Chevy Chase, MD Market Report – 11/13/13

13 Nov
November 13, 2013

Breaking down the statistics below a bit more and looking specifically at Single Family Detached homes in the Chevy Chase area, the median sold price for Detached properties for September was $942,000, representing a decrease of 2.4% compared to last month and a decrease of 33.7% from Sep 2012. The average days on market for units sold in September was 30 days, 54% below the 5-year September average of 65 days. There was no month over month change in new contract activity with 15 New Pendings; a 6.3% MoM increase in All Pendings (new contracts + contracts carried over from August) to 17; and a 44.7% increase in supply to 55 active units. This activity resulted in a Contract Ratio of 0.31 pendings per active listing, no change from August and no change from September 2012. The Contract Ratio is 18% lower than the 5-year September average of 0.38.  This lower Contract Ratio may signify a relative decrease in contract activity compared to supply, and might indicate that the market is moving in the buyer’s favor.

Taking a look at the Condo Market in 20815 (Chevy Chase), the median sold price for Condo & Coop properties for September was $460,000, representing a decrease of 25.9% compared to last month and an increase of 22.8% from Sep 2012. The average days on market for units sold in September was 34 days, 57% below the 5-year September average of 79 days. There was a 44.4% month over month increase in new contract activity with 13 New Pendings; a 7.7% MoM increase in All Pendings (new contracts + contracts carried over from August) to 14; and a 26.3% increase in supply to 24 active units. This activity resulted in a Contract Ratio of 0.58 pendings per active listing, no change from August and no change from September 2012. The Contract Ratio is 74% higher than the 5-year September average of 0.33. 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.

Statistic

Values

YoY

MoM

Total Sold Dollar Volume

$27,887,600

+36.66%

-33.96%

Closed Sales

27

+28.57%

-34.15%

Median Sold Price

$730,000

-25.13%

-14.32%

Avg Sold Price

$1,032,874

+6.29%

+0.29%

Avg Days on Market

31 days

-60.26%

+6.9%

Avg Sold to Orig List Ratio

95.83%

+1.85%

1.88%

Chevy Chase, Maryland is the name of both a town, and an unincorporated city.  A number of villages in the same area of Montgomery County also include Chevy Chase in their names.  The area is located on Connecticut Avenue north of Washington, DC as well as a neighborhood in Northwest Washington, DC.

It is primarily a residential suburb with high end shopping including the area of Friendship Heights, restaurants and luxury living in single family homes, rental apartments and condos.

At one time many smaller houses in Chevy Chase were being torn down and large McMansions built in their place, but this seems to have slowed down with the turn in the real estate market.

However, homes, apartments and condos in the Chevy Chase area are always in high demand and bring high prices.  Students in the Chevy Chase area attend Montgomery County Schools.  Chevy Chase is also home to the National 4-H Center.

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

 

 

Erica Higgins

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

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