Damascus Real Estate News & Market Updates for the week of 11/15/2012

 

There are currently 44 Properties currently available in Damascus Maryland for Montgomery County in Maryland

 

Other good news overall for the whole country is about foreclosures. .

Realty Trac has reported just recently that foreclosure filings felt to a 5 year low!

We are on our way to recovery

The caveat for homeowners in our area still remain a high probability that their homes are still underwater
Don't expect prices to shoot up to 2005 levels in the near future. .
There is a sense of more disciplined healthy market growth and slow in this case is good for the economy. Home values growth will be directly proportional  at the reluctance of appraisers to increase their opinions and keep them constricted no matter what the buyers want to pay.

I can tell you that we have experienced this first hand in the last 7 days. Two of our closings were halted because of the appraisals coming way too low.


Prices of homes are going up because of the low inventory. .but only for certain price ranges. The luxury real estate remains stable . . but there are fewer people buying homes above the $750,000 and up range.

Mortgage rates at still or near record lows. This is good indication that we are still going upwards and I caution not to expect this to remain as it is. .if you are near teh decision to buy a house, you shoudl do so now.

There is no bottom of the market anymore. . .you'll  have to wait for the next recession if you want to see it again. . .better luck next time!

The  inventory shortage has whipped up a buyer frenzy in our local market. .specially in the lower range properties.
Bidding wars and price increases are coming from all angles. .
From apartment renters that are finding mortgage payments to be LOWER than their monthly rentals
To the lucky ones in position to buy and upgrade their housing.

          

The average increase in home values remains  constant in the Washington Metropolitan Area

In average overall we should see around 7% to 10% total gains from 2011.


Affordability still is an issue in Montgomery County
The median Value of owner-occupied housing in Montgomery County is $482.900
yet
The median per capita  income money is $47,310
Direct data taken  from Census.Gov
That's TEN TIMES the average housing vs income per capita
In Florida the median per capita is around $25,000
Only 5 times that. . buys them a house OVER the median value in Florida (around $125,000)
try doing the same here in Montgomery County and you will be lucky to get a condo at that price.

Our market is dependent in the affordability range. .like it or not


Until we achieve a balanced real estate market in our area. .prices will continue to be stagnant in the high end.

The most dramatic data for October 2012 is the change of SOLD DOLLAR VOLUME
A change of 23.61 %
A great representation in the condition of our local market
As you can see below: 

Search All Damascus Homes For Sale here

The most expensive active home for sale in Damascus is:

10400 MOXLEY ROAD, Damascus MD 20872

$1,375,000

10400 MOXLEY ROAD, Damascus

Move right in and start your horse boarding, breeding or training business. Beautiful home with all the upgrades. Wrap around porc...

  • Beds 4
  • Baths 3.0
  • MLS MC7909558

    The least  expensive active home for sale in Damascus is:

    27440 CLARKSBURG ROAD, Damascus MD 20872

    $75,000

    27440 CLARKSBURG ROAD, Damascus

    TOTAL REHAB NEEDED - No Septic or well. Seller will allow a feasibility study period. Nice stream at the back of the property. ...

    • Beds 3
    • Baths 1.0
    • MLS MC7956877

     

     

     

    Latest Listings in Damascus Maryland as of 11/15/2012

     

    10400 MOXLEY ROAD, Damascus MD 20872

    $1,375,000

    10400 MOXLEY ROAD, Damascus

    Move right in and start your horse boarding, breeding or training business. Beautiful home with all the upgrades. Wrap around porc...

    • Beds 4
    • Baths 3.0
    • MLS MC7909558

     

    9430 DAMASCUS ROAD, Damascus MD 20872

    $999,995?

    9430 DAMASCUS ROAD, Damascus

    Custom all brick colonial situated on 9+ acres. Chefs kitchen with granite counter tops, stainless steel appliances. MB with gas...

    • Beds 4
    • Baths 5.0
    • MLS MC7865530

     

    9513 GREENEL ROAD, Damascus MD 20872

    $840,000

    9513 GREENEL ROAD, Damascus

    <B>an entertainers dream* over 6500 of gorgeous living space*impeccably renovated from top to bottom** custom designed chefs dream...

    • Beds 7
    • Baths 6.0
    • MLS MC7900091
    • SqFt. 6,522

     

    DAMASCUS HILLS, Damascus MD 20872

    $754,900

    DAMASCUS HILLS, Damascus

    To-be-built. Call for delivery! Craftmark's oakmont floorplan,brick front,2-car garage. Damascus overlook features estate homes on...

    • Beds 4
    • Baths 5.0
    • MLS MC7757753
    • SqFt. 5,136

     

    DAMASCUS HILLS, Damascus MD 20872

    $739,900

    DAMASCUS HILLS, Damascus

    To-be-built. Call for delivery! Craftmark's oakmont floorplan,brick front,2-car garage. Damascus overlook features estate homes on...

    • Beds 4
    • Baths 5.0
    • MLS MC7757691
    • SqFt. 5,120

     

    DAMASCUS HILLS, Damascus MD 20872

    $694,900

    DAMASCUS HILLS, Damascus

    To-be-built. Call for delivery! Craftmark's oakmont floorplan,brick front,2-car garage. Damascus overlook features estate homes on...

    • Beds 4
    • Baths 4.0
    • MLS MC7757770
    • SqFt. 4,200

     

    9609 MCWHORTER FARM COURT, Damascus MD 20872

    $658,000?

    9609 MCWHORTER FARM COURT, Damascus

    Open Sat 9/22 & Sun 9/23 1-3. Beautiful, immaculate 5 bedroom, 4 1/2 bath colonial home on a 1.2 acre lot at the end of a cul-de-s...

    • Beds 5
    • Baths 5.0
    • MLS MC7854358

     

    27916 BARNES ROAD, Damascus MD 20872

    $637,900

    27916 BARNES ROAD, Damascus

    Wow! Gorgeous 3 Level Home on 2.61 acres. Offered below appraisal. Spectacular view of sunsets. Master BR with 3-sided Gas Firepla...

    • Beds 4
    • Baths 3.0
    • MLS MC7917995
    • SqFt. 3,394

     

    9005 DAMASCUS HILLS WAY, Damascus MD 20872

    $636,900

    9005 DAMASCUS HILLS WAY, Damascus

    (Lot-6)call for delivery! Craftmark's chevy chase floorplan,brick front,2-car sideload garage. Damascus overlook features estate h...

    • Beds 4
    • Baths 3.0
    • MLS MC7500081
    • SqFt. 2,994

     

    8521 GUE ROAD, Damascus MD 20872

    $625,000

    8521 GUE ROAD, Damascus

    Pristine 12.5 acre lot w/contemporary home built in 2004. Spectacular over view of land from this 3br, 2.5 ba. Tennessee slate foy...

    • Beds 3
    • Baths 3.0
    • MLS MC7929103
    • SqFt. 2,338

     

    10806 AVONLEA RIDGE PLACE, Damascus MD 20872

    $569,990?

    10806 AVONLEA RIDGE PLACE, Damascus

    Spectacular brick front colonial on .91 acres, beautiful treed lot on quiet cul-de-sac Rd. while offering