This market report draws on data from the downtown Bethesda area and a small pocket of properties to the north.Bethesda (20814) is an especially difficult area to analyze because of the diversity of property types and price-points.For example, in the downtown Bethesda subdivision, Edgemoor, an 8000 sq. ft. tear-down would fetch a sales price of around $1.5M while a brand new 5000 sq. ft. home on an 8000 sq. ft. lot in the northern part of this zip code sells between $1.2-$1.5M.
Bethesda Real Estate Report (20814 Zip Code)
| |
May 2007 |
May 2008 |
| Number of Homes Sold |
14 |
15 |
| Total Sold Dollar Volume |
$18,374,000 |
$11,417,999 |
| Average Sold Price* |
$1,312,429 |
$1,286,200 |
| Average Days on Market* |
60 |
61 |
| Ave. Sales Price As % of List Price* |
95% |
97% |
| Number Sold Over $1M |
6 |
2 |
| Number Sold Over $2M |
2 |
0 |
Bethesda Homes (Zip Code 20814) Analysis
One can easily look to some of the positive May 2008 market indicators in this zip code (most notably “Average Sales Price as a % of Ave. List Price”) and assume comparable 2007 and 2008 May markets. But the 2008 May numbers reflect original list prices slightly below those in May 2007.In the downtown
Bethesda area, it’s safe to assume somewhere between a 6%-8% drop (and perhaps double digit depreciation in the northern part of 20814).Even the coveted downtown
Bethesda townhomes have taken a 6% hit.Having said this, it’s clear properties are still moving in this highly desirable pocket of the DC Metro Area.
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