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DAMASCUS, MARYLAND REAL ESTATE TREND INDICATOR

DAMASCUS, MARYLAND 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 August with the same month last year. There were 28 new listings in the area and 13 listings went to contract. There were 9 actual settlements as compared to 7 homes sold last August. The total sold dollar volume was up 36.67%. The average number of days on the market was up to 150 from 109 days last August. The average days on the market is 51 days longer than the average for Montgomery County. The average sale price was 84.11% of the average list price. What does this mean? It is still a soft market which favors buyers. The good news is that most of us in the real estate business have noticed an increase in activity and the number of contracts being submitted. It will be interesting to see the September statistics. Interest rates were attractive and have gone lower since the government took over Fannie Mae and Freddie Mac. Buyers have the largest selection and the lowest prices that have been available for several years. The lenders still have a surplus inventory of foreclosures in Montgomery County, but they are also selling fairly quickly as buyers take advantage of the bargains.

Roy Kelley, Associate Broker, RE/MAX Realty Group

Home Search Website: www.roykelley.com

Email: roykelley@mris.com; Client Assistance: 301-670-8996

ZIP Code: 20872 Damascus, MD From: 08/01/2008 to 08/31/2008 Statistics generated on: 09/09/2008

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 2
$100,000 - 149,999 0 0 0 0 0 0 1 0 31-60 Days 0
$150,000 - 199,999 0 0 0 0 0 1 6 0 61 - 90 Days 3
$200,000 - 249,999 0 2 0 0 0 10 3 0 91-120 Days 0
$250,000 - 299,999 0 3 0 0 0 13 0 0 Over 120 Days 4
$300,000 - 349,999 0 1 0 0 0 16 0 0 Total 9
$350,000 - 399,999 0 0 0 0 0 27 0 0
$400,000 - 449,999 0 0 0 0 0 9 0 0 Type of Financing
of Units Sold
(No. of Units)
$450,000 - 499,999 0 0 0 0 0 8 0 0
$500,000 - 599,999 0 0 1 0 0 8 0 0 Conventional 4
$600,000 - 699,999 0 0 0 0 0 5 0 0 FHA 5
$700,000 - 799,999 0 0 0 0 0 3 0 0 VA 0
$800,000 - 899,999 0 0 1 0 0 4 0 0 Assumption 0
$900,000 - 999,999 0 0 1 0 0 3 0 0 Cash 0
$1,000,000 - 2,499,999 0 0 0 0 0 4 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 6 3 0 0 111 10 0 Total 9
Grand Totals 9 121
2008 2007 % Change
Total Sold Dollar Volume: $ 3,844,900 $ 2,813,200 36.67 %
Average Sold Price: $ 427,211 $ 401,886 6.30 %
Median Sold Price: $ 290,000 $ 440,000 - 34.09 %
Total Units Sold: 9 7 28.57 %
Average Days on Market: 150 109 37.61 %
Average List Price for Solds: $ 507,933 $ 418,286 21.43 %
Avg Sale Price as a
percentage of Avg List Price:		 84.11 % 96.08 %
Total NEW listings: 28
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.

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

Posted Monday Sep 15

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