Updated Chevy Chase Homes Final Fourth Quarter Report
Chevy Chase Home Sales Quarter 2007 vs. 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!