Maryland Real Estate

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The Springfield area of Bethesda is a community that has it all!  Wonderful older homes - many of which have been renovated extensively - with tree lined streets and a tight knit community.  There are multi-generations living here (I should know we live in the house my husband grew up in there!) since the families want their kids to experience the same sense of tradition and community they grew up with.  The ~450 homes were built in the 50’s and are a mix of ramblers, splits and colonials, with a preponderance of splits it seems!  With recent development happening at a fairly rapid clip, there are now a number of homes well over $2M in the neighborhood.   With access to the downtown areas of Bethesda and DC so close, this neighborhood continues to attract professionals who work in those locations and require top notch schools as well as proximity to work locations. Wood Acres Elementary is tucked into the neighborhood in such a way to become an integral part of the community.  With about 600 students it’s a large school that draws from this neighborhood as well as several others in the 20816 zip code.  If you are interested in what school your child would attend in the 20816 zip code you can always check the Montgomery County Public Schools website, enter in the address of the home and all information about the school cluster will be available to you.  An active civic association is in place to monitor and respond to the issues within the community.  Recently, many trees were marked for removal and the association has been active in getting the word out to the community that the replacements need TLC and just what to expect those replacements to be, according to the county guidelines.  A pending issue that has many residents concerned is the anticipated renovation of the nearby shopping center.  Springfield is part of a larger coalition of communities banded together to ensure that the development is something that can be supported by the community and doesn’t tax our infrastructure so much. Much discussion has centered around the potential for high rise homes and national chain shopping centers though nothing is yet set stone.  No pun intended…

    

Springfield Real Estate & Springfield MLS Listings 

Averages 2007 Sold Price: $1,180,250 Median Price: $937,500 List vs Sales: 97% Days on Mkt: 16 Homes Sold: 18 Averages 2008 Sold Price: $898,857 Median Price: $880,000 List vs Sales: 96%  Days on Mkt: 56 Homes Sold: 7 What do They Mean? My real estate statistics are based on the last month’s numbers released from the MRIS Multiple Listing Service.  I then calculate averages for price, time on market, list/sale ratio, and chance for sale. These statistics do not include the neighborhoods of: Beacon Hill High Point Westwood They can be accessed separately * Information deemed reliable but not guaranteed

 

2009 - Real Estate Activity for Springfield
Date	Style	Address	List Price	Sales Price	Subsidy	List/Sales Ratio	DOM

2008 - Real Estate Activity for Springfield
Date	Style	Address	List Price	Sales Price	Subsidy	List/Sales Ratio	DOM
02/08/08	split level	5412 Kirkwood Drive	$900,000	$890,000	$0	98.9%	138
03/14/08	split level	5603 Jordan Road	$979,000	$902,000	$0	92.1%	133
4/17/08	split level	5512 Christy Drive	$897,500	$880,000	$0	98.1%	10
5/16/08	rambler	5306 Brookeway Drive	$914,500	$880,000	$15,000	96.2%	10
6/30/08	split level	5707 Newington Road	$1,125,000	$1,125,000	$0	100%	0
8/30/08	cape cod	5316 Briley Place	$839,000	$745,000	$0	88.8%	82
8/11/08	colonial	5524 Parkston Road	$899,000	$870,000	$0	96.8%	19

 

2007- Real Estate Activity for Springfield
Date	Style	Address	List Price	Sales Price	Subsidy	List/Sales Ratio	DOM
02/1/07	split level	5503 Newington Road	$979,000	$997,000	$2500	102%	4
03/7/07	rambler	5302 Brookeway Drive	$949,500	$925,000	$0	98%	92
4/30/07	split level	5507 Parkston Road	$1,100,000	$1,190,000	$0	108%	5
5/2/07	colonial	5401 Kirkwood Drive	$2,350,000	$2,350,000	$0	100%	10
5/15/07	rambler	5305 Cromwell Drive	$729,000	$726,000	$0	105%	7
5/31/07	split level	5412 Christy Drive	$889,000	$869,000	$0	98%	31
6/18/07	colonial	5626 Newington Court	$2,295,000	$2,000,000	$0	87%	23
6/21/07	cape cod	5606 Parkston Road	$2,695,000	$2,400,000	$0	89%	17
6/29/07	split level	5505 Christy Drive	$929,000	$960,000	$0	103%	0
7/3/07	split foyer	5408 Kirkwood Drive	$820,000	$820,000	$0	100%	0
7/23/07	split level	5603 Cromwell Drive	$879,000	$900,000	$0	102%	3
8/1/07	colonial	5809 Wiltshire Drive	$950,000	$950,000	$0	100%	0
8/9/07	split level	5602 Parkston Road	$830,000	$830,000	$0	100%	0
8/22/07	rambler	5608 Jordan Road	$830,000	$855,000	$0	103%	3
9/26/07	rambler	5607 Jordan Road	$825,000	$804,687	$0	98%	0
9/27/07	split level	5705 Newington Road	$1,095,000	$1,095,000	$0	100%	0
10/15/07	colonial	5508 Cromwell Drive	$875,000	$840,000	$0	96%	0
11/15/07	colonial	5517 Pollard Drive	$1,798,500	$1,692,310	$0	94%	96

 

 

See the Area in Videos!

(Be sure to click on the related shows for more videos on the area.  You’ll see them after the video plays…)

 

 

Bethesda, 20816 Neighborhoods AU Park Beacon Hill Brookdale Brookmont Crestview Fairway Hills Fort Sumner   Glen Cove Glen Echo Heights Glen Mar Park Greenacres   High Point Mass Ave Hills   Orchardale Spring Hill Springfield   Sumner Tulip Hill Westgate Westhaven Westmoreland Hills Westwood Woodacres   Yorktown Village

If you are looking to buy or sell a home in Springfield or in one of the other lovely surrounding Bethesda real estate communites, please start your search by calling me, a Bethesda Realtor.  I’m available to help you! Josette Skilling Bethesda Real Estate Agent Long & Foster Real Estate, Inc. Cell: 301-385-9213 Email: josette.skilling@longandfoster.com

 

All the Latest News About...

