Damascus, MD

Damascus Md. Sales Market Report - August 2009

This is a market report on the homes for sale in the town of Damascus, Md. The information is taken from the Metropolitan Regional Information System (MRIS) on September 22, 2009.

While there are several shells and two bedroom homes on the market, the cheapest home for sale is a three bedroom one bath with two fireplaces for $125,000. While there are five, six, and even seven bedroom homes on the market, the most expensive home on the market at this time is a four bedroom two bath detached home with a two car garage on 13 acres for $1,190,000. While some are new to the market within the last week and two have been on the market for near two years, the average days on market since initially listed for sale is short of five months (146 days).

There is currently a total of 24 homes in Damascus Md. where an offer to purchase has been accept by the owner. The last know list prices of these homes ranged from a low of $159,900 for a three-bedroom one full bath home to a high of $559,900 for a seven-bedroom four full bath home.

Since August 22, 2009, nine homes in Damascus Md. have been successfully sold. The closing prices on these homes ranged from a low of $180,000 to a high of $378,000. The days on market with the last Realtor ranged from less than a week (5 days) to five months (153 days), with the average being only two months (63 days).

Shells

There are two shells on the market for sale at this time. One is located on 6.5 acres and listed for $320,900. The second is on 1.88 acres and is currently listed for $175,000. There are no shells currently under contact nor has any gone to the closing table since July 22, 2009.

Two Bedrooms

There are currently ten two-bedroom homes on the market for sale in Damascus, Md. The list prices of this homes range from $125,000 to $335,000; with the average being $206,229. The days on market with the current Realtor for the set ranges from as little 12 days to just over six months (185 days); the average being a little over two months (77 days).

There are currently no two-bedroom home under contract in Damascus, Md., nor has a two-bedroom home been successfully closed.

Three Bedrooms

There are currently 25 three-bedroom homes on the market for sale in Damascus, Md. The list prices of these homes range from $125,000 to $741,900; with the average being $310,116. The days on market with the current Realtor for the set ranges from less than a week (3 days) to just over a year (376 days); the average being three months (90 days).

There are 11 three-bedroom homes currently under contact in Damascus, Md. The last known list prices of these homes ranged from a low of $159,900 to a high of $299,000, with the average being $245,655. The days on market with the current Realtor before the offers were accepted ranged from just under a week (1 day) to nearly four months (114 days), with the average being near a month (34 days).

Since August 22, 2009, six three-bedroom homes have successfully sold in Damascus Md. The closing price of these homes ranged from a low of $190,000 to a high of $378,000. The days on market with the last Realtor ranged from just a week (5 days) to over four months (138 days); with the average approaching two months (48 days).

Four Bedrooms

There are at this time 16 four-bedroom homes on the market for sale in Damascus, Md. The list prices of these homes range from a low of $294,900 to the highest of any home in the town of $1,190,000. The days on market with the current Realtor for the set ranges from just over a week (8 days) to over two years ( 742 days), with the average being near six months (165 days).

Currently there are nine four-bedroom homes under contract in Damascus, Md. The last known list prices of these homes ranged from a low of $229,900 to a high of $499,900, with the average being $332,894. The days on market with the current Realtor for these homes went from a soon as 11 days to nearly four months (109 days), with the average being near two months (61 days).

Since August 22, 2009, three four-bedroom Damascus, Md. homes have successfully reached the closing table. The closing prices have ranged from $200,000 to $370,000. The days on market with the last Realtor ranged from just over a month (40 days) to near five months (153 days), with the average being three months (93 days).

Five Bedrooms

There are at this time a total of seven five-bedroom homes on the market for sale in Damascus, Md. The list prices of these homes range from a low of $455,000 to $899,000, with the average being $599,714 The days on market for the set range from two week (12 days) to six months (180) days, with the average for the set being nearly two months (66 days).

There are currently three five-bedroom home under contact in Damascus, Md. The last known list prices of these homes ranged from a low of $36500 to a high of $525,000, with the average being $446,667. The days on market with the current Realtor for these homes went from a soon as four days to nearly three months (93 days), with the average being near two months (49 days).

Since August 22, 2009, no five-bedroom Damascus, Md. homes have successfully reached the closing table.

