Market Watch 20814: Downtown Bethesda

by Keith Gibbons

Market Watch 20814: Downtown Bethesda: Figure 1
Home in 20814

Housing Market Watch is a weekly feature on UrbanTurf in which Keith Gibbons, the brains behind DCHousingPrices.com analyzes recent MRIS statistics for a specific DC area zip code to help paint a picture of the housing market in that area.

In Housing Market Watch this week, UrbanTurf looks at the state of the housing market in the Maryland zip code of 20814, using custom data provided by MRIS. 20814 includes downtown Bethesda, the National Institute of Health and a triangular section just to the north of NIH.

Thirty properties sold in zip code 20814 in April 2011 and here is a chart providing a year-over-year comparison of sales volume, median price and average price:

Market Watch 20814: Downtown Bethesda: Figure 2
20814 Market Summary

Compared to April 2010, aggregate dollar volume of homes sold increased 20.86 percent, however, there was a 16.67 percent drop in unit sales. The average sales price rose about 45 percent, but like the statistics for 20016 in March, prices are going in opposite directions depending on property type; the average price for a condo fell 20.67 percent, while the average price for a house increased 37.25 percent (the latter increase is thanks to six of 20 houses selling for more than $1 million). A more accurate metric for property values may be the median sales price, which dipped by just about 2.6 percent.

Market Watch 20814: Downtown Bethesda: Figure 3

At April’s sales pace, there’s a 5.9-month’s supply of condos and 2.75-month’s supply of houses on the market in 20814. About half of the condos listed are in the $150,000 to $300,000 price range. In contrast, more than half of the single-family homes available are priced for over $1 million. Based on sales in 20814 for each of the past 11 months [excluding April 2011], the average sales price for a condo was $370,951, for a house it was $934,459.

Given the relatively low entry prices, 20814 should be an attractive area for buyers in the market for a condo. However, with less than a three-month supply available and an average of around $900,000, 20814 is more exclusive territory for those in the market for a house.

Below are charts that provide more detailed statistics of the market in 20814.

Market Watch 20814: Downtown Bethesda: Figure 4
Average Price

Market Watch 20814: Downtown Bethesda: Figure 5
Unit Sales Volume

Market Watch 20814: Downtown Bethesda: Figure 6
Dollar Volume

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Market Watch 20814: Downtown Bethesda: Figure 7

This article is based on custom data provided to UrbanTurf by MRIS, a developer of real estate technology and information as well as the largest multiple listing service (MLS) in the United States.

See other articles related to: market watch, downtown bethesda, bethesda, 20814

This article originally published at http://dc.urbanturf.com/articles/blog/market_watch_20814_downtown_bethesda/3497

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