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Posting of eNews June 2020 – Layout Under Construction

June 16, 2020 by bciment Leave a Comment

 

 

 

Dear Neighbors and Friends,
It was a busy week in the real estate market, with trends continuing to move in the right direction. Mortgage interest rates increased slightly to 3.18%. These low rates helped spur a 18% jump in mortgage applications compared to the year prior.

Interest Rates Compared to the Prior Week

  6/8/20 6/1/20 Change
30 yr. fixed 3.18 3.15 0.03
15 yr. fixed 2.62 2.62 0
5 yr. ARM 3.1 3.13 -0.03
The stock market also moved upward, fueled by an extremely positive jobs report. While economists were estimating unemployment would hit 20%, reports instead showed that 2.5 million jobs were added in May. That’s the biggest increase the country has experienced in the history of tracking those numbers.
 
My Team has remained relatively active in Covid-2020 with 7 Homes for Sale/Rent, 21 Homes Sold/Rented, 6 Homes Under Contract. Additionally, My Team concluded several pending private contracts, where owners have preferred to sell their homes on an exclusive basis at their desired price and move on without the efforts needed to prepare, stage and maintain their home for Covid-Safe showings and try for an over-the-top price that might not materialize. Similarly, buyers are sometimes satisfied to pay a small premium to get their choice.
 
Thank You, Thank You, Thank You!
My Team is well aware of the fact that most of our transactions come from referrals from prior clients, customers, friends and neighbors. In appreciation of your support, we try to provide you with real estate informative newsletters, cards and websites. Please feel free to reach out to me with any questions you have about the real estate market and let me know how I can help you.
On behalf of My Team, I want to say a heartfelt, Thank You!
As always, stay safe and healthy.
Barbara

My Proprietary Market Reports and Analysis
As noted in charts below, homes are selling very fast in MoCo. Buyers are not just browsing. This new market is not made for sellers “to test the market and see what we can get”.  It is made for seriously priced homes that force buyers to come out of quarantine and make offers. These buyers then come willing to pay full price and even escalate. Buyers realize that interest rates in the low 3% range make their affordability greater than they expected. My Team has been getting qualified buyers even lower rates!

County Market Update and Analysis The Case-Shiller Index is one of the most respected and cited real estate indices in the USA. It has data for 16 of the 20 largest metropolitan areas (including D.C.)  in the United States and it runs almost 2 months behind. For example, March data comes out at the end of May. In addition, the data is a 3-month moving average so that March data that comes out at the end of May is really the average for January-February-March. Some might call it February data.  So you could say Case-Shiller data really runs 3 months behind. By contrast, my Montgomery County Sales Reports Through May 31, 2020 are delayed by merely a week, to allow the data to be more fully uploaded! In these very volatile days we really want stay on top of the changing market as soon as it is reliable.

Comparing May 2020, to a year earlier, closed Sales Volume in Montgomery County shows the impact of the Corona pandemic. Sales fell 37% compared to sales in May of last year! (See Fig 1) while Active listings were also down a huge 33%. Prices were flat and Days on Market (DOM) of Sold Listings was down dramatically, from an average of 39 days in May ’19 to just 23 days in May ‘20. This is the fastest pace we have seen in many years!

The Table below provides more detail to the above discussion

Month Active Sold Avg Sold Avg DOM
May’19 2,172 1,399 $569,160 39
May’20 1,455 883 $572,342 23
Change from ’19 -33.0% -36.9% 0.6% -41.0%

Greater Kemp Mill Update: Recent Sales

Address Sale Price Close Date Style BR BA/HBA DOM
613 Kemp Mill Forest Dr $705,000 4/20/20 Colonial 5 3/1 6
12108 Somersworth Dr $603,500 5/11/20 Colonial 5 3/1 6
814 Hillsboro Dr $560,000 3/30/20 Split Level 5 3 2
602 Sisson St $555,000 3/27/20 Split Level 4 3 6
11307 Clara St $485,000 4/3/20 Split Level 4 2/1 4
11410 Fairoak Dr $450,000 3/16/20 Rambler 4 2/1 4
708 Belgrade Rd $445,000 4/27/20 Split Level 4 2/1 13
900 Hyde Rd $445,000 3/26/20 Split Level 3 2/1 14
11404 Fairoak Dr $380,000 6/8/20 Rambler 4 2/1 6
814 Hillsboro Dr $353,000 1/17/20 Split Level 4 2/1 5
1121 University Blvd #1403 $191,000 4/28/20 Condo 2 2 29
1111 University Blvd #1218 $146,500 2/20/20 Condo 2 2 30
1111 University Blvd #1411 $126,000 6/5/20 Condo 1 1 39

Bright MLS Data is subject to change. No inference should be made nor is one intended that sales are from my team’s or my broker’s activities as listing or cooperating agent. Copyright© 2020

