What is the state of the luxury home market in Potomac, Maryland?

Asked by Roberta Murphy, Carlsbad, CA Sun May 13, 2007

A potential transferee is asking about the market in this area.

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Lenn Harley, , Maryland and Northern Virginia
Sun May 13, 2007
Prices up 2.02% March 2007 over March 2006
Sold prices down 4.94%
DOM up 56%
Sale price as a percentage of list - 94.24%
5 votes
Brinklowboy, Home Owner, Brinklow, MD
Fri Jul 20, 2012
It's fine as long as there are fools who keep coming along and overpaying for homes. Let's hope it keeps up and people keep thinking they are going to sell those white elephants for more than they paid for them. Can you believe that people still fall for that? Good luck, and congratulations in advance on your new home purchase. Please don't let worries about rising interest rates, unemployment, recession, or baby boomer retirement over supply worry you. Remember, your home is your best investment. Even when it is a highly leveraged depreciating asset.
Thank God there are people you out there.
0 votes
Greg Ford, Agent, Bethesda, MD
Wed Jan 26, 2011
It is interesting to look back at a question about the 2007 market and see how this applies to the current market conditions. First I looked at the big pictures, Montgomery County, and see that homes costing over $1.5 million dollars made up 2.7% of the sales in December of 2010. This tells me that he more expensive homes are not selling as well as other price points. I also took a look at the December sale data for Potomac and made an alarming discovery. I found that homes selling between $1 million to $2.5 had a 4.7 month absorption rate but homes selling between $2.5 million and $5 million had a 14.5 month absorption rate.
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