Discover Bethesda, Maryland...365 Days a Year!

Bethesda Real Estate Category

Bethesda Real Estate – Home Prices Climb

Prices

MRIS: Detached Average Home Prices

I ran into an old client of ours recently and, after sharing the status and accomplishments of our children (and marveling at where the time has gone), she asked, “The real estate market must be pretty good for you right now, . . . right?” I replied with a wry smile “Yes . . and . . . no.” 

Yes it’s true the real estate market has recovered locally -and quite dramatically so.  Statistically our market peaked in late 2007 with the average selling price of a detached home in Bethesda reaching $1,052,368.  As of the end of July 2013 the average price of a detached home in Bethesda was $1,026,709, just $25,000 below the highest peak ever in the history of mankind!  By way of comparison the interest rate on a 30-year fixed-rate conforming loan in late 2007 was just over 6% back then, almost 2% higher than today’s mortgage interest rate.  Is the market “good” right now?  If you are selling your home it sure is.  Home prices are up over 11% from the bottom of the market in 2009.

How about if you are buying a home?  The decline in mortgage interest rate from 2007 to 2013 translates into a savings of over $278,000 in interest costs on a $625,500 mortgage (that’s the “agency jumbo” limit for high cost areas like ours) over 30 years.  That’s some serious money and for us the single most enticing factor for people considering buying a home right now. So how could I possibly qualify my answer with a “No” about the real estate market?

The market is tough in our area for trade-up and first-time home buyers.  Inventory, the amount of available homes for sale, is extremely tight.  Competitive bidding wars are common on well-priced property, especially at or below the median price (middle point) of the market.  Interestingly the median price is $889,000 for a detached home in Bethesda, UP 2.3% since 2007.  There is “compression” in the market.  Demand at the mid point and below is higher than the upper ranges of the market (say homes listed over $1.5M+) and competition can be fierce.

We’ve been working with buyers across all price ranges in the Bethesda area and recently a home one of our clients was interested in had 16 offers come in!  We recently helped a couple secure another home that had multiple offers but it required them to bid nearly $60,000 over the asking price to secure it.  Is that a good market for a buyer?  The answer is “no”, given the competition so often experienced, but the “prize” in this market remains securing a historically low interest rate so that helps mitigate the pricing escalations we are seeing.  Buyers however are doing the math and realizing that long-term interest rates may have a much more severe impact on them financially (see chart below for the recent trend in conforming loan rates, loans amounts below $417,000, for 30 year fixed-rate loans).

FreddieMac: 30-Year Fixed-Rate Conforming Loans

For example, we are helping a couple look for a home right now and as their buyer’s agents we have been using creative strategies to find homes that are not on the market yet. We found such a property and helped our clients make what we believed was a great offer.  However, the owners were not quite motivated to move and delayed responding to the offer for over a month.  In the meantime interest rates climbed sharply, especially after the Fed Reserve Chairman announced that the Fed may begin tapering off the stimulus the Fed has been injecting into the economy since the financial crisis began.  The net result was an increase in interest rates from around 3% to 4.375% since the time we started looking for a home.  That increase in rates, in our client’s case, translates into an additional $175,000 in interest costs over 30 years!  Given the financial impact,  these prospective buyers have begun to question whether the offer they made a month ago was still appropriate.  More over they have begun to wonder if they shouldn’t consider a lower price point.

This is why interest rates are such a big deal and why a rise of just 1% can have a big impact on our market and overall pricing.  As rates rise the cost of owning a home skyrockets and the number of people that can afford our expensive Bethesda homes begins to contract.  Interest rates will be a good barometer for the strength of housing in our area in the coming months.  Rising rates will have a dampening effect on pricing and should increase the overall level of inventory (we are already seeing this in outer Montgomery County where inventory has climbed steeply).  While the general media focuses on the positive news around the country on housing (and to be sure there’s a lot of good news), Amy and I have our pulse on the market and are feeling the frustration and fatigue many of our prospective home purchasers are having right now trying to secure a home in our market.  The business of real estate is hard right now in many respects.