To See Current Activity in Greater Kemp Mill   Guide to Kemp Mill Real Estate
My Team’s Closed Kemp Mill Transactions: Past 90 Days; Our Listings
900 Hyde Rd
Silver Spring, MD 20902
Sold: $445,000
Lot Size: 7,560 Sq. Ft.
Subdivision: KEMP MILL ESTATES
3BR/2BA/1HBA
Sq Ft: 1,474
DOM: 14
11404 Fairoak Dr
Silver Spring, MD 20902
Sold: $380,000
Lot Size: 7,665 Sq. Ft.
Subdivision: KEMP MILL ESTATES
4BR/2BA/1HBA
Sq Ft: 2,320
DOM: 6
1111 W University Blvd #1411
Silver Spring, MD 20902
Sold: $126,000
Lot Size: 0 Sq. Ft.
Subdivision: UNIVERSITY TOWERS
1BR/1BA
Sq Ft: 776
DOM: 39
 

My Team’s Closed Kemp Mill Transactions: Past 90 Days; Represented Buyer

613 Kemp Mill Forest Dr
Silver Spring, MD 20902
Sold: $705,000
Lot Size: 12,910 Sq. Ft.
Subdivision: KEMP MILL FOREST
5BR/3BA/1HBA
Sq Ft: 0
DOM: 6
ID# MDMC696670 Listing Courtesy of Riley & Riley Associates, LLC
Agent: Charles Riley
 
708 N Belgrade Rd
Silver Spring, MD 20902
Sold: $445,000
Lot Size: 7,561 Sq. Ft.
Subdivision: KEMP MILL ESTATES
4BR/2BA/1HBA
Sq Ft: 1,952
DOM: 13
ID# MDMC696208 Listing Courtesy of Goodman Realtors
Agent: Andrew Goodman
 
11410 Fairoak Dr
Silver Spring, MD 20902
Sold: $450,000
Lot Size: 9,254 Sq. Ft.
Subdivision: KEMP MILL ESTATES
4BR/2BA/1HBA
Sq Ft: 2,576
DOM: 4
ID# MDMC694840 Listing Courtesy of Supreme Properties Realty & Referral Co
Agent: Mary Randle
 
 

Barbara Ciment Team Active and Pending Listings

2528 Lindley Ter
Rockville, MD 20850
For Sale: $829,000
Lot Size: 8,400 Sq. Ft.
Subdivision: ROCKSHIRE
5BR/3BA/1HBA
Sq Ft: 3,154
817 Lamberton Dr
Silver Spring, MD 20902
Contingent Contract: $649,000
Lot Size: 7,113 Sq. Ft.
Subdivision: KEMP MILL ESTATES
5BR/3BA/1HBA
Sq Ft: 2,655
2110 Spencer Rd
Silver Spring, MD 20910
For Sale: $600,000
Lot Size: 8,007 Sq. Ft.
Subdivision: ROSEMARY HILLS
3BR/2BA/1HBA
Sq Ft: 2,154
11305 Gilsan St
Silver Spring, MD 20902
For Sale: $549,000
Lot Size: 10,808 Sq. Ft.
Subdivision: KEMP MILL ESTATES
5BR/3BA/1HBA
Sq Ft: 2,616
824 Northwest Dr
Silver Spring, MD 20901
For Sale: $524,900
Lot Size: 11,522 Sq. Ft.
Subdivision: BURNT MILLS ESTATES
3BR/2BA/2HBA
Sq Ft: 2,438
3200 N Leisure World Blvd #602
Silver Spring, MD 20906
For Sale: $235,000
Lot Size: 0 Sq. Ft.
Subdivision: VANTAGE POINT EAST @ LEISURE WORLD
2BR/2BA
Sq Ft: 0
11510 Alma St
Wheaton, MD 20902
Under Contract: $525,000
Lot Size: 11,457 Sq. Ft.
Subdivision: WHEATON VIEW
5BR/3BA
Sq Ft: 2,396
1530 Ingram Ter
Silver Spring, MD 20906
Contingent Contract: $405,000
Lot Size: 1,710 Sq. Ft.
Subdivision: TIVOLI
3BR/2BA/2HBA
Sq Ft: 1,407
14801 Pennfield Cir #201
Silver Spring, MD 20906
For Sale: $299,900
Lot Size: 0 Sq. Ft.
Subdivision: VILLA CORTESE
2BR/2BA
Sq Ft: 0
1812 Billman Ln
Silver Spring, MD 20902
Contingent Contract: $2,750
Lot Size: 0 Sq. Ft.
Subdivision: GLENFIELD MANOR
5BR/2BA/1HBA
Sq Ft: 2,160
15101 Interlachen Dr #825
Silver Spring, MD 20906
Contingent Contract: $141,000
Lot Size: 0 Sq. Ft.
Subdivision: LEISURE WORLD
1BR/1BA
Sq Ft: 965
12808 Stonecrest Dr
Silver Spring, MD 20904
Sold: $535,000
Lot Size: 14,347 Sq. Ft.
Subdivision: SNOWDENS MILL
4BR/2BA/1HBA
Sq Ft: 2,396
Barbara Ciment, Associate Broker, Realtor®
Long & Foster Real Estate, Inc
795 Rockville Pike
Rockville, MD 20852
(O) 301-424-0900
Copyright© 2020.  Permission granted to share with other readers who do not reuse for commercial benefit.
For Help Selling or Buying a Home
Call Today for My Free Market Analysis!
301-346-9126
What’s My Home Worth?
 
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   barbara@ciment.com
     www.ciment.com
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Ciment Shields Team

Barbara Ciment

Associate Broker, Realtor®
(301) 346-9126

Judi Shields

Realtor®, Team Leader
(410) 794-6479
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