Chance for Sale in Bethesda MD Real Estate 20816 - June ‘08

 

The amount of inventory is up 11.6% from last June and the sales are down 7.7%.  The opportunity for sale dropped from last June to this June from 37.7% to 31.2%.  It’s also gone down from last month when it was 37%.   This figure is a nice way to guage how much is selling each month vs the absorption rates.  I find that eyes glaze over whenever I use that stat, but this very real "you only have a one in three chance of selling your house this month" is a better way to understand your competition for sale.

As always this is a broad look at a zip code and not indicative of every neighborhood.  But collectively it’s a great tool to see the relative health of the area.  The county only had a 13.6% chance for sale last month!

 

Chance for Sale in Bethesda MD Real Estate 20816 - May ‘08

Certainly the numbers are moving in the right direction:  inventory was slightly down, sales were slightly up and the chance for sale has climbed from that ugly low in January to 37% last month.  It is down from last year at the same time (when the chance for sale was 49.1%) when inventory was lower and there were also more sales.  Inventory is up 28% and sales are down 3.6%

We’ll be watching for the financial markets to strengthen and for credit to loosen up even further to allow more homeowners to purchase since this chart spans all housing types and price ranges in the zip code.   Compared to the county as a whole this zip code is still faring better since the chance for sale was only 11.2%.  Yikes.

Information is from MRIS and is deemed reliable but not guaranteed.

Chance for Sale in Bethesda, 20816 - April 2008

 

Market Reports for Bethesda Neighborhoods in Zip Code 20816 - 2007

All the neighborhoods in 20816 - single family sales only: 

 

	2007	2007	2006	2007*	2007
Subdivision	# of Sales	DOM	Avg Sold Price	Avg  Sold Price	%  Change from 2006
AU Park	3	15	$1,350,635	$983,333	-27%
Beacon Hill	2	4	$1,273,500	$1,276,050	0%
Brookdale	3	18	$853,333	$1,061,667	24%
Brookmont	5	68	$1,016,250	$1,379,119	36%
Crestview	5	54	$728,227	$552,600	-24%
Fairway Hills	6	41	$754,333	$745,417	-1%
Fort Sumner	1	79	$1,548,000	$1,191,000	-23%
Glen Cove	3	81	$1,001,643	$1,205,167	20%
Glen Echo Heights	19	107	$1,155,303	$1,122,955	-3%
Glen Mar Park	16	74	$819,794	$1,025,750	25%
Greenacres	7	67	$771,660	$914,571	19%
High Point	3	113	$789,000	$1,124,667	43%
Mass Ave Hills	3	54	$816,000	$1,515,000	86%
Springfield	18	17	$1,060,647	$1,185,250	12%
Spring Hill	1	8	–	$1,800,000	–
Sumner	12	47	$1,095,022	$1,045,292	-5%
Tulip Hill	1	3	$1,276,000	$1,210,000	-5%
Westgate	13	47	$881,444	$876,692	-1%
Westhaven	2	140	$1,056,400	$971,750	-8%
Westmoreland Hills	21	38	$1,173,471	$1,365,500	16%
Westwood	4	38	$947,500	$1,499,750	58%
Wood Acres	11	12	$877,543	$917,105	5%
Yorktown	2	27	–	$1,004,500	–
All of 20816	164*	50	$987,264	$1,090,764	10%
* inc 3 sales from other subdivisions not listed

 

 

 Information from MRIS and deemed reliable but not guaranteed

Market Report for Zip Code 20816 - January 2008

For single family homes in Bethesa:

Jan-07			Chg		Jan-08			Chg
Units Sold	12		33%		Units Sold	4		-67%
Sales Volume	$13,569,600		57%		Sales Volume	$4,690,000		-65%
Avg Original List Price	$1,164,950		16%		Avg Original List Price	$1,236,972		6%
Avg List Price at Sale	$1,159,367		19%		Avg List Price at Sale	$1,236,972		7%
Avg Sold Price	$1,130,800		18%		Avg Sold Price	$1,172,500		4%
Avg List/Sale Ratio	97%		2%		Avg List/Sale Ratio	95%		-2%
Median List Price	$949,000		12%		Median List Price	$1,141,944		20%
Median Sold Price	$945,000		11%		Median Sold Price	$1,065,000		13%
Average DOM	40		9%		Average DOM	53		33%

I feel like it’s deja vu all over again!  Look at the drop in volume and units sold.  65% down.   There are:

• 37 active single family homes as of this writing ranging from $549K to $7.5M. 
• 19 properties are under contract, so homes are selling! 
• Days on market (DOM) are high at 116 and this accounts for many properties that are sitting on the market as rebuilds during their construction phase plus the long marketing time needed to get them sold. 

In another report I’ll break this down by housing type and price range which tends to give a little clearer picture of where things stand.  Within the price ranges (under $750K, ~$1M, >$1.5, etc.) we can get a better idea of how a house might perform on the market vs looking at this very broad perspective.

The graph below shows how the relationship of listings to sales looks in a chart.  January to January listings in this zip code are up 23.9% and sales are down 50% (includes townhomes and condos so it’s a bit different than the single family homes listed in the table above).  This trend is mirrored all over the county.

 

 Information from MRIS and deemed reliable but not guaranteed

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