The media is full of reports of the recovering housing market, so how is Potomac doing?
As of August 2012, the real estate market in Potomac appears to be doing pretty well compared to this time last year.
From January to August, there have been 297 single family homes sold, 44 townhomes and 13 condos sold, compared to last year’s 280 single family homes and 76 attached homes sold.
This year, sellers are getting 95% of their asking price compared to 2011’s 93.5% of their asking price, which is a good sign of a stronger seller’s market.
So far in 2012, the average sold price for a single family home decreased to $1,016,878 compared to 2011’s $1,091,500. In 2011 there were far more homes that sold in the under $500K category, and about the same in the $2 million and above category. The average sold price for attached homes (both town houses and condos) increased to $701,663 from $635,366.
This year, the average home was listed for 80 days, which is an improvement from last year’s 92 days on market.
The neighborhoods with the most activity have been Copenhaver, Inverness Forest, Potomac Outside and River Falls. The most expensive home that has sold was a custom French style country manor in Great Falls Estates for $3.275 million in July.
As of the end of August, zip code 20854 has had 5 foreclosures and 7 short sales. This time last year, there were 8 foreclosures and 16 short sales, showing improvement this year with a large decrease in distressed home sales.
Please click for a complete analysis of the Potomac real estate market and to view market reports, interactive charts and much, much more!