Glen Echo Heights Market Report - October 2010
How's The Market?
Glen Echo Heights, Bethesda Real Estate:
If we look at the data for Glen Echo Heights real estate on a yearly basis, so many of the signs are good right now: days on market are down, list to sale ratio (what sellers get of their asking price) is up and median price is up when we compare to how last year ended. On a month to month comparison all those arrows pointing downward don't look so great! Unless those numbers become a persistent trend though, it's better to look at the data over the longer term.
Last year there were 30 sales in the neighborhood of Glen Echo Heights but this year with only 16 sales completed, 4 homes under contract and what is currently active it's not likely that we'll see that many sales again. As I write this it's mid- November and I would not anticipate that much more inventory coming on before spring. But for a well priced home that has found the sweet spot in both price and condition, the buyers out this time of year are very serious.
If you have any plans to test the market for price, it will be deadly. Buyers are still spooked by the markets and they have plenty of choices in homes to buy, even when they are looking for specific school districts. I spend a lot of time looking at homes in person as well as understanding the pricing trends nationally, in the County, the zip code and right in this Glen Echo Heights real estate neighborhood. Rates are super now - a little over 4% right now - but lending standards are tight. Very tight.
Homes for Sale in Glen Echo Heights, Bethesda:
Money has freed up in the upper brackets but not so fast as needed to move more of the luxury product. That part of the market has really been hit hard. In the under $1M range many homes have moved very quickly as you can see by the days on market for the sold properties and those under contract. And up to $1.2M or so the sales have been good here and in other parts of Bethesda, but for over $1.5M that market is much tougher and requires a hard look at price and condition as well as the expectation that time on market will be much longer and we'll have to ensure very broad marketing coverage to find the right buyer.
I have very aggressive Internet marketing campaigns in order to get the best exposure for any listings and it does work. Priced well, presented beautifully and exposed to the widest possible audience will mean you have the best chance to be the next house sold!
Until next month! Enjoy the holiday and family time we all cherish this time of year...
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