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
Almost any home priced under $350,000 in Gaithersburg is getting multiple contracts. The average days on market one year ago was 106 days, last month 63 days, and this month 64 days; the trend is unmistakable.
There were 88 homes listed for sale at the end of August, which is not far off from the 90 for sale at the end of July. The number of homes sold in August, a total of 11, matched the sales for July. Meanwhile, median home price in August was down to $650,000, a 9.8% drop from the same period in 2008. However average days on the market (DOM) was only 72, as opposed to the staggering 309 days on the market in August 2008.