The statistics are in for July 2016! What is your Bethesda Maryland home worth in July 2016. I live in Bethesda so I pay close attention to property values in my hometown.
I believe that Bethesda is still the place to be for anyone looking for a community close to DC with lots of green space, restaurants, entertainment, athletic activity, and an easy commute to other parts of the metro area. There is a wide range of housing stock from luxury single family homes and townhouses to studio apartments. Bethesda has new construction and fifty and sixty year old ramblers and split levels. There is something for everyone and Bethesda’s popularity is reflected in our strong housing market, but it is beginning to shift as inventory has finally started to build.
Don’t worry too much though. Buyers have found a lot to like in Bethesda this summer. Closed sales were up last month to 126 homes, slightly over the five year average of 121 properties.
New pendings also are up over the five year average. There were 113 pending sales in July versus 100 pendings on a five year average.
After several years of tight inventory, sellers are finally putting homes on the market, bringing an increase in supply. While this is positive, the buyers are not keeping pace with the increased supply and we are now at 3.6 months of supply (versus the five year average of 3.1 months of supply.)
The average sold price in July is up over the five year average as one would expect since five years ago we were coming out of a significant market adjustment.
The average days on market for a sold property are also beginning to lengthen slightly over the five year average.
BETHESDA DETACHED PROPERTIES
In Bethesda, MD, the median sold price for Detached properties for July was $975,000, representing no change compared to last month and an increase of 0.3% from Jul 2015.
The average days on market for units sold in July was 54 days, 32% above the 5-year July average of 41 days. There was an 11.9% month over month decrease in new contract activity with 74 New Pendings; a 15.2% MoM decrease in All Pendings (new contracts + contracts carried over from June) to 112; and a 9.1% decrease in supply to 230 active units.
This activity resulted in a Contract Ratio of 0.49 pendings per active listing, down from 0.52 in June and an increase from 0.43 in July 2015. The Contract Ratio is 5% lower than the 5-year July average of 0.52. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.
In short, this may well be the time to put your single family home on the market because it appears that the market is moving quietly in the buyer’s favor.
If you are looking for a new home, you should certainly check out these single family homes!
All Bethesda Homes Under $750,000
All Bethesda Homes Between $750,000 and $1,000,000
All Bethesda Homes Between $1,000,000 and $2,000,000
All Bethesda Homes Over $2,000,000
BETHESDA TOWNHOUSES
In Bethesda, MD, the median sold price for Attached/Townhouse properties for July was $848,855, representing an increase of 6.2% compared to last month and a decrease of 11.8% from Jul 2015.
The average days on market for units sold in July was 11 days, 73% below the 5-year July average of 40 days. There was a 40% month over month increase in new contract activity with 7 New Pendings; a 42.9% MoM increase in All Pendings (new contracts + contracts carried over from June) to 10; and a 15% decrease in supply to 17 active units.
This activity resulted in a Contract Ratio of 0.59 pendings per active listing, up from 0.35 in June and an increase from 0.38 in July 2015. The Contract Ratio is 26% lower than the 5-year July average of 0.79. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.
Like the single family numbers, this suggests that we are moving toward a buyer’s market, so if you are considering selling your townhome, this might be the time to do it – before the buyer market really begins! If you are thinking of selling your home, be sure to give the Lise Howe Group a call at 240-401-5577 or email us at lise@lisehowe.com.
If you are looking for a new townhome in Bethesda, check out these links below.
All Bethesda townhomes under $500,000
All Bethesda townhomes between $500,000 and $1,000,000
All Bethesda townhomes above $1,000,000.
BETHESDA CONDOS
In Bethesda, MD, the median sold price for Condo & Coop properties for July was $291,250, representing a decrease of 23.1% compared to last month and a decrease of 2.3% from Jul 2015. While prices vary from month to month, the Bethesda condo market seems to be softening. This could be due to all the new construction that is taking place in the market, most of which is not reflected in the MLS, but which is increasing inventory and drawing buyers away from the already built housing stock.
The average days on market for units sold in July was 67 days, 18% above the 5- year July average of 57 days.
There was no month over month change in new contract activity with 32 New Pendings; no MoM change in All Pendings (new contracts + contracts carried over from June) with 50; and a 3% decrease in supply to 96 active units.
This activity resulted in a Contract Ratio of 0.52 pendings per active listing, up from 0.51 in June and an increase from 0.44 in July 2015. The Contract Ratio is 28% lower than the 5-year July average of 0.73. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.
Like the single family numbers and townhome numbers, this suggests that we are moving toward a buyer’s market, so if you are considering selling your condo, this might be the time to do it – before the buyer market really begins in the fall! If you are thinking of selling your home, be sure to give the Lise Howe Group a call at 240-401-5577 or email us at lise@lisehowe.com.
If you are interested in buying a condo either as your personal residence or as an investment property, check out these links below!
Condos and Coops Under $300,000 in Bethesda
Condos and Coops Between $300,000 and $500,000 in Bethesda
Condos and Coops Between $500,000 and $750,000 in Bethesda
Condos and Coops Between $750,000 and $1,000,000 in Bethesda
Condos and Coops Over $1,000,000 in Bethesda
Get Detailed Reports about Bethesda
If you would like detailed demographic information about Bethesda as well as school reports or market trends and statistics (including recent sales in the area) please visit my website,www.thelisehowegroup.com.
Would you like to know how much your Madison Park Condo is Worth?
There are a number of sites on the internet that will give you ‘estimates’ for what your home will sell for. These sites use public records and usually some kind of algorithm to try to produce a value for your home. These sites also publicly state their ‘error rates’. That means they aren’t correct, they are simply an estimate based on incomplete data. To find out more about why Zillow estimates, for example, are so often wrong, just click here!
We would love to do a free comparative market analysis of your home or condo in Bethesda and let you know what could expect to get in today’s market if you are considering selling. Our valuation is based on up to the day data for homes that have recently sold in the area. Our valuation is not based on a formula that relies on public records which can take months to update. Please visit my website in order to get your free property evaluation for your Bethesda home or condo.
POSTED BY LISE HOWE, KELLER WILLIAMS CAPITAL PROPERTIES
If you are looking for a home in the DC metro area, you know there is more to the process than just picking a property and making an offer. You need to find the best location for your wants and needs, get a great price, and work with a lender who will make your life easier – not harder. Trust your search with a Realtor who is licensed in DC, MD and VA and really knows the city and all its secret neighborhoods.
Start your search with the Lise Howe Group, Washington Natives who love the city and all its quirkiness! If you are moving or relocating to Washington DC, be sure to ask for our relocation guide. Call us at 240-401-5577 to schedule an appointment or email us at lise@lisehowe.com. Too excited to wait to talk to us about a great home? Just click here to start that home search.
If you want to see what is for sale in Washington DC, Chevy Chase and Bethesda, check out these links below:
Bethesda Single Family Luxury Homes
Chevy Chase Single Family Luxury Homes
Luxury Single Family Washington DC Homes
Washington DC Single Family Homes Under $1 Million
Lise Howe
Keller Williams Capital Properties
240-401-5577 (24 hour direct)
Licensed in DC, MD, and VA
Associate Broker, GRI, ABR, CRS
The Lise Howe Group
Howe Real Estate Should Be!
www.lisehowegroup.com