Leisure World of Maryland - Market Report - Sales - May 2009

Leisure World of Maryland - Market Report - Sales - May 2009

This market report details the sales activity in the senior citizens' community of Leisure World in Silver Spring, Maryland. The report period is for activity during the month of April 2009. At the time of this report (5/7/2009), there are a total of 273 homes on the market for sale in this community. The asking price for homes in this community ranges from $40,000 for a one-bedroom co-op to $789,000 for a four-bedroom detached home. The list price for these homes averages $206,958. Forty seven of these are new to the market or with a new listing agent during the month, down from the sixty two that were added during April of 2008. If one does not take into consideration the five homes that have been on the market for over two years, the average days on the market is very close to seven months. During the month of April, twelve homes went under contract and another thirteen went to closing. This is close to the number (sixteen) that sold in April of 2008.

One Bedroom
Thirty-seven of the homes on the market are one-bedroom units ranging in current list price from $40,000 to $174,999, averaging $102,742. Two of these homes were new to the market or returned to the market with a new listing agent during the month; the longest has been on the market for nearly one year (379 days). The days on market averaged 225 (approximately seven months). Two one-bedrooms had offers to purchase accepted during the month; list prices ranged from $125,000 to $139,900. The days on market with the current realtor ranged from nearly two months (78 days) to over six months (195 days), with the average being a little over three months (137 days). Five other homes went to the closing table during the month and the settled prices ranged from $53,000 to $165,000. The average time on the market for these units was nearly four months (126 days).

Two Bedrooms
Again this month a majority of the homes on the market (181 of the 273) for sale are the two bedroom homes. The current list price of these homes ranges from $74,000 to $419,000, averaging at $193,613. While 50 of the homes were either new to the market or returned with a new listing agent, the longest on the market is over two years (842 days). The average number of days on market is nearly seven months (228 days) for these homes. Buyers submitted offers on nine two-bedroom homes during the month. The final list price on these homes ranged from $92,500 to $302,000, with the average being $189,355. The average number of days on market for these homes was close to seven months (200 days), the longest period was a just over 21 months (631 days). Seven other two bedroom homes sold in the month of April. These homes were sold for $82,500 to $282,5000, averaging $168,214. The days on market ranged from nearly one month (27 days) to over a year (364 days), averaging close to three months (135 days).

Three Bedrooms
Currently there are 52 three-bedroom homes on the market for sale in Leisure World. The listed prices range from $165,000 to $449,000 with the average being $282,328. While ten of these homes were new or returning to the market during the month, the longest has been on the market for over two years (880 days). The average for all units was about six months (186 days). Buyers successfully submitted offers on three homes during the month of April. The last known list price of these homes ranged from $319,000 to $395,000, averaging being $346,633. Days on market ranged from less than one month (12 days) to over two years (774 days); with the average being nearly nine months (277 days). Five other homes with three bedrooms sold in April. The accepted prices on these homes were $184,900 and $375,000. The days on market ranged from nearly six months (177 days) to just over nine months (280 days). The average time on the market was seven months (214 days).

Four Bedrooms
There are only three four-bedroom homes on the market for sale in Leisure World at this time. These detached homes with attached two car garage are listed from $769,000 to $789,000. The days on market for these homes range from nearly three months (76 days) to nearly nine months (261 days). Days on market for these homes averaged just over six months (190 days). No offer to purchase a four-bedroom home has been accepted in April, nor has one changed ownership during the month.

My team and I stand ready to help with your real estate needs here in Leisure World. Please feel free to contact me by any of the following methods - my web page, email, or (301) 237-2277.

Robert J. Force

Prudential Carruthers Realtors - Gaithersburg, Md.