Avenel Homes For Sale – Market Update

Avenel MD Homes For Sale and Potomac Real Estate – from where I sit, it’s really difficult to discuss one market without discussing the other.  Avenel is located within Potomac, but sometimes I like to focus on smaller areas, but to do so, I also need to look at data from the larger community.  Today is no exception.

The first item on today’s agenda is asking prices, which is what most people are concerned with, both buyers and sellers.  Buyers want to see lower prices so that they feel like they are getting a deal.  And sellers want higher numbers, so they feel they are making some money and not in the hole after all these years of holding on to their prized property.  Looking at the graph above, it is probably clear that in today’s market, it is more likely that the buyers will be the excited group, and not sellers.

Median asking prices for Potomac homes for sale have been dropping over the past two years, losing about $200,000 worth of value.  There really is no way to sugar coat this statistic, it is simply not a great time to need to sell your home.  However, life goes on, and even in a slow market for high end homes, there is always someone looking to sell.  Perhaps a divorce, or someone lost a job, or maybe a promotion, whatever the case, there are still plenty of sellers in today’s market, what we need is to see a few more buyers.

Avenel MD homes for sale inventory

In fact, looking at this graph, there are almost the same number of Avenel MD homes for sale and Potomac homes today as there was two years ago in 2009.  I suppose that is not horrible news, some areas are seeing higher inventory levels, but I would have hoped to have seen a lower number.  Over 24 months, it would have been helpful if a few more buyers had come out and picked up a few homes and lowered the inventory levels, which would have helped us ease into a neutral, or balanced, market.  But no such luck.  Even with the number of homes on the market dropping a fair amount in the last few months, we are still at relatively high levels, which will only lead to more pressure on the sales price, likely reducing asking prices even more over the coming season.

About Rich Jones