As usual, I wait about 10 calendar days to look at last month’s data and so today, I ran my software and reviewed the November 2011 sales in comparison to November 2010. I knew it had been a slow month but, the data only reinforces that view.
Across Montgomery County sales volume was down about 7% from 746 closed sales in 2010 to 693 closed sales in 2011. Average Net Sales Price was down 5.51%. For Silver Spring sales voulme decreased about 10% (down from 187 sales in 2010 to 168 in 2011). Sales prices for Silver Spring were down 10.49%. There were similar results for Bethesda, Chevy Chase and Rockville, with Sales Prices down across the board by 14.54%, 6.56% and 9.75%, respectively.
The only brght spot in all this is to let you know that I now have most of my older listings under contract and that the number of active Listings across the County is down about 11% from last year. This may be the early signs of a stabilizing market.