Harisch.sood, Home Buyer in Bethesda, MD

what is the marekt like in 20814? what is the price per square foot vs. 2011? What is inventory now?

Asked by Harisch.sood, Bethesda, MD Sat Apr 21, 2012

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Jed Williams, Agent, Boyds, MD
Sat Apr 21, 2012

Using price per square foot in a zip code like 20814 can be very misleading given the diversity of housing stock that exists here. Monthly price/sqft figures are extremely volatile, as you will see from the figures below. However, to answer your question directly:

Median Sold Price/Sqft:
March 2012: $419
March 2011: $391

Average Sold Price/Sqft
March 2012: $439
March 2011: $617

Median List Price/Sqft
March 2012: $416
March 2011: $470

Average List Price/Sqft
March 2012: $598
March 2011: $520

I tend to rely more on price indicies per housing type (single family, townhome, and condo) rather than lumping them all together. In those measures you can see that condo prices have been down quite a bit in the past year, about 8% while townhomes are up about 2% and single family prices are basically flat.

As for inventory numbers, active listings were at there lowest level in more than 6 years in February and are up only slightly in March. There is currently 1.9 months supply of inventory on the market, which is the lowest it's been in the 16 years of data my company has in it's statistics system. The number of new listings is actually trending down, but the issue is that contracts in the winter months have been way up the last 3 winters and so inventory held over going into spring has been way down. It's an interesting market, that's for sure.

Active March 2012: 105
Active March 2011: 123

Contract March 2012: 56
Contract March 2011: 58

Sold March 2012: 30
Sold March 2011: 33

Failed March 2012: 6
Failed March 2011: 10

If you'd like to know more, please feel free to contact me directly.

Kind regards,
Jed Williams
Hagan Realty
3 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Sat Apr 21, 2012

I agree with Laura the market here is pretty solid. Bethesda is a very nice, very popular area. I am refinancing several SFR in Bethesda and have noticed large increases in value since the purchase. One example is clients bought in early 2011 for 675k. New value was 735k last week. I don't think this is outside the norm. I'm not a realtor but know several excellent ones that work the Bethesda area and can give you better numbers than I did on recent sales. Hope this helped and if you want anything else from me or the local realtors please just let me know.

Brent Mendelson
1st Mariner Mortgage
2 votes
Piero Marinu…, Agent, Silver Spring, MD
Sat Apr 21, 2012
Jed's answer is about as thorough as you're going to get on these boards. The market in 20814 remains strong and has over the past 4-5 years in relation to the rest of the county, state, and country.

If I were you, Harisch, the most important piece of information I would take away from the advice here is that attempting to use price per square foot will not be helpful unless you use it one a neighborhood by neighborhood basis. Even then, you have new homes, old homes, etc. that the diversity of inventory really doesn't lend itself to that. I trust you already have a sense for that.

Best of luck to you, and please let me know if I can help you in any way.
1 vote
Miekeba Jones, Agent, Silver Spring, MD
Sun Feb 10, 2013
Hi Harisch, send me an email and I will send you active listings for the 20814 area. miekeba@heymannrealty.com
0 votes
Your Solar R…, Agent, Silver Spring, MD
Sat Feb 9, 2013
Hi, Harisch.
Take a moment to view the market trends in 20814. View community info, schools
Market analysis and much more.
0 votes
Brad Rozansky, Agent, Bethesda, MD
Wed Dec 5, 2012
Inventory of available homes for sale continues to be a problem for buyers in the 20814, 20816 and 20817 zipcodes....all of Bethesda. Earlier this fall, many sellers were still reluctant to put their homes on the market while they were waiting out the presidential election. Now that the elections are behind us, we are in the slower "holiday mode", where sellers typically make a strategic decision to wait until spring to list.....thereby compounding the problem.

It will be interesting to see what happens in the early spring market of 2013. There has not been such a lack of available homes for sale in years!
0 votes
Dan Krell, Agent, Rockville, MD
Sat Apr 28, 2012
The overall Bethesda 20814 (as well as other Bethesda zips and other local areas) market continues to have ups and downs. (see: http://www.dankrell.com/realestate/2012/04/no-clear-sign-of-…). However, 20814 is such a large area, and it's hard to get a clear idea of the market - activity can vary significantly from neighborhood to neighborhood. Home characteristics are also important in Bethesda/Chevy Chase (age, size, amenities, sf vs condo, etc.); this is especially important because of the amount of infill building that goes on in the area. Talk to your Realtor® about what it is you're trying to achieve with the zip code data; the data may be too broad to understand what is happening in the local market.
0 votes
Gordon Haraw…, Home Buyer, Upper Marlboro, MD
Sun Apr 22, 2012
Using price per square foot is flawed in many ways. It is really the final step to use when narrowing down an asking price. agents will run comps on comparable homes within a mile radius of the neighboirhood you are considering. A vital stat you must remember is do not compare sq ft costs on different styles of houses. Such as you don
Web Reference:  http://www.sotrustmtg.com
0 votes
Jessica Hood…, Agent, Gambrills, MD
Sat Apr 21, 2012
Hi Harsich,

The general market climate is MD is great. We are defying all National statistics especially since 1/2012. Our area generally does not calculate value based on a per s.f. cost though I know that is prevalent in many other areas of the country. I'm not a Bethesda expert but I can connect you with one if you need someone you can trust. Just call or e-mail me. I'm very happy to help!
0 votes
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