How's the Real Estate Market in Potomac? Sept 2011 Report

How’s the Potomac Real Estate Market?

The Potomac real estate market is in good shape in zip code 20854 compared to last year at this time - the average sold price is down by less than 1%, the average days on market are less; and sellers are getting more of what they are asking - 95.3% of of the list price vs. 92.5% of last year's average list price.

What Has Sold?

In September, 25 single family homes, 1 condo and 7 town homes were sold.  There were 2 short sales and no foreclosures in the 20854 zip code.  The neighborhoods with the most homes sold were Potomac Crest and Fox Hills. 

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 increased in September from August to $780K. Townhome prices also increased to $931,429.  Single family homes sales saw a very slight dip from August to September to $1 million (see chart in illustration or click to see the interactive charts).  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 or less expensive neighborhood of Potomac. 

The most expensive home sold was a mini estate, custom colonial in Camotop.  There were 10 homes sold in the 20854 zip code for over $1 million.

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

Are Sellers Getting Their Asking Price in Potomac?

The second chart in the illustration shows the data on the proportion of original list price a home seller is getting when they sell.  This takes into account price reductions.  This month's overall average is 95.3%, compared to last year's average of 92.5% and the overall county average that is 93.9%.

How Long Is it Taking to Sell a Home?

The average number of days it took a home to sell in September was 74, compared to 91 days last year.  The overall county average last month was 77.  You can see more market statistics in our Potomac Real Estate Market Trends Report.

Who is Buying?

Cash buyers in 20854 (often investors) in September represented 6% of sales.  Overall in Montgomery County, cash buyers made up 16.79% of home sales.

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 real estate market.