Gaithersburg MD Real Estate Market Analysis

Compared to the same time last year, the number of Gaithersburg MD home sales in February 2009 has held steady overall with 61 properties sold (compared to 59 sold in February 2008). The overall trend is that supply is down, there are fewer new listings coming on the market, REOs and foreclosures are up, and buyers are getting bargains.

There was quite a drop off in activity in zip code 20878 - decreasing from 34 to 25 properties sold, due partly to less inventory. There was an increase in zip code 20877 neighborhoods from 11 to 24 properties sold, where inventory was down only slightly compared to last year. Zip code 20879 saw 12 properties sell, almost the same as last year, despite an almost 20% drop in inventory. Most of these homes sold in 3 to 4 months on average. The overall supply of Gaithersburg homes on the market is down 13% compared to last year.

As you would expect, the average sold price is way down: 26.5% in 20877, 33% in 20878, and almost 28% in 20879.

The average price is

20879 is $249,125 (it was $345,170 in ‘08)

20878 is $344,036 (it was $517,106 in '08)

20877 is $229,109 (it was $352,982 in '08)

Of course, the real story becomes obvious when you go beyond the statistics - it is about the number of short sales and foreclosures across Montgomery County MD.

In zip code 20878, which includes North Potomac, some Darnestown neighborhoods, Kentlands, Lakelands and Quince Orchard Park, there were 6 short sales and 3 REO (bank owned) properties out of the 25 homes that sold - 36%. As of March 13, there were 31 bank owned properties in 20878, and 21 homes slated for auction.

In zip code 20877, which includes Audubon Square, Deer Park, Hidden Creek, Saybrooke and Villa Ridge, there were 2 short sales and 5 REO properties out of 24 - 29%. Properties to be auctioned number 22 in this zip code, and bank owned was a whopping 74 homes (as of March 13).

And, in zip code 20879, which includes Flower Hill, Goshen, Montgomery Meadows, and Woodland Hills, there were 3 short sales and 3 REOs sold out of 12 - a whopping 50%. Twenty one properties are scheduled for auction plus 51 homes that are REOs on March 13, 2009.

Visit my website for a complete rundown of the Gaithersburg MD Real Estate market. I would be happy to provide you with a complimentary, no-obligation market analysis of your home.