Chevy Maryland Chase Real Estate Report
Chevy Chase Maryland Real Estate Report -A Continuing Series Studying The "Tale of Two Quarters" (fourth quarter 2007 vs. 2008)
Have you taken a peak at the Bethesda real estate (20814) report from the other day? I won't hold it against you if you haven't but I'd still love some feedback on why you think more units sold in 20814 in the 4th quarter 2008 compared to a more "robust 2007". Whatever the case, take a look at the statistics if you get a chance, especially if you get through this entire post (!) focused on Chevy Chase Maryland Homes and like property.
Like the neighboring Bethesda (20814) area, Chevy Chase Maryland is a difficult area to break down into "variables" and "metrics" because of vast disparity in prices in the zip code. As previously noted, while in the Southern part of 20815 (areas close to Bethesda and the upper Northwest Washington DC line) most houses will break into seven figures, as you travel further north in the zip code, you'll begin to find more "affordable" (in big quotes!) homes in the $500,000K area.
**Please see >> Updated Chevy Chase MD Sales Statistics
Comparing Final Quarter Chevy Chase Maryland Home and Property Sales
|Number of Homes Sold||35||28|
|Average Sold Price*||$1,042,783||$1,031,821|
|Average Days on Market*||17||20|
|Average Sales Price as a % of Ave. List Price*||99%||97%|
|Number Sold over $1M||9||9|
per MRIS data
*rounded to the nearest whole number
Wow! (Or perhaps "yikes"!"). Some of the more interesting numbers I've seen since I started doing this market report format. Let's break it down...
- "Units sold?" - Looks "normal" to me
- "Average Sold Price?" I would've expected a 10-13% drop in 2008 sales which leads me to believe one of two things: 1). More multi-million dollar estates sold in in the fourth quarter of 2008 than 2007 inflating 2008's "natural" price adjustments. 2). Something happened with my math : -). I'd bet on "2" if i were betting man!
- "Average Days on Market" - Now I'm starting to truly believe it's my math. Average days on market for the close in Greater Bethesda area in 2008 was closer to 4 months if my memory serves me better than my math. An average of 3 weeks, however, was more reflective of the peak of the market in 2005.
- "Average Sales Price as a % of Ave. List Price" - 99% I've never hit higher than 97%. Again, 99% would be a 2005 statistic.
Contributing Blogger - Kevin Koitz