Damascus, Maryland 20872 real estate market notes: When you are planning to purchase or sell a home or investment property in Damascus, Maryland, you need to know about the current real estate market conditions. The May 2008 Real Estate Trend Indicator report shows that the number of housing units sold was down 40% from the same month last year. The dollar sales volume was down 35.84%. The average time that a listing is on the market was 81 days. Home sellers need to anticipate the longer time that it is taking for marketing. For many, it is a good idea to obtain a firm contract on your present home before contracting to purchase your next home. The average price as a percentage of list price was 90.66% This shows that it is still a buyer's market. It is interesting to note that the median sold price was down 8.39% from last year.
The reduced number of options for mortgage financing has also impacted the market. Now, a high percentage of buyers are using FHA financing. Buyers and sellers should be aware of the new Maryland restrictions on stated income and no doc financing that went into effect on June 1, 2008. Buyers should always ask about the estimated total for real estate taxes for new buyers since that figure may be higher that the amout paid by the current owners.
Metropolitan Regional Information Systems, Inc. ZIP Code Statistics - <$100K to >$5M Format
ZIP Code: 20872 Damascus, Maryland Real Estate Trend Indicator
Roy Kelley, Associate Broker, RE/MAX Realty Group
6 Montgomery Village Ave., Suite 200, Gaithersburg, MD 20879
Email: roykelley@mris.com Home Search Website: www.roykelley.com
From: 05/01/2008 to 05/31/2008 Statistics generated on: 06/06/2008
| |
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 |
0 |
0 |
31-60 Days |
3 |
| $150,000 - 199,999 |
0 |
0 |
0 |
0 |
0 |
0 |
4 |
0 |
61 - 90 Days |
2 |
| $200,000 - 249,999 |
0 |
0 |
0 |
2 |
0 |
10 |
6 |
0 |
91-120 Days |
0 |
| $250,000 - 299,999 |
0 |
1 |
0 |
1 |
0 |
11 |
0 |
0 |
Over 120 Days |
2 |
| $300,000 - 349,999 |
0 |
1 |
0 |
0 |
0 |
8 |
0 |
0 |
Total |
9 |
| $350,000 - 399,999 |
0 |
0 |
1 |
0 |
0 |
27 |
0 |
0 |
|
| $400,000 - 449,999 |
0 |
0 |
0 |
0 |
0 |
11 |
0 |
0 |
Type of Financing
of Units Sold
(No. of Units) |
| $450,000 - 499,999 |
0 |
0 |
0 |
0 |
0 |
7 |
0 |
0 |
| $500,000 - 599,999 |
0 |
0 |
2 |
0 |
0 |
8 |
0 |
0 |
Conventional |
3 |
| $600,000 - 699,999 |
0 |
0 |
1 |
0 |
0 |
7 |
0 |
0 |
FHA |
4 |
| $700,000 - 799,999 |
0 |
0 |
0 |
0 |
0 |
3 |
0 |
0 |
VA |
0 |
| $800,000 - 899,999 |
0 |
0 |
0 |
0 |
0 |
2 |
0 |
0 |
Assumption |
1 |
| $900,000 - 999,999 |
0 |
0 |
0 |
0 |
0 |
6 |
0 |
0 |
Cash |
1 |
| $1,000,000 - 2,499,999 |
0 |
0 |
0 |
0 |
0 |
6 |
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 |
2 |
4 |
3 |
0 |
106 |
10 |
0 |
Total |
9 |
| Grand Totals |
9 |
116 |
|
|
| |
2008 |
2007 |
% Change |
| Total Sold Dollar Volume: |
$ 3,513,400 |
$ 5,476,300 |
- 35.84 % |
| Average Sold Price: |
$ 390,378 |
$ 365,087 |
6.93 % |
| Median Sold Price: |
$ 323,000 |
$ 298,000 |
8.39 % |
| Total Units Sold: |
9 |
15 |
- 40.00 % |
| Average Days on Market: |
81 |
98 |
- 17.35 % |
| Average List Price for Solds: |
$ 430,589 |
$ 377,966 |
13.92 % |
Avg Sale Price as a
percentage of Avg List Price: |
90.66 % |
96.59 % |
|
|
| Total NEW listings: |
18 |
| Total Properties Marked Contract: |
4 |
| Total Properties Marked Contingent Contract: |
4 |
| Total NEW pendings (Contracts + Contingents): |
8 |
|
Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2008 - Information deemed reliable, but is not guaranteed.
Please contact Roy Kelley & Associates for all of your residential real estate needs. We represent buyers as their exclusive buyer agents. There is a very large number of lender owned homes in the current housing inventory. During the next few months, buyers will have an unusually large selection of properties and the lenders will be highly motivated to accept reasonable offers for their REO homes.
