Silver Spring Md. 20906 - Detached Homes May 2008 Market Report

Silver Spring Md. 20906 -Detached Homes - May 2008 Market Report

This is a Market Report about detached homes in the Silver Spring, Md. zip code of 20906 for the month of May 2008. Excluded from this are the homes in the active seniors community of Leisure World.

As of 6/1/08 there are 224 detached homes on the market in this area, with configurations ranging from 2 to 6 bedrooms, lots from around .1 acre to over 2.5 acres, and list prices ranging from $210,000 to $1,200,900.

There are currently 44 detached homes under contract in this area, and an additional 11 went to closing during the month of May.

Two-Bedroom Homes

Of these homes on the market only four were two-bedroom homes. The current list price of these homes range from $234,900 to $365,000, with the average being $294,350. Only one of these homes was new to the market this month. The longest on the market is just over a year (379 days), while the average is a little over 6 months (199 days).

Four two-bedroom homes went under some form of contract during the month. The last known list prices ranged from $213,900 to $279,900, with the average being $248,175. The days these homes were on the market ranged from just under a month (27 days); the longest was near seven months (228 days), and the average was just over three months (98 days).

Only one two-bedroom home went to settlement during this time frame. That home sold for $313,500 and was on the market for nearly six months (176 days).

Three-Bedroom Homes

Fifty one of these detached homes on the market were three- bedroom homes. The current list price of these homes ranged from $210,000 to $500,000, with the average being $353,768. Nine of these were new to the market place during the month. The longest has been on the market for just over a year (370 days), with the average being just over 3 months (98 days).

Eight three-bedroom homes went under some form of contract during the month. The last known list prices of these homes ranged from $240,000 to $359,900, with the average being $307,938. The days these home were on the market ranged from again close to one month (26 days) to nearly a year and a half (466 days), with the average being close to 5 months (148 days).

Three three-bedroom homes went to the closing table during May. Two existing homes sold for $239,000 and $230,000, after being on the market for an average of three and a half months at 99 days. One new construction home sold for $589,000.

Four-Bedroom Homes

Clearly a majority of the detached homes on the market at this time are the 103 four-bedroom homes. The current list price of these homes range from $249,999 to $1,200,900, with the average being $439,912. Twenty one of these were new to the market this month. The longest on the market is over two years (759 days), with the average being just over four months (125 days).

Some 21 four-bedroom homes went under some form of contract during May. The last known list prices ranged from $233,900 to $697,000, with the average being $381,545. The days on market ranged from under a month (16 days) to over six months (186 days), with the average being near three months (97 days).

Seven four-bedroom homes where successfully closed during the month of May. Their sold prices ranged from $339,000 to $470,000, with the average being $404,571. The days on market ranged from near a three weeks (23 days) to over thirteen months (393 days), with the average just short of 5 months (149 days).

Five-Bedroom Homes

Fifty four of these detached homes are five-bedroom homes, eleven of which were new to the market in the month of May. The current list price of these homes range from $249,000 to $999,924, with the average being $485,020. The longest time on the market is near 22 months (683 days), while the average is just over 5 months (153 days).

Seven five-bedroom homes went under some form of contract in the month of May. The last known list prices ranged from $244,900 to $549,999, with the average being $391,907. These homes were on the market from one week (7 days) to near 14 months (420 days), with the average be just over four months (124 days).

No five-bedroom detached homes went to the closing table in the month of May.

Six-Bedroom Homes

Twelve six-bedroom homes were active at the end of the month of May. The current list price of these homes range from $299,900 to $1,199,000, with the average being $541,292. Only one of these homes was new to the market in May. The longest has been on the market for nearly 10 months (299 days), and the average is near three and a half months (105 days).

Four six-bedroom homes went under contract in the month of May. The last known list prices ranged from $249,000 to $380,000, with the average being $326,425. The days on market ranged from just over one month at 39 days to just short of 7 months at 205 days, with the average being near four and a half months at 138 days.

No six-bedroom detached homes in the 20906 zip code went to the closing table in May.

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