2011 MARKET STATISTICS FOR 20905 SILVER SPRING, MD

By
Real Estate Agent with Thompson Company Realtors MD594797
http://actvra.in/rsM


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.

currently listed for sale in 20905 Silver Spring


*Thompson Company Realtors, a family-owned business, has been your 20905 Silver Spring neighbor since 1947*

 

Market Update:
20905 Silver Spring, MD January 2012

 

Posted by

ANDREA BEDARD, M.A. ~ THOMPSON COMPANY, REALTORS ~ LIVING MARYLAND BLIPS

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Thompson Company, Realtors
15711 New Hampshire Ave Silver Spring, MD 20905
o: (301) 384-9177 c: (240)593-2860
andreabedard@mris.com

Maryland Home Search

Andrea is a REALTOR® based in Silver Spring, MD. She has enjoyed assisting buyers, sellers and renters since 2004 and focuses on residential Real Estate in  Montgomery and Howard County, MD. Andrea is a proud mom of two girls and hobby decorator with a vintage soul. She enjoys everything beautiful in life and always answers the phone with a smile.

 

 All photographs are my own and I'd like to keep it that way. All information is deemed reliable but not guaranteed.

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Topic:
Real Estate Market Trends
Location:
Maryland Montgomery County Silver Spring
Groups:
1st Time Buyers
Advice for Buyers
Buyer Information - What Buyers Need to Know in Today's Market
Market Reports
Tags:
20905 silver spring home sales statistics
20905 2011 market report
20905 silver spring homes for sale
average sales price silver spring

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Ambassador
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Jeanean and David Gendron
Specializing in Selling Unique Properties
Real Living, Real Estate Professionals

Andrea, your market reports are so well done. Very clear and crisp and easy to understand. Our clients do want to know about the market and what their homes are going for. Buyers are looking also. They can contact you for all their needs. Have a wonderful evening.

January 18, 2012 05:33 PM
Rainmaker
449,886
Andrea Bedard
M.A.; REALTOR Silver Spring, MD and beyond
Thompson Company Realtors

Thanks Jeanean, I appreciate your kind words! I research it all the time but need to do a much better job posting them! I'll talk to you soon!

January 18, 2012 10:13 PM
Rainmaker
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Lisa Von Domek
....Experience Isn't Expensive.... It's Priceless!
Lisa Von Domek & Associates LLC, Real Estate Broker/Associate with Real Living Real Estate Group www.LisaVon.com

Good morning Andrea,

Great presentation and breakdown of the information for your area.  You mentioned the First Time Home Buyer credit, and I just had an inquiry yesterday on a new first timer that hoped that program was coming back.

January 19, 2012 08:28 AM
Rainmaker
449,886
Andrea Bedard
M.A.; REALTOR Silver Spring, MD and beyond
Thompson Company Realtors

Hi Lisa, now there is a thought but I doubt it would happen! I understand the general consensus is that we "only borrowed future buyers" with the tax credit but I would have to disagree. I had the pleasure of working with at least a couple who took advantage of it (by borrowing against retirement funds or received a family loan and then paid it right back when they received the credit) but would have otherwise been unable to buy!

January 19, 2012 07:02 PM
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Rainmaker
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Andrea Bedard

M.A.; REALTOR Silver Spring, MD and beyond
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