supply to 3 active units. This activity resulted in a Contract Ratio of 0.67 pendings per active listing, down from 1.00 in May and no change from June 2012. The Contract Ratio is 62% higher than the 5-year June average of 0.41. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor.

Here is some other fun information about the Potomac area:

Potomac is named for the Potomac River and is about 15 miles northwest of Washington, D.C.   It is 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 are both water-lovers and horse owners.

Each year in mid-October, local businesses and community participate in Potomac Day, a celebration of the community and the year’s happenings.  Events include a parade, a craft show, food vendors and giveaways.  Potomac Day is normally held in Potomac Village.

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

Potomac real estate is home to some of the state’s – and the nation’s – wealthiest neighborhoods, such as Falconhurst, Bradley Farms, Palatine, and the golf community of Avenel. The most affluent homes are tucked in and around Potomac Village, a local shopping district featuring upscale shops and restaurants.  But all Potomac real estate is considered desirable, and large, single-family, million-dollar homes dominate the area.  Many Potomac real estate owners are, in fact, retirees, who appreciate the proximity of Washington, D.C. but prefer the natural beauty of this picturesque suburb.  But commuters are also drawn to Potomac real estate; several professional athletes, CEOs, and members of the media are area residents.

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

Erica Higgins

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

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