How Was the August Real Estate Market in Potomac?

The Potomac real estate market saw strong activity for August 2011. The total dollar volume sold was way over last August at $61 million vs. $45 million. The median sold price stayed the same: $824,000. 

What Has Sold?

In August, 50 single family homes, 13 townhomes and 2 condos were sold. Of these, there were 3 short sales and no foreclosures, making distressed properties only 4.6% of total sales in 20854. The neighborhoods with the most homes sold were Inverness Forest, Piney Glen Village, Willerburn Acres and Highland Stone.

Do you want to stay up to date on what homes are selling for in your neighborhood? Then sign up for our Market Snapshot Report.

What Is Happening with Home Prices?

The average condo sales price rose considerably in August, but there are only 1 or 2 condos sold in 20854 each month so it is not a particularly significant statistic.  Townhome prices have been gaining since April. The average price of a single family home varies from month to month, since there is a wide variation in home prices in Potomac. See the chart for more details. 

The most expensive home that sold in 20854 in August was a single family home in Palatine for $2,375,000.

You can see more details about home sales in our report on Potomac Property Values.

Are Homes Getting Their Asking Price?

Are sellers getting their asking price in 20854? The second chart in the illustration shows what percentage of the asking price a seller is getting - it does take into account any previous price reductions that may have been made. The August average is identical to last year at 93%. 

How Long Is it Taking to Sell a Home?

The average number of days it took a home to sell in August was 89, compared to last year’s 80 days on market. You can see more market statistics in our Potomac Real Estate Market Trends Report.

Who is Buying?

Cash buyers in 20854 in August represented 21.5% of sales. Overall in Montgomery County, cash buyers made up 17.9% of home sales. Conventional loans made up almost 70% of Potomac home buyers, with FHA making up the rest.

Call Bob Myers of Re/Max Realty Services at 301-910-9910 if you have any questions about the value of your home or the Potomac real estate market.