Bottom-line:  It’s a great time to sell and still a very good time to buy…IF you can find and compete for the right home!

We are here to help so please think of us if you know of anyone considering the sale or purchase of a home.  We can help guide them through a successful transaction.

 

Mid-Year Bethesda Real Estate Update

WebBriAmy2

Brian and Amy Maury
Maury Real Estate
Contact: 301-229-3652

Our local real estate market has improved significantly this year following the same trend that been occurring around the country.  Here are some of the statistical highlights for the period ending June 30, 2013 in Bethesda (zip codes 20814, 20816, and 20817):

Detached Homes:

  • 414 detached homes have sold so far this year
  • Average detached home price in Bethesda is $1,031,359
  • Average detached home price increase in 2013 = +8.93%

Townhomes:

  • 47 townhomes have sold so far this year
  • Average townhome price in Bethesda is $729,769
  • Average townhome price increase in 2013 = +5.82%

Condominiums:

  • 108 Condominiums have sold so far this year
  • Average condo price in Bethesda is $384,807
  • Average condo price increase in 2013 = +5.51%

The average detached home price is now just $20,000 below the all-time average price set in 2007 before the “great recession” started.  If you are considering the sale of your home now is an excellent time to do so.  The supply of available housing is down significantly which sometimes results in a competitive bidding situation for well priced homes (similar to the market we experienced from 2004-2006).  Interest rates have been climbing recently but are still at historically low levels making home purchases still very affordable (even at higher prices).  The Federal Reserve has indicated that as the economy continues to improve it will begin to wind down the economic stimulus it has been providing to the mortgage market and further increases in interest rates will likely result.  Again, if you are considering selling or buying, NOW is an excellent time to enter or exit the market.

If you are ever in need of assistance and advice regarding your home and the current real estate market, please do not hesitate to call us. You can be assured that your needs will be met with the utmost integrity and professionalism.

SOLD! 5314 Yorktown Rd., Bethesda

5314 Yorktown Rd, Green Acres Neighborhood, Bethesda

5314 Yorktown Rd, Green Acres Neighborhood, Bethesda, Listed by MAURY REAL ESTATE

We recently helped our clients sell this charming home in the popular Green Acres community of Bethesda.  Situated within about a 1 mile radius of Friendship Heights METRO and shops, walking distance to the Capital Crescent Trail, Whole Foods and Westbrook Elementary, the home is ideally located!

  • List price: $799,000 (multiple offers received!)
  • Two-story addition with family room and master suite
  • Three bedrooms, 2.5 baths
  • Screened porch and nice fenced yard
  • Awesome location!

Check out pictures and the floorplan on the Virtual Tour.

Bethesda Real Estate is Hot!

As I am sure you may have heard on the news and read in the paper, real estate is back!  As professional agents, Brian and I are hearing comments from people that it must be a great time to be in real estate.  Well, the market has certainly surged again and it’s nice that we no longer have to comfort sellers who were unable to sell their homes for an acceptable price as we did during the dog days of the  Great Recession; however, now it’s the buyers that need comfort and encouragement!  It’s pretty tough to find a home right now in Bethesda…and when they do finally settle on one, they often find themselves in competition for the purchase.

A Bethesda Home selling in the $1.4 million range

A Bethesda Home selling in the $1.4 million range

Here is snapshot of the market today, May 13th, 2013 in Bethesda according to MRIS (Metropolitan Regional Information System) – our local MLS:

  1. There are 183 single family, detached homes available for sale.
  2. The average price is a whopping $1,695,732!  The median price is $1,375,000.
  3. Of the 183 homes for sale, there are only 54 priced below $1 million dollars right now!
  4. In April 2013, 62 homes sold or went under contract priced below $1 million.

See the picture?  We have less than one month of home sale inventory below $1 million.  That means more homes are currently selling in a month than are being listed in that price bracket.  In the range north of $1 million, we have about a 2-3 month’s supply of inventory, according to the multiple listing service.  Of course inventory is boosted in that range by builders who have come back into the market, actively removing old dilapidated homes from lots and rebuilding brand new homes, typically in the range of 5,000+ square feet in size.

