Updated Chevy Chase Homes Final Fourth Quarter Report

Contributing Chevy Chase Maryland blogger: Kevin Koitz: Last week I produced a report containing the final quarter home sales in Chevy Chase Maryland (2007 vs. 2008).  For those of you unfamiliar with the Chase MD, take a quick peak at that post if you're interested in a briefe synopsis of the area and map.  For those of you who have already read the market stats from that post, you know that I had suspected I had miscalculated some of the figures (there's a first for everything).  Below are the revised statistics, checked, and re-checked for your viewing pleasure.  Thanks for your patience!

Chevy Chase Home Sales Quarter 2007 vs. 2008

  2007 2008
Number of Homes Sold    61 68
Median Sales Price* $938,5000 $875,000
Average Sold Price*  $1,061,054 $1,047,743
Average Days on Market*  38 46
Average Sales Price as a % of Ave. List Price*         98% 96%
Number Sold over $1M    24 28

Chevy Chase Homes Quarter 4: Analysis

Number of units sold in 2008: Is a fairly positive barometer of the market (on paper). This relatively high activity can be attributed to a contingent of the buyer pool wanting to take advantage of depreciation from the economic "melt-down" combined with some highly competitive interest rates.

The only other number I wanted to point out was the 2008 median sales price, taking an 8% dip from 2007. Again, just a kind reminder that although almost every property in the area has taken a hit from the year previous, the close-in Greater Bethesda including many enclave in NW DC are hanging in there...especially considering the amount of appreciation that existed I the years leading up to the market slow-down.

Many thanks to all of you who have e-mailed specific areas/zip codes/subdivision market reports to post here. And for anyone else, feel free to leave a comment or e-mail if you have thoughts or would like to request an area. I’m more than happy to put a report together for you!

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