According to the graph above, the least expensive quartile of homes for sale in the area are tracking at a median asking price of $750,000. In contract, the most expensive 25% of homes currently has a median asking price of $3,000,000, quite a difference, four times the price of the first group of homes!
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The two lines on the graph are of weekly data points as well as a rolling trend line, and they both track pretty much the same line. Two years ago, the median asking price of homes for sale in Silver Spring was right around $370,000. In the past two years, we have seen lows of $350,000 and highs of $400,000, but as of our latest measurement, we are pretty close to $380,000. Which is another way of saying that over 24 months, the median asking price for Silver Spring homes moved up only about 3%. Which isn't horrible. But it isn't great either.
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Looking at this group of homes, we can see that Chevy Chase MD luxury homes for sale have seen quite a large drop in value. Two years ago, in May of 2009, the median asking price of the most expensive quartile of homes for sale was right around 2.9 million dollars.
Over the next 24 months, that asking price fell, and fell, all the way to $1,900,000 before recovering a bit to get to our most current measurement of $2,300,000. While that is a small increase from earlier this year, our latest asking price value is still about $600,000 lower than it was just two years ago.
And as you can see, this graph from Altos Research shows that the DOM was pretty steady from May 2009 through August of 2010, staying between 140 and 160 days, on average. However, something seems to have happened last fall, and the data really seems to be bouncing around like crazy. The data points even spiked as high at 210 days at the turn of the year, but since then, it has been nothing but downhill for this particular statistic, all the way to our most recent measurement of 120 days!
If you would like to see this kind of statistical analysis for your particular neighborhood, or have any questions at all about your home, please don't hesitate to let us know. If you prefer to read a few more articles about communities in and around the D.C. area, please make sure to visit http://dcrealestatemarketplace.com