If you’re thinking of selling a home in Bethesda, it’s definitely a great time to do so.  We offer a complimentary market analysis, at your request.  If you’re thinking of buying, let’s talk about a home buying strategy.  We have been helping clients buy homes that are not yet listed for sale where possible.  A pro-active plan is often the best approach!  With interest rates so low, it’s still a great time to buy even though inventory is tight.

Stay tuned for more real estate updates and in the meantime here is a list of the current homes for sale in Bethesda (updated daily):

  1. 5 beds, 5 baths
    Home size: 5,158 sq ft
    Lot size: 8,562 sqft
    Year built: 2018
    Days on market: 1
  2. 3 beds, 1 bath
    Lot size: 10,234 sqft
    Year built: 1952
    Days on market: 2
  3. 4 beds, 4 baths
    Lot size: 10,283 sqft
    Year built: 1951
    Days on market: 2
  4. 5 beds, 5 baths
    Lot size: 6,276 sqft
    Year built: 1947
    Days on market: 2
  5. 4 beds, 3 baths
    Lot size: 13,328 sqft
    Year built: 1962
    Days on market: 4
  6. 6 beds, 6 baths
    Home size: 7,045 sq ft
    Lot size: 12,085 sqft
    Year built: 2007
    Days on market: 5
  7. 4 beds, 3 baths
    Home size: 2,625 sq ft
    Lot size: 8,399 sqft
    Year built: 1959
    Days on market: 8
  8. 5 beds, 6 baths
    Lot size: 25,554 sqft
    Year built: 1989
    Days on market: 8
  9. 4 beds, 3 baths
    Home size: 3,000 sq ft
    Lot size: 9,821 sqft
    Year built: 1959
    Days on market: 16
  10. 5 beds, 6 baths
    Home size: 5,482 sq ft
    Lot size: 7,802 sqft
    Year built: 1955
    Days on market: 16
  11. 5 beds, 5 baths
    Home size: 4,859 sq ft
    Lot size: 9,096 sqft
    Year built: 2004
    Days on market: 16
  12. 6 beds, 5 baths
    Lot size: 8,243 sqft
    Year built: 2017
    Days on market: 16
  13. 5 beds, 4 baths
    Home size: 3,000 sq ft
    Lot size: 9,424 sqft
    Year built: 2018
    Days on market: 18
  14. 4 beds, 4 baths
    Lot size: 11,758 sqft
    Year built: 1997
    Days on market: 19
  15. 4 beds, 4 baths
    Home size: 4,700 sq ft
    Lot size: 6,892 sqft
    Year built: 2018
    Days on market: 24

See all Detached Homes Bethesda.
(all data current as of 12/16/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Bethesda Real Estate Snapshot – March 20, 2013

Brian and Amy Maury

We know Bethesda Real Estate!

Spring is in the air!  Flowers are beginning to sprout up all over and so are homes for sale in Bethesda…well, not really.  Let me explain.

There has been a lot of talk in the news about the real estate market fueling some of our economic recovery and admittedly, we are seeing rapid-fire sales in our market place.  Lenders are lending again, buyers are definitely buying and homes are selling – quickly in some cases!

According to the Metropolitan Regional Information System (MRIS), Bethesda has experienced only a 0.1% increase in contracts signed in February 2013 versus February 2012.  However, the statistically interesting point is that there are 34.4% fewer homes actively listed for sale than last year.  The market is rapidly absorbing the available inventory of homes.  As a result, we are witnessing very quick sales, multiple offers and a vigorous real estate climate, especially for homes that show well and are priced appropriately.

Let’s look at things from another perspective.  In Bethesda, there have been 208 homes and condos listed for sale from the period of February 1, 2013 – March 20, 2013.  Since that time almost 50% of those 208 homes have received contracts and are either sold or they are currently pending settlement.  The homes that are under contract (86 of the 208) were listed for a median time period of only 9-10 days.  Like I said, the good ones are going fast!

