Silver Spring MD homes for sale see higher median asking price than two years ago

Over at http://dcrealestatemarketplace.com, there was a recent article discussing the median asking price of homes for sale in Silver Spring MD, and whether it was good news for bad news.  I have included the same chart here that was used there, but here's the basic question:

If today's median asking price for Silver Spring MD homes for sale is higher than it was two years ago, but lower than last year's value, is that good news or bad news?  Does it make it easier for you to answer if I tell you that the Days On Market has the same kind of variance, with today's data point being lower then two years ago, but higher than last years?

I know, it's all a mess.  But be sure to keep reading at our website for more info, on Silver Spring as well as many other areas in and around D.C.

Luxury Homes In Avenel MD And Potomac See Median Asking Price Of $3,000,000

If you will allow me the freedom of defining luxury homes as the most expensive 25% of homes on the market at any given time, then the graph above gives you a pretty good idea of how asking prices for Avenel MD luxury homes are tracking.  Avenel is a small part of the larger Potomac real estate market, but by checking out the larger market, I think it is fair to say we can an idea of what is happening in smaller pockets of homes.

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!

Please contact us if you would like more detailed information on your Washington DC area home, or the real estate market in general.

Video - Quick review of data on Silver Spring MD homes for sale - June 2011

Silver Spring MD homes for sale

Silver Spring MD real estate update for May 2011

Today, I bring you a quick chart I put together showing the median asking prices of homes for sale in the Silver Spring MD real estate market over the past two years.  It has some good news, and some bad new, depending upon how you prefer to look at your news.

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.

If you would like more info on home values in and around the Greater DC Area, please visit http://dcrealestatemarketplace.com

Chevy Chase MD Luxury Homes See Median Asking Price Fall Almost $600,000 In 2 Years

I recently wrote an article on http://dcrealestatemarketplace.com about two years worth of data for Chevy Chase MD homes and their median asking price.  But the graph above is a bit different, this graph looks only at the most expensive 25% of homes currently for sale at any given time.

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.

Potomac MD Homes For Sale - Video Update For May 2011

Potomac MD Homes For Sale

Potomac MD Homes See Dropping Days On Market Measurements

I wrote a recent blog post about Potomac MD homes, to show how the asking prices and inventory levels were trending over the past two years.  However, I failed to discuss how long homes were staying on the market.  So I have dropped in a graph here to take a look at just that statistic.

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