Bethesda, Maryland's Metro-D.C. Location Continues To Attract Buyers by Blanche Evans
With its close location to Washington, D.C., Bethesda, Maryland, is still reporting high prices but a moderation in sales. "The number of sales in Bethesda are increasing as there is slightly more inventory in the market," says Realtor Yvette Chisholm. "The values in this area are few and far between as home prices continue to climb, although not as quickly as last year. As interest rates are climbing ... this is a great time to make a move!" Says Realtor Kerry Roth, "The Washington Metro area has had continual growth for the past four years. Prices are up, but competition in home sales is leveling off among buyers. Inventory is up and the average days on the market are a bit longer than last summer. Now is a great time to sell as well as a good time to buy due to the incredible interest rates available. The market trend and forecast shows that prices will remain steadily upward and the market will remain strong for 2005/2006. As of August 2005 we have seen a slight shift in upper end housing (over 400K)." Roth advises, "Homes are not sweeping off the market in one week as they did last summer. Average days on the market are more in the 30-60 day range on homes over 400K, depending on how they show and what they have put into selling. Homes that under 400K still seem to be moving, noticeably because of the first-time homebuyer market which remains strong. Homes that have taken steps in performing critical updates (windows, heating/ac, roofs, updated kitchen and baths) are now taking the lead over homes that have put little effort into selling. Sellers need to take heed and realize that buyers want more bang for their buck no matter what the market and interest rates are. After all this is the most important investment one can make in this day in age. Rates may increase a bit throughout the year but will still be record low enticing buyers to make a move. This will benefit sellers as the market is leaning to their advantage." "While commentators speculate about a housing bubble, the Montgomery County real estate market continues to roar along," says Realtor Murray J. Gould. "June 2005 saw a slight increase in both single-family inventory and ratified contracts over the same period last year. Approximately one-third of listings and contracts were for properties in the $300,000-$449,999 range. Significantly, the greatest increases in both listings and contracts over last year were in the $1,000,000 plus sector. The average single-family purchase price for the county was $544,719. In other words, prices are still going up." |
