Chevy Chase MD Real Estate Report (Zip Code 20815)

Chevy Chase Maryland Real Estate Sales Report

A look into the Washington DC area real estate market through examining micro-markets.  In this specific case, we compared home sales data in Chevy Chase Maryland in January 2007 and January 2008.  Here's a recap and analysis: 

Chevy Chase Maryland Single Family Homes (Zip Code 20815)

  January 2007                    January 2008 
Number of Homes Sold     14 14
Total Sold Dollar Volume    $16,809,400    $3,195,000
Average Sold Price*       $1,200,671  $798,750
Avergae Days on Market*   89 68
Ave. Sales Price as a % of Ave List Price*          97% 96%
Number Sold over $1 M    5 1
Number Sold over $2 M        2 0

* rounded to nearest whole number

per MRIS data

Chevy Chase Maryland Homes Analysis

The disparity in volume for Chevy Chase Maryland homes (20815) is significantly more dramatic than yesterday’s Bethesda (20814) home and townhomes analysis. If nothing else, this glance at Chevy Chase (20815) certainly makes the market look much more stagnant than is the reality in the Bethesda/Chevy Chase area. Of course, as discussed yesterday, there will always be many confounding factors when dealing with small data pools. Average sales price in January 2008, for example, is strikingly lower than the 2007 average (which is more reflective of the average single family home in Chevy Chase MD). The explanation is that 3 of the 4 houses sold in Chevy Chase Maryland in 2008 were in the northern part of the zip code, an area comprised of more moderately priced homes ($600Ks). Other more positive market indicators are "days on market" and "average sales price as a % of the listing price".

Gretchen and I decided to produce these "micro-studies" to help show that real estate in the Washington DC area is best studied by neighborhood, certainly not by county, as is often the way it's reported in the national news, Washington Post and the likes.  But we're just beginning to fine tune the best way to paint the clearest picture of these micro-markets.  If you feel there are more market indicators you'd like included ("absorbtion rate", number of homes under contract, number of properties currently on the market...), please chime in.  We're also happy to analyze zip codes by request -- like real estate DJs.  Just let us know!

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