March 2012 Market Report for Bethesda 20816

The numbers are out for the month of March and at first glance it would look grim with a median price of $745,000 for single family homes. Boy, that looks like a huge drop from $900,000 last month!

In reality, the homes which have sold so far this year have been unusual in their pattern. Where we would typically see a dozen or so homes under $650,000 sold in any given year, already 8 have sold so far this year!

When we look at the second chart to see all the homes under contract currently the pattern inverses and more homes $800,000 and above will settle in the coming months, which will give us a better look at the overall median price. The current environment for good homes with desirable upgrades and priced to sell is very, very competitive! At all price points we are seeing multiple offers for homes buyers want.

Be sure to scroll over the lines/bars to see the numbers!

Median Price for March 2012

Single Family Homes sold in 20816

Single Family Homes Under Contract in 20816

Bethesda 20816 Market Update $750K-$850K

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Here we are at the end of another year… Hard to believe!

With all but one home sale reported, we can take an early look at how the single family market is faring in this popular Bethesda zip code. With great Montgomery County public schools, easy access to major transportation and jobs, and a traditional housing stock, this area of the Bethesda real estate market is hard to beat. Though with an overall median price of just under $900,000 for 2011 housing is not inexpensive. There are homes selling for less than that and I thought we’d examine one price range today.

At the time of this writing, there are two homes available for sale in this range. What the data means to a buyer is if they are serious about an offer on a good house, priced well in this range, that they’ll probably compete with other buyers and they’ll be paying a market price. Note that the sellers are getting most of their asking price in general and in many cases over 100% of their asking price (check the actual sales at the end of the post.) For sellers, it’s still important to have condition which excels and to price within the market guidelines. With financing guidelines tight, higher downpayment requirements and more appraisal scrutiny, we must get to a supported market price.

When the national news is touting the bleak news of the market and how you can expect a buyer’s market for negotiation it’s difficult to understand when agents tell you to prepare for negotiations with more than one offer! Well priced homes in great condition are in demand.

Unless the inventory increases dramatically for 2012, we may be in for more of the same…

Bethesda Homes Sold $750K-$850K

This price range had an average price of $807,145 – an increase of 1% from 2010 to 2011, almost on par with the highwater mark of 2009. Let’s look at how this breaks down for the homes in that range…

The cash to close at today’s rates for a purchase of the average price would be around $180,000 and the monthly payment would run around $3800 (assuming today’s rates of around 4% and a 20% downpayment with no MI). Rents on these homes are easily running in that price range.

There were 152 single family homes sold in this zip code this year. Of that number, 31 homes were in this popular price range:

Those 31 sales represent 20% of the total single family homes sales for the year:

Because there is still so much sales volume above this price range that those 31 sales only account for 16% of the total sales volume of $154,291,565:

Those 31 homes sold in this price range had 50 days on market on average, which is about the same as the average of 51 for the entire zip code’s inventory:

And those 31 sales commanded 98% of their asking price, against an average of 96% for the zip code as a whole:

These are the homes that make up the 31 sales in this price range:

Homes for Sale in Bethesda 20816 $750,000-$850,000

Showing properties 1 - 8 of 8. See more Bethesda SFHs for sale - $750-$850K.
(all data current as of 5/23/2012)

$829,999 : 5612 Jordan Rd, Bethesda

4 beds, 3 full baths

Lot size: 9,023 sqft

Year built: 1955

Days on market: 5
$849,000 : 6406 Ridge Dr, Bethesda

6 beds, 1 full, 1 part baths

Lot size: 7,200 sqft

Year built: 1928

Days on market: 8
$825,000 : 5904 River Rd, Bethesda

4 beds, 3 full baths

Lot size: 7,214 sqft

Year built: 1973

Parking spots: 2

Days on market: 16
$799,000 : 5013 Smallwood Dr, Bethesda

3 beds, 3 full, 1 part baths

Lot size: 5,087 sqft

Year built: 1940

Parking spots: 1

Days on market: 40
$830,000 : 6601 Rivercrest Ct, Bethesda

5 beds, 3 full baths

Lot size: 10,625 sqft

Year built: 1958

Parking spots: 2

Days on market: 44
$825,000 : 6104 Massachusetts Ave, Bethesda

4 beds, 3 full, 1 part baths

Lot size: 12,409 sqft

Year built: 1955

Days on market: 59
$844,000 : 5620 Knollwood Rd, Bethesda

4 beds, 2 full baths

Lot size: 8,574 sqft

Year built: 1954

Days on market: 61
$799,000 : 3 Wyoming Ct, Bethesda

3 beds, 2 full baths

Lot size: 6,175 sqft

Year built: 1938

Days on market: 172