There are 10 homes that have settled already.  Incredibly, the median amount of time they were on the market was 1 day (yes, ONE) day!  Six of those 10 sold homes were sold for at or above their asking price.

Some speculate that this strong market activity is a result of continued low interest rates.  Some say we have a housing shortage developing.  There are many other assumptions and speculations regarding the market surge.  Perhaps it’s simply that spring is in the air.  Let us know your thoughts on the matter.

If you live in or around Bethesda are thinking about selling, this is a great time to consider it.  If you’re buying a home, get loan pre-approval, get in touch with your favorite real estate agent(s) and go see homes as soon as they hit the market.  The best ones are selling quickly!  We have been helping some buyers secure homes that have not yet hit the open market.  If you’re interested in getting these notices, let us know by visiting our CONTACT page.

Here is a list of homes for sale in Bethesda:

  1. 5 beds, 5 baths
    Home size: 5,158 sq ft
    Lot size: 8,562 sqft
    Year built: 2018
    Days on market: 1
  2. 3 beds, 5 baths
    Home size: 3,479 sq ft
    Lot size: 2,990 sqft
    Year built: 1988
    Days on market: 2
  3. 4 beds, 3 baths
    Home size: 2,650 sq ft
    Lot size: 923 sqft
    Year built: 2017
    Days on market: 2
  4. 3 beds, 3 baths
    Home size: 1,686 sq ft
    Lot size: 923 sqft
    Year built: 2017
    Days on market: 53
  5. 2 beds, 3 baths
    Home size: 1,747 sq ft
    Year built: 1989
    Days on market: 292
  6. 3 beds, 1 bath
    Lot size: 10,234 sqft
    Year built: 1952
    Days on market: 2
  7. 5 beds, 5 baths
    Lot size: 6,276 sqft
    Year built: 1947
    Days on market: 2
  8. 1 bed, 1 bath
    Home size: 624 sq ft
    Year built: 1973
    Days on market: 46
  9. 4 beds, 4 baths
    Lot size: 10,283 sqft
    Year built: 1951
    Days on market: 2
  10. 1 bed, 1 bath
    Home size: 1,044 sq ft
    Year built: 1963
    Days on market: 3

See all Real estate in the city of Bethesda.
(all data current as of 12/16/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

!

Step into History while you Enjoy a Sandwich

Wagshals Deli Spring Valley

Wagshals Deli Spring Valley

One of the great benefits of living in Bethesda is the proximity to Washington D.C. and all that the Metro area has to offer.  Today reminded me of that perk.  Brian and I were out touring homes for sale during Tuesday Broker’s Open Houses in Bethesda and afterward popped into Spring Valley for lunch.  We decided to grab a bite at Wagshal’s Delicatessen located at 4855 Massachusetts Ave NW, Washington DC 20016.

Wagshal’s has been a staple in D.C. since 1925 when the founder, Sam Wagshal and his then 13-year-old son, Ben started their first shop.  Wagshal’s is woven into our history books as many a President, Supreme Court Justice and celebrity have become regular customers!  Presidents George H.W. Bush, Gerald Ford, Richard Nixon and Dwight D. Eisenhower were Wagshal’s customers, among other famous names they list on the story board out front.  I loved to learn that Wagshal’s was the first to apply for a beer license in DC after prohibition.  That Mr. Wagshal knew his customers well and didn’t waste any time delivering just what they wanted!

Soup Bar at Wagshals

Other than its noteworthy clientele, the place is famous for its prepared foods, extensive wine selection (also noticed some nice whiskeys and brandys today), fresh sandwiches, pastries, and cakes.  They also offer outdoor tables so you can sit right down and enjoy your fares.  I indulged in the soup bar today which offers four different selections daily.  The cream of broccoli was delicious!  Brian met someone in line today who said they lost 60-pounds eating Wagshal’s chicken noodle soup every day!  Now there’s a testimonial for you!

SOLD! 4932 Sentinel Dr. #204, Bethesda

 

4932Sentinel#204

 

 

 

 

 

 

 

We recently helped our clients obtain multiple offers on this sun-filled condominium in Sumner Village.

