20905 Silver Spring, MD 2011 MARKET STATISTICS
2011: Number of homes sold in 20905 Silver Spring, MD
Absent a 1st Time Home Buyer Tax Credit and a foreclosure pause (due to the robo-signing scandal) 20905 Silver Spring, MD still enjoyed increased sales activity compared to 2010 - 13 more homes sold in 2011. I consider that good news. 17 were foreclosures compared to 37 in 2010. Short sales increased by 8 sales to 26.
A decrease in foreclosure activity is always good but considering the circumstances it may not yet be cause for celebration. There are currently 4 foreclosed homes on the market in 20905, ranging in price from $319,900 to $974,900, 12 short sales and 36 fair market sales.
2011: Average SOLD price in 20905 Silver Spring, MD
The average sales price for all homes in 20905 decreased from $448,591 in 2010 to $411, 667 in 2011 but is significantly higher than the average sales price for all of Silver Spring, MD.
Why was there a spike during the summer months? 20905 has a nice variety of subdivisions: 1940s Colesville Outside, 1970s Good Hope Estates, 1980s Oak Springs and the golf-course community of Hampshire Greens built in 2000/2001 for example.
The average sales price for the zip-code will vary significantly according to the sales activity in the different subdivisions. In June 2011, for example, 2 homes closed in Hampshire Greens at $900,000 each - that would explain why June's average sales price of $509,200 was so much higher. On the other hand, more sales in the townhouse community of Oak Springs in any one month can significantly lower the average sales price for that month. The average sales price can also be impacted by the number of distressed homes sold but, again, those also depend on the subdivision they are located in.
If you would like to see the 2011 sales statistics for a particular Silver Spring subdivision, please contact me and I'll be happy to prepare that for you.
Although the decreased average home prices are not exactly good news for sellers it does mean that 20905 has become a bit more affordable for buyers which will hopefully translate into steady or increased demand.
20905 is a desirable Silver Spring zip-code with its variety of homes (no cookie-cutter around here), more generous lot sizes than in other areas of Silver Spring (average lot size of homes sold in 2010 & 2011 was 1 acre), shopping close by (Cloverly Shopping Center on NH Ave and the new Burtonsville Center on Old Columbia Pike), parks, its proximity to Rt. 29, the beltway, FDA, downtown Silver Spring ... and the opening of the ICC/MD 200 makes 20905 an even better commuter location.
*Thompson Company Realtors, a family-owned business, has been your 20905 Silver Spring neighbor since 1947*
20905 Silver Spring, MD January 2012