Bethesda MD homes for sale see $60,000 drop in asking prices

Over the past two weeks, Bethesda MD homes for sale have seen a $60,000 drop in their median asking prices, from March 1st of this year to the most recent measurement taken just a few days ago.  If you look a little further back, say the very beginning of this year, then our current price slide is a bit worse, at $80,000.  However, if you prefer looking at the bright side of any situation, then look back to last September, when the median asking price for homes in Bethesda was around $925,000.  From there, our current price looks much better!

Bethesda MD homes for sale asking prices

Overall, we always expect some variation in week to week prices, nothing ever stays in place, so seeing a price drop for a few weeks in the spring as more and more homes come on to the market shouldn’t spook sellers too much.  Speaking of which, let’s take a look and actually see how many Bethesda MD homes for sale are on the market at any given time.

Bethesda MD real estate inventory levels

And here you go, almost from the very first week in 2011, the number of active homes for sale in Bethesda has been growing.  We have gone from a low of about 150 homes for sale in early January to our current level of 210, a 40% jump in just two months!  Looking a little closer at the chart I think we can see a higher level of inventory at the end of 2010, which to me means that there are a few home owners who didn’t get their home sold last year, but took their homes off the market due to the holidays, and will probably be entering the market before too long.  For that reason, I fully expect inventory levels to continue to rise for the next few weeks or months.

Bethesda MD homes for sale DOM

Finally, to wrap up my monthly market analysis of the Bethesda real estate market, I want to look very quickly at how long homes are staying on the market.  This graph seems a bit counter intuitive to me, as normally I would expect to see rising times on market when inventory levels are rising.  But here, we see the last month or two has actually seen market times getting shorter, shown in black, even while the trend line stays steady.  If the current trend holds, I would expect the gold line to start declining, and the black line, which shows weekly data points, to level out a bit instead of the large fluctuations it has seemed to fancy over the past four months or so.

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