  • List Price $499,000 with multiple offers!
  • Sumner Village Condominium
  • Virtual Tour
  • 2 Bedrooms
  • 2 Bathrooms
  • 2 Car-tandem parking
  • Beautifully updated kitchen and baths

What can we help you sell?

EYA’s Little Falls Place

LittleFallsPlaceThis week Amy and I attended the Realtor grand opening of EYA’s new showroom for the soon to be built Little Falls Place townhouse community.  The project is nestled along the Little Falls Parkway between River Road and Massachusetts Avenue and will be accessed by a new bridge to be built over the existing Willet branch (creek) that meanders along the Little Falls watershed and park.  Thirty townhomes will be built at the project including 25 two-car garage townhomes starting at $1,385,000, and five one-car garage units priced below $200,000, as required by Montgomery County Workforce Housing regulations.  In Montgomery County, Workforce Housing is intended to be housing affordable to households whose incomes are too high to be eligible to participate in the Moderately Priced Dwelling Unit (MPDU) Program.  How high is too high but still qualifies?  Single people in the $75,000 range and a family of four near $100,000.   I suspect demand for these five Workforce units will be high!  The larger four level townhouses will have approximately 2,500 square feet of interior space and a roof-top terrace that will have a gas fireplace and options for a retractable awning, outdoor grill and kitchenette.  The expected delivery date of the project is February of 2014.

LittleFallsPlaceSiteThe new garage townhomes will be constructed with views overlooking the park and have access to the Capital Crescent Trail that runs along the north edge of the property.  EYA describes the project’s architectural style as Mid-Century modern, which is quite a real estate buzzword right now.  The origins of this architectural style in the U.S. go back to Frank Lloyd Wright’s “organic architecture” at the turn of the century and he in turn was influenced by the International and Bauhaus movements that included the designs of Mies Van Der Rohe (which inspired the modern Glass House in Connecticut by Philip Johnson).  I really like this Frank Lloyd Wright style of architecture and built a “prairie” style home that reflects this Mid-Century modern design a few years ago in Bethesda (8400 Westmont Court, Bethesda, MD 20817).  EYA’s interpretation of the Mid-Century modern style is reflected in the project’s integration into the park-like setting of the site.  The project features strong vertical lines of deep hued metal and lots of large glass windows that reflect and mirror the surrounding woods.  Quartzite stone and wood grained exterior (actually made from low maintenance fiber cement) accent the project and the artist’s illustrations depict attractive paneled wood garage doors as well.  The interiors will be luxuriously appointed with hardwood flooring, an abundance of electronic home management options, top of the line appliances and luxury amenities.  All this in an environmentally friendly home built to LEED for Homes standards.  EYA’s slogan is “life within walking distance” and this project personifies the hottest trend in real estate toward the development of communities that have easy access to restaurants, shops and urban conveniences.  I think this community could be a great option for aging baby boomers who are ready to downsize but not quite ready for condominium living!  Want to know more?  Call us!

SOLD! 5803 Devonshire Dr., Bethesda, MD

5803Devonshire

 

 

 

 

 

 

We just helped a family sell this classic brick colonial in the highly sought after Wood Acres community.

  • Virtual Tour
  • List Price $799,000
  • 3 Bedrooms
  • 2 Full Bathrooms
  • 2 Half Bathrooms
  • Two dens on the first floor
  • Detached converted garage
  • Rear loaded one car attached garage

What can we help you sell?

“Intelligence” is coming to Bethesda

ICC-B2The Defense Intelligence Agency (DIA) has begun breaking ground on a major overhaul of the National Geospatial-Intelligence Agency (also formerly known as The Defense Mapping Agency) which was located on Sangamore Road, opposite the Sumner Place shopping center.  The new facility will be called the Intelligence Community Campus – Bethesda (ICC-B for short) and will accommodate 3,000 employees and feature a new six story parking garage as well a sleek glass facade that will wrap around the current buildings (two will be demolished) creating one unified modern structure. After months of wrangling with nearby community associations, the DIA has committed to addressing many of the civic group’s concerns regarding the size and scope of the “sabotage-secured” garage and impacts to the heavily forested area surrounding the 39 acre facility and the nearby Potomac River watershed.

ICC-B3

The project should be substantially completed by 2016 and has been redesigned to integrate more organically into the surrounding park setting.  The new plan calls for an integration of metal and glass that will mimic the vertical nature of the surrounding trees and emulate the deeper earth tones of the nearby landscape.

While the exact nature of the work to be performed at the site remains “sensitive” to national security interests, one of the interesting commitments made by the DIA was that the DIA does not “intend” to emit any electromagnetic (or other) signals that will interfere with neighborhood electronic devices.  We live nearby (and I could not survive without my cell phone) so that’s a relief!

Matthew Fontaine Maury "Pathfinder of the Seas"

Matthew Fontaine Maury
“Pathfinder of the Seas”

One small footnote to this post is that one of the buildings at the facility is called Maury Hall, named after the famed oceanographer and United States naval Commander Matthew Fontaine Maury.  Maury was known as the “Pathfinder of the Seas” having made many important contributions to charting winds and ocean currents, as well as publishing the first significant scientific book on Oceanography.  I am indeed related to the storied Commander but I’m not sure he would have approved of my conduct aboard my brother Scott’s sail boat this summer while on an excursion on the Chesapeake.  In rough seas I spent a great deal of the trip leaning over the side of the boat.  Amy of course was enjoying the ride!

Real Estate Update: Sales Up and Prices Down

UpDown

Sales of detached homes in Bethesda increased by 8.5% in 2012 to 762 homes sold.  The average and median home prices however dipped lower, by 2.2% and 1.6% respectively.  The average price for a detached home in Bethesda in 2012 was $949,546, a decrease of $21,757 below the average price in 2011.

Normally when sales activity rises average and median prices follow along.  This year was different because the increase in sales volume was not distributed evenly across all price ranges.  Rather the range between $750,000 and $900,000 saw the lion’s share of the increase in activity and this lowered the overall average and median prices.  This is good news! Prices are not falling but rather more people are entering the market and buying homes.  Our market is actually poised to grow and it won’t be long before prices begin to reflect this increased demand.

Nearby this has already begun to happen.  The District of Columbia real estate market is on fire.  Demand for housing has reduced the supply of inventory of available homes by over 36%.  This past year the average price of all homes in DC is up nearly 11% and the median price has jumped nearly 18%!  In Montgomery County the supply of homes for sale has also contracted sharply by over 30% and the County’s median price has increased nearly 5%.

SOLD! 4970 Sentinel Drive, Bethesda, MD

4970Sentinel504

 

 

 

 

 

 

 

 

We just helped the owner of this condominium secure multiple contracts on her Sumner Village Condominium and sell the condo over the asking price.

  • Asking price: $524,000
  • Unit #504
  • 2 Bedrooms
  • 2 Full Baths
  • 2 tandem covered parking spaces
  • Updated Brazilian cherry floors
  • Overlooking Little Falls Park

What can we help you sell?

SOLD! 7622 Winterberry La., Bethesda, MD

We helped a young family find this spacious, split-colonial style home in Bethesda that was not yet on the market.  We networked with one of the top agents in the Bethesda market and found our client a unique pre-market opportunity.

  • List Price: $795,000
  • Bedrooms: 5
  • Bathrooms: 3
  • One Car Garage
  • Large lot
  • Updated Pella windows throughout!

 What can we find for you?

SOLD! 5105 Duvall Dr., Bethesda, MD

5105 Duvall

This classic Westmoreland Hills colonial featured a slate roof, first floor family room (converted from former 2 car garage) and a newly finished attic.

SOLD! 6004 Cobalt Road, Bethesda, MD

Screen shot 2012-12-01 at 12.10.24 PM

We helped the buyers find this Woodacres Colonial nestled on a quiet street with large backyard with future expansion potential.

  • $810,000
  • 3 Bedrooms
  • 2.5 Baths
  • Finished Basement
  • Garage

What can we find for you?