Thursday, May 1, 2014

As we enter May, here is a Kemp Mill Area 2014 Market Update

Call:  (301)943-4370

Happy May!

In April we saw more homes come on the market than in either January, February or March.  According to MLS, in the Kemp Mill 20902 area, part of Silver Spring, MD.  (including Springbrook Forest just off of Kemp Mill Road; doesn't include University Towers) 

According to MLS, 5 homes were listed in both January and February, then 4 in March and 9 in April (1 home was accidentally listed twice, so one of the listings was taken off the market and I count only 1 of the listings). 

How does this compare to homes going under contract and ultimately selling or renting-- the real measure of the market.

According to MLS, in January 3 homes sold or rented; 1 home accepted a rental application, but it went back on the market (the deal didn't work out)

No homes sold or rented in February. 1 rental application was accepted, though that deal fell apart because the property subsequently went back on the market and accepted another application.   

In March, after an average days of market of just under 2 months, 3 homes went under contract/had a rental application accepted.  1 of these homes was under contract in just 11 days.  It showed well and was in a very desirable part of Kemp Mill.  4 homes sold or rented in March.  These homes were on the market an average of 52 days before going under contract, but the median days on  market was 14 days (1 home was on the market for a while, which impacts the overall average days on market) ; 

April was a pretty active month, as 5 homes went under contract/a rental application accepted after being on the market an average of just under 30 days.  1 home was on the market just under 3 months and 1 home was on the market for 40 days, which impacts the days on market..  The other 3 homes went under contract in less than 2 weeks...those were obviously very well positioned in the market.  3 homes sold or rented in April. On average these homes were on the market just under 3 months before going under contract/having a rental application accepted.  However, 1 of the homes was on the market for over 5 months, so that obviously severely impacted the average days on market.

Currently, according to MLS, there are 16 homes on the market (1 just came up today).  
EXCLUDING the 1 just listed, these homes have been on the market an average 129 days --- over 4 months! The median average is 70 days/just over 2 months.  6 homes have been on the market for over 5 months, including 2 that have been on the market now for over a year.  As we are hearing and seeing, it is a seller's market.  Because of this, some sellers are reluctant to re-position their homes (lowering price) if they aren't getting contracts  Sellers have to see that today's buyers are savvy and won't pay price/even make an offer if a home doesn't show well and or isn't priced well.  Even if sellers tell their agents something along the lines of they will negotiate if an over is presented,  buyers may be reluctant to make an offer/negotiate with someone who has been stubborn at a list price.  Actions speak louder than words.  Homes that are moving are going under contract/getting rental applications very quickly. 

If you or someone you know is thinking of making a move or has a real estate question, I am delighted to talk or email and always appreciate referrals.   Thank you!

Cell:  (301)943-4370
Office:  (301)469-4700 - ask for Adam

Adam Bashein
Licensed in MD & DC
Long & Foster Real Estate, Inc.
information is deemed to be accurate but not guaranteed