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Home sellers are facing a difficult time in the current soft market in Damascus, Maryland 20872. It is taking longer to sell homes in Damascus than in Germantown or Gaithersburg. In Damascus, the average days on the market before a sale has reached 233. Sellers should be prepared for the longer marketing period that is needed for the average sale. Many real estate agents are turning dows listings due to the high marketing expense when the sellers are not highly motivated. The average sales price is down to 88.22% of the average list price. The majority of sellers are getting lower sales prices than they expected. Lender owned foreclosures are competing with individual sellers. The REO inventory is high and lenders are motivated sellers because they must reduce their excess inventory of homes.
This is a wonderful market for buyers.
Metropolitan Regional Information Systems, Inc. ZIP Code Statistics - <$100K to >$5M Format
ZIP Code: 20872 Damascus, MD
Roy Kelley, Associate Broker, RE/MAX Realty Group, roykelley@mris.com
From: 04/01/2008 to 04/30/2008 Statistics generated on: 05/07/2008
| |
Residential
Unit Sales
Number of Bedrooms |
Active Listings |
|
Time on Market |
| Price Class |
2
Or Less |
3 |
4
or More |
Condo
Coop |
Ground
Rent |
Residential
|
Condo
Coop |
Ground
Rent |
of Units Sold
(No. of Units) |
| Under $100,000 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
1 -30 Days |
0 |
| $100,000 - 149,999 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
31-60 Days |
0 |
| $150,000 - 199,999 |
0 |
0 |
0 |
0 |
0 |
0 |
4 |
0 |
61 - 90 Days |
1 |
| $200,000 - 249,999 |
0 |
0 |
0 |
0 |
0 |
8 |
7 |
0 |
91-120 Days |
0 |
| $250,000 - 299,999 |
0 |
2 |
0 |
0 |
0 |
7 |
0 |
0 |
Over 120 Days |
5 |
| $300,000 - 349,999 |
0 |
0 |
0 |
0 |
0 |
8 |
0 |
0 |
Total |
6 |
| $350,000 - 399,999 |
0 |
2 |
1 |
0 |
0 |
23 |
0 |
0 |
|
| $400,000 - 449,999 |
0 |
0 |
1 |
0 |
0 |
18 |
0 |
0 |
Type of Financing
of Units Sold
(No. of Units) |
| $450,000 - 499,999 |
0 |
0 |
0 |
0 |
0 |
7 |
0 |
0 |
| $500,000 - 599,999 |
0 |
0 |
0 |
0 |
0 |
10 |
0 |
0 |
Conventional |
5 |
| $600,000 - 699,999 |
0 |
0 |
0 |
0 |
0 |
10 |
0 |
0 |
FHA |
1 |
| $700,000 - 799,999 |
0 |
0 |
0 |
0 |
0 |
4 |
0 |
0 |
VA |
0 |
| $800,000 - 899,999 |
0 |
0 |
0 |
0 |
0 |
2 |
0 |
0 |
Assumption |
0 |
| $900,000 - 999,999 |
0 |
0 |
0 |
0 |
0 |
5 |
0 |
0 |
Cash |
0 |
| $1,000,000 - 2,499,999 |
0 |
0 |
0 |
0 |
0 |
6 |
0 |
0 |
Owner Finance |
0 |
| $2,500,000 - 4,999,999 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
All Other |
0 |
| $5,000,000 & Over |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Unreported |
0 |
| Totals |
0 |
4 |
2 |
0 |
0 |
108 |
11 |
0 |
Total |
6 |
| Grand Totals |
6 |
119 |
|
|
| |
2008 |
2007 |
% Change |
| Total Sold Dollar Volume: |
$ 2,095,800 |
$ 6,491,900 |
- 67.72 % |
| Average Sold Price: |
$ 349,300 |
$ 463,707 |
- 24.67 % |
| Median Sold Price: |
$ 369,950 |
$ 428,500 |
- 13.66 % |
| Total Units Sold: |
6 |
14 |
- 57.14 % |
| Average Days on Market: |
233 |
131 |
77.86 % |
| Average List Price for Solds: |
$ 395,950 |
$ 487,264 |
- 18.74 % |
Avg Sale Price as a
percentage of Avg List Price: |
88.22 % |
95.17 % |
|
|
| Total NEW listings: |
25 |
| Total Properties Marked Contract: |
8 |
| Total Properties Marked Contingent Contract: |
5 |
| Total NEW pendings (Contracts + Contingents): |
13 |
|
Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2008 - Information deemed reliable, but is not guaranteed.
Buyers should be represented by exclusive buyer agents that know the market.
Please contact Roy Kelley, roykelley@mris.com if you have questions or need assistance.
