Potomac MD homes for sale – monthly wrap up for April 2011

It’s been a month or so since I reviewed Potomac MD homes for sale, so it seems only fair to give it another go.  To start off, let’s look at the median asking price of available homes in this community.

Potomac MD home prices

For today’s posting, let’s focus on the trend line, which is shown in gold.  One year ago, it appears that the median asking price of Potomac MD homes for sale was right around $1,510,000, right before it spiked a bit in mid May.  But in the following months, that number fell quite dramatically, all the way down to 1.3 million dollars, which is a loss of over $200,000.  Since that low water mark, in September of 2010, values have climbed a bit higher and are now showing up at $1,390,00.

After looking at the entire group of homes in Potomac MD, I want to now break it down just a little bit and look only at the higher end homes, namely the most expensive 25% of home currently for sale.

Potomac MD luxury home prices

When we look only at Potomac MD luxury homes, we see a bit of a different story than the first graph in this post.  One year ago, the trend line for these high end homes was right at $3.3 million and our most recent measurement came in at just under $3.4 million, for a small increase year over year.  But the most noticeable feature in this chart is the way that weekly data points seem to fall off the chart starting just a week or two ago.  From late March to today, weekly measurements look to have fallen over $400,000!  Perhaps a abnormally large number of very expensive homes left the market within the past week, which would bring the median number down.

One more chart before we go, let’s look at how long homes are taking to leave the market in Potomac.  This one might surprise you a bit.  For the bulk of the last year, homes seem to be taking longer and longer to leave the market, which is no shock.  Last April, the average number of days homes were staying on the market was right around 140 days, which climbed all the way up to 210 days, before dropping a bit in the first few months of this year.  But look at what has happened in the last four or five weeks.  The average time on the market has gone from 190 days all the way down to 140, which is a huge drop.

Potomac MD days on market

Stay tuned and we will see if this recent drop in DOM is an abnormality, or the beginning of a market trend in which homes leave the market at a quicker rate than what we have become accustomed to.

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