Six Bedrooms

There is only one six-bedroom home on the market for sale in Damascus, Md. The home is currently listed for $693,500 and has been on the market for just short of two months (54 days). There are currently no six-bedroom homes under contract in Damascus, Md., nor has there been a six-bedroom home going to closing since August 22, 2009

Seven Bedrooms

There are two seven-bedroom homes on the market for sale in Damascus, Md. at this time. The list price for both of these homes $675,000. While one has been on the market with the current Realtor for just about three months (92 days), the other has been for over 15 months (463 days).

Currently there is one seven-bedroom home under contract in Damascus, Md. The last known list price of this home is $559,900 and it was on the market with the current Realtor for less than two weeks (10 days). No seven-bedroom home in Damascus Md. gone to closing since August 22, 2009

If you or anyone you know would be interested in one of these homes, or looking for more detail on this set of homes, please get in contact with me.

Time is running short on the $8000 federal-tax credit, one must act soon.

Damascus Md. Rental Market Report - September 2009

This is a market report on the homes for rent in the town of Damascus, Md. The information is taken from the Metropolitan Regional Information System (MRIS) on September 21, 2009.

There are a total of 12 rentals currently active in the MRIS system listed in Damascus. The least expensive is a one-bedroom one bath on the market for $800. While there is a five bedroom home on the market for rent the most expensive is a four bedroom three bath colonial on just over 1 acre of property for $3,750 per month. While some are new to the market within the last week the longest has only been on the market for just about three months (122 days), with the average being less than two months (55 days).

There is currently one application registered to rent a home in Damascus Md, a four bed-room three bath Rambler on near a half acre (.515 ac) which was last listed for $1,750. Since Aug 24, the time of my last report three homes have been rented in town.

One Bedroom

There is currently only one one-bedroom apartment listed in the MRIS database for Damascus Md. This apartment is listed for $800 per month and has been on the market for a little over two months (78 days).

Two Bedrooms

There are currently three two-bedroom homes on the market for rent in Damascus, Md. based on data found in the MRIS database The rents are listed at $1,300 and $1,450 per month, and the days on market average less than three months (79 days) between the three of them.

Since July 24 only one two-bedroom home has been rented in Damascus, Md. The home rented for $950 after being on the market with the last Realtor for just over two months ( 41 days).

Three Bedrooms

The majority of the current listed rentals in Damascus Md. are the six three-bedroom homes. These homes are listed in the range of $1,650 to $2,000; with the average being $1,828. The days on market for the set of homes range from less than a month (24 days) to just short of two months (59 days); the average being close to one month (39 days).

Since Aug 21, one three-bedroom homes have rented in Damascus Md. This was a three-bedroom townhouse that was on the market for nearly four months (125 days) and rented for $1,450.

Four Bedrooms

There are at this time only one four-bedroom homes on the market for rent in Damascus, Md. The list prices of this detached home on just over an acre of ground (1.15 ac). The home is listed for $3,750 and has been on the market for approaching four months (102 days).

Since Aug 21, one four-bedroom homes have rented in Damascus Md. This Rancher on nearly two acres of ground (1.75 ac) was on the market for less than a week (5 days) and rented for $1,950.

Five Bedrooms

There are at this time only one five-bedroom homes on the market for rent in Damascus, Md. This detached home with a two car garage and fireplace is listed at $2,950, and has been on the market for only a week (7 days) at the time of this report.

Since Aug 21, one five-bedroom homes have rented in Damascus Md. This detached home with two fireplaces on over an acre and a half of ground (1.67 ac) was on the market about three months (87 days) and rented for $2,100.

DAMASCUS MD 20872 REAL ESTATE TREND INDICATOR

If you are thinking about buying or selling a home in zip code 20872, you should take a close look at the following report that compares the statistics for the past month with the same month last year. During the month, there were 84 active listings of homes for sale in 20872. There were 26 new listings in the area and 11 listings went to pending new contracts. There were 12 actual settlements as compared to 9 homes sold last year. The total sold dollar volume was down 2.86%. The average number of days on the market was 153 from 150 days last year. The average sale price was 88.08% of the average list price. The average sold price was $311,250 and median sold price was $317,500. It is still a market which favors buyers. Buyers have the largest selection and the lowest prices that have been available for several years. First time home buyers have the benefit of the currently available $8,000 tax credit for settlements that take place before the end of November, 2009. The lenders still have a surplus inventory of foreclosures in Montgomery County and buyers are taking advantage of the bargains. Many buyers are using FHA financing for the low 3.5% minimum cash requirement. The FHA Streamlined 203(k) program allows borrowers to include up to $35,000 of home improvements in the initial mortgage loan.

Metropolitan Regional Information Systems, Inc. ZIP Code Statistics - <$100K to >$5M Format

ZIP Code: 20872 Damascus, MD
From: 08/01/2009 to 08/31/2009 Statistics generated on: 09/09/2009

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2009 - Information deemed reliable, but is not guaranteed.

Please contact us with your questions on the residential real estate market.

Your Real Estate Professional,

DAMASCUS SHORT SALE LISTINGS - MONTGOMERY COUNTY MD

There are 6 active short sale listings in Damascus, Maryland.

Click the following URL to see the report. Sort by column headings.

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-88036714-801

Why would you want to know about short sales when you are not currently in the real estate market? These listings have a great impact on market prices. The low prices compete with regular listings by individual sellers and prospective home buyers are attracted to bargain prices.

When you are searching for available homes, be sure to use Homes Prospector at www.roykelley.com for the most current information on available properties. This is a service of MRIS, our regional multiple listing service.

As you search for homes on line, many properties will appear to be attractive because of their lower prices. Home buyers and their agents need to understand when they are considering short sale listings. These are the properties that require lender approval for a sale because the proceeds will not cover the outstanding mortgage loan balance. Many of these are pre-foreclosure situations.

Why do buyer agents and their clients need to be careful with short sale listings? It a fact that many of these properties never reach settlement. Some go to foreclosure and some are withdrawn as the marketing efforts fail. We see many active listings, including many under contract, being sold at foreclosure auctions.

Buyers should check the mortgage status on any property being considered. If a foreclosure is pending, extra caution should be taken because a contract will be voided if the home is sold at a trustee sale at the court house entrance. Agents have access to foreclosure information on Matrix and individuals as well as agents can use www.marylandlandrec.net and other resources to check on the outstanding mortgage loans.

Check to determine what party will actually handle the negotiation of the short sale. And check the documentation of the home seller to determine if they have prepared all of the exhibits that will be required for the lender review of any offers. We recommend Village Settlements and their short sale negotiation services to our seller clients. There are others that also provide these professional services with no front end fees to the sellers. Many short sale packages end up being over 100 pages long, so great attention to detail and very close follow up efforts are needed for successful transactions.

When you find a home seller that has not prepared the required documentation of if the property is scheduled for a trustee sale, you may wish to move on to another property.

Many of our buyer clients have discovered that better results are obtained when the focus on lender owned foreclosures rather that potential short sales.

DAMASCUS MD LENDER OWNED FORECLOSURES

There are 5 lender owned foreclosures (REO) available for purchase in Damascus MD.

Click the following URL to see the report. Click on the listing number for full details on each property. Sort by headers.

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-87927441-903

When you are searching for homes in Maryland, you will want to use Homes Prospector at www.roykelley.com This is a service of MRIS, the regional multiple listing service, and you will find the most accurate up to date information on properties that are available for purchase. Foreclosures will be included in the results of your searches.

Most of the homes that are sold at trustee sale auctions at the court house entrance are purchased by the secured mortgage lenders. The lenders then offer the homes for sale when they become part of the REO inventory. All of the lender owned homes are listed with area agents and are available on MRIS.

Why are buyers focusing on the REO inventory? The simple reason is that is where the purchase bargains are being found. Lenders are highly motivated sellers and they reduce the prices until the properties are under contract.

All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. First time home buyers need to move quickly to qualify for the currently available $8,000 tax credit. The settlement deadline to qualify for this incentive is November 30, 2009. Many of the lender owned foreclosures have deferred maintenance or repair requirements. Buyers that want to purchase fix-up properties should be learning about renovation financing such as the FHA 203(k) program.

We represent home buyers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties.