How's the Real Estate Market in Potomac?

The Potomac real estate market saw strong activity for May and June 2011.

What Has Sold?

In May, 42 single family homes, eight townhomes and two condos were sold. Of these, two were short sales and three were foreclosures, so distressed properties made up 10% of total sales in Potomac. In June, 31 single-family homes, 14 townhouses and 1 condo were sold. Of these, 5 were short sales and there were no foreclosures, so distressed properties made up 11 percent of total sales in Potomac. You can see more details about what is selling in Potomac on our website's Potomac Property Value page.

What Is Happening with Home Prices?

The average sales price is up for single family homes ($1.148 million in June), townhomes and condos ($698,000) alike, from May to June (see chart). A change in the average sales price for one month is not necessarily an indication of a trend, it could just indicate that more homes were sold in a more/less expensive neighborhood of Potomac. To get specific data for your neighborhood, you can sign up for an automatic update using our Market Snapshot report.

How Long Is it Taking to Sell a Home?

The average days on market decreased from May compared to June, from 89 to 72 days but this is still significantly higher than last year. To get more details on market trends, visit our Potomac real estate slideshow presentation.

Who is Buying?

In May, cash buyers (usually investors) represented 13 percent of buyers in Potomac and in June, cash buyers represented 17 percent of buyers. Overall in Montgomery County, cash buyers made up 17 percent of the home sales in both May and June, so Potomac is attracting investors at about the same rate as the rest of Montgomery County.

What is For Sale?

You can visit our home searching site to see what is currently for sale in Potomac.

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