Spring is finally here!
2015 closed strong. The real estate market in Bethesda and Chevy Chase thrived throughout the year with strong showings in early 2015 followed by robust spring and summer markets.
When comparing 1st Quarter 2016 with that of 2015, we see significant differences in the single family home market when broken down by zip code, whereby 20817 shows discouraging signs, 20814 and 20815 zips are showing solid signs of a healthy and strong sellers’ market. Generally speaking, the homes that sold in 20814 and 20815 were in close proximity to downtown Bethesda, indicating a continuation of a multi-year trend of buyers’ preference to neighborhoods with easy access to shopping, metro, dining, and other urban conveniences.
The number of homes sold in 20817 during Q1 fell 19.7% at 61 units compared with 76 units sold during Q1 in 2015. Days on Market (DOM) increased by 20% to 72 days, and the median home price fell 13.2% to $955,000.
By contrast, the single family home market activity in 20815 increased by 30% to 39 units sold with DOM average of 46 days which is 11.5% lower than the average in Q1 2015. The median sold home price increased 5.7% to $1,157,500.
Similarly, 20814 SFH market activity went up by 24.2% to 41 units sold during Q1 and median home price at $990,000, representing an 8.8% increase compared with 2015 Q1.
The condo market in all of Bethesda is off to a weak start when compared to the last quarter of 2015, and to Q1 2015! The number of units sold is down 30%, Median close price is down 6.8%, and DOM is up 153% to an average of 86 days. Having said that, the condo market in Bethesda, consists of wildly different types of products, by location and by price range. Therefore, jumping into any decisive conclusions about the vitality of the condo market in Bethesda is unwise. For a specific analysis of condo buildings, please contact me and I’ll be happy to share a detailed and customized market report.
I am hopeful that the spring market will be robust as more sellers enter the market and buyer activity increases. For any of your real estate needs, be sure to call me!