Kensington MD Real Estate Real Estate Report (Zip Code 20895)
Kensington 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 Kensington Maryland homes (a close-in suburb to the north of Washington DC) in January 2007 and January 2008. Here's a review and breakdown:
Kensington Maryland Homes (Zip Code 20895)
|
Jan. 2007 |
Jan. 2008 |
|
|
Number of Homes Sold |
20 |
8 |
|
Total Sold Dollar Volume |
$11,064,900 |
$4,291500 |
|
Average Sold Price* |
$553,245 |
$536,438 |
|
Average Days on Market* |
80 |
188 |
|
Ave. Sales Price as a % of Ave List Price* |
97% |
97% |
|
Number Sold over $1 M |
0 |
0 |
|
Number Sold over $2 M |
0 |
0 |
Per MRIS Data
*Rounded to the nearest whole decimal
Kensington Maryland Homes Analysis
Similar to the report on Bethesda single family homes and townhomes from last Friday, Kensington MD homes continue to show the current trend of significantly lower sales volume -- reflective of buyers in a “hovering mode”. But with just a 3% drop in “average sold price” and “average sales price as a percentage of list price” remaining at 97%, the state of our close-in market is stable.
Taking off the rose colored glasses, it’s clear that the average days on market in Kensington has dramatically increased, taking over twice as long for a property to go under contract. But this is something that sellers, with good agent representation, can handle...you just have to plan accordingly.
The January data pool didn’t include any homes in the million dollar+ bracket, which may well even further increased the days on market, although it would have also increased the average sales price. With a couple $2 million+ homes currently on the market in the Chevy Chase view subdivision, it’ll be interesting when this report can reflect their sales.
Thanks for all your e-mails and requests and please feel free to keep these inquiries coming!
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