Bethesda Real Estate Asking Prices Continue Recent Slide

Bethesda real estate has seen some pretty severe movement over the past two years, but sadly, for sellers at least, the past six months have been nothing but down.  On January 1st of 2011, the median asking price for all homes for sale in Bethesda was right at $1,200,000, which looks to be a pretty good number given where the economy was and where values had been the year before that.  But since that time, each month has seen a steady eroding of asking prices, to the point where our current weekly measurements are now below one million dollars, which is a level not seen very often in these neck of the woods.  Only two other periods in the past two years have seen numbers this low, and in each of those cases, it was a very temporary situation.  I don’t have a whole lot of faith that this time around will be so brief, we may be looking at sub million dollar prices for awhile now.

Bethesda real estate asking prices

One other data point to review when looking at Bethesda real estate is the number of homes that are currently for sale, the inventory level.  Usually, when there is a high number of homes on the market, we would expect to see dropping values.  So given what our pricing chart looks like above, a reasonable guess would be that an inventory graph will show a rising number of Bethesda homes for sale over the past many months.

Bethesda real estate inventory levels

Oh my gosh, look at that!  It’s almost as if I had seen this chart before writing the article!  Sure enough, starting in January, the number of available units started to climb.  And climb.  Only in the last month or so has the inventory level started leveling off and even dropping.  Which makes us wonder, if there are fewer and fewer homes currently available, won’t that mean that prices should start rising?  The exact opposite of what we have seen for the past half year?

Normally, I’d agree, but I just don’t think that there are enough buyers out there right now to draw down the homes for sale quickly enough to allow sellers the confidence necessary to start raising their prices.  We shall see.  I will be back here in a few weeks, writing about Bethesda real estate once more, and we will check out my predictions.  In the meantime, go ahead and leave a comment below and tell me what you think!

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