Posting of eNews June 2020 – Layout Under Construction

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

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