Each and every month, I like to cover a few different parts of town for my clients, and let them know what is going on, what has happened, and what is likely to happen, all based upon market statistics. Today, I am covering Chevy Chase MD homes for sale, which just happens to be one of the most desirable markets in all of the Greater DC Area Real Estate MarketPlace.
Median Asking Prices – last year, in March of 2010, the median asking price of all Chevy Chase MD homes for sale was right around $1.28 million dollars. Over the course the next twelve months, that figure has dropped all the way to our current level of 1.10 million dollars, a loss of almost $200,000 if you are a home seller. But remember, these are asking prices I am writing about, not sold home prices.
Median Asking Prices For Luxury Homes – next, looking only at the most expensive quartile of homes for sale, the median asking price of this group of homes started out a little above $2,500,000 one year ago, and now has a median asking price of about $2.3 million dollars. It looks like overall, this group has dropped only as much as the entire group of homes in Chevy Chase, but the more expensive homes look to be still dropping while the larger group seems to have bottomed out and may see a rise in their near future.
Inventory Levels – the inventory levels for homes for sale seems to have tracked pretty well along predictable lines for seasonal expectations. Homes come on to the market in spring and early summer, level out and then start to leave the market as winter approaches. And that is what we see for Chevy Chase, but with a bigger decline than we might have expected this past winter, bringing our current number of homes for sale in March of 2011 in Chevy Chase to about 58 properties.
Days On Market – after looking at inventory and seeing the number of available properties falling, I would have really expected to see a drop in the Days On Market measurement, simply because there aren’t as many homes to choose from. But when I look at at the available data, yes, the last few weeks have seen a reduction in DOM numbers, but we are still way higher this year than at this time last year. Last March, homes were taking an average of 118 days to leave the market, but our latest measurement puts that number at 131 days in March 2011. The good news is that at least our current value is a week shorter than the 138 days DOM were seeing in late January, so maybe we are headed in the right direction.
To learn more about Chevy Chase MD homes for sale visit http://www.dcrealestatemarketplace.com, where local experts break down weekly sales data for the city as well as many surrounding neighborhoods, such as Bethesda, Chevy Chase, Avenel, Silver Spring and Potomac.
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