Bethesda Real Estate Prices At Almost Same Levels As 2009

The median asking prices of homes for sale in the Bethesda real estate market are largely the same today as they were in 2009, off by only a very small percentage.  In late 2009, the weekly data points for home prices was sitting right at $1.08 million, and after 24 months, that same measurement now registers $1.05 million, a difference of only $50,000, or less than 5% difference.  Sadly, for home owners interested in selling, the difference is headed in the wrong direction, with our most current measurements coming in less than what we saw two years ago.

Bethesda real estate asking prices

The gold line on the graph tracks a rolling 90 day trend line, and the results are not too different from the weekly data points in black.  In 2009, the trend line was at $1.02 million, which now measures about $1,035,000, a difference of only $15,000 or so, an even smaller two year change than described above.  For a few months earlier this year, it almost appeared that the local market may have been improving and may have really put the worst of this down market behind us.  But no.  The rise in prices lasted only a few months before falling back to levels that are very consistent with 2009.

Bethesda real estate inventory

Perhaps this second graph will help explain why the asking prices of Bethesda homes for sale fell from their higher prices earlier this year.  This graph is of the inventory levels in our local community, and as you can see, starting in January of 2011, the number of homes actively for sale started growing quite dramatically, from about 150 units at the beginning of the year up to 340 homes, more than double, by early summer.  With that many homes on the market, there was almost no choice but for asking prices to fall, simply a matter of basic economics, too many sellers compared to the number of buyers.

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