A total of four houses closed in the Rock Creek Forest Neighborhood in the month of August. While August traditionally is one of the slower months in the DC area real estate, this number is a bit of an improvement over August 2009, when only three homes closed. Even more favorable is a comparison of the sales prices which improved by 9.5% over last year.
Here are the August 2010 Closings in Detail:
4 homes closed at prices ranging from $505,000 to $639,000, for an average of $583,000. All of them were brick ramblers built in the early 1950s with 3 bedrooms on the main floor, and all of them were located North of East-West-Highway and West of Grubb Road in the Chevy Chase zip code (20815). No larger homes settled in August.
On average, the settled price constituted 95.8% of the asking price, and the average time spent on the market was 106 days. It should be mentioned, however, that both these numbers were skewed by a single outlier without which 98% of the asking price would have been achieved after an average of 40 days on the market.
(For comparison, the August 2009 numbers: one closing at $621,500 in the 20815 zip code; 2 closings at$ 515,000 and 460,000 in the Silver Spring (20190) part. This made for an average price of $532,000. Closed-to-original list price ratio was 94.8%, average days on the market 47.)
Currently, there are seven homes on the market in Rock Creek Forest, for an average price of $616,000--ranging from $484,900 for a smaller 1942 colonial on East-West-Hwy to $849,900 for a more spacious 1985 contemporary on Abilene Drive.
(For the DC Area Monthly Evers Real Estate Market Report, please click here.)
© 2012, Catarina Bannier