Silver Spring MD homes for sale see some good news

Silver Spring MD homes for sale have seen a nice rise in activity and pricing over the past two years, especially when compared to other areas around DC and around the country.  Two years ago, the median asking price for homes for sale in this area was right around $370,000, depending upon whether you were looking at weekly data points, or the rolling trend line.  In 2010, that same measurement went all the way up to $400,000, which was a huge jump, but it has since fallen to our current level of $385,000.  I tend to view this as a positive, because we seem to be in better shape than we were one year ago, although a pessimist could argue that it’s bad news because we are below last year’s number.

Silver Spring MD homes for sale pricing

Part of what makes me optimistic is that our trend line, shown in gold, is still traveling up, meaning that I don’t think we have seen the end of our upswing for prices of Silver Spring MD homes for sale.  So it’s quite likely than in another few weeks, or maybe a month or so, when I write again about Silver Spring, we will see even higher prices.  One other thought is that we have now had two years running with higher median asking prices than we had in 2009, and to me, that is a good thing.  Are we down about 3 or 4 percent from last year?  Yes, but that focuses on the negative, when in reality, we need more years of higher prices than what we had during the heart of the slow market.

One other reason that I am optimistic is how long Silver Spring homes are staying on the market.  Take a look at the graph below, which shows two years’ worth of data illustrating just how many days, on average, homes are for sale in this area.  In 2009, that number was right around 150 days, and in our most recent measurement taken this past week, we are at 125 days, which is well over a 10% reduction in market time.

Silver Spring MD homes for sale DOM

So comparing 2009 to 2011, we will see that Silver Spring MD homes for sale are now experiencing shorter times on the market as well as higher asking prices.  To me, that’s a good thing.  If you would like to quibble with my analysis, please leave a comment below, or give me a call, and I’ll be glad to discuss it with you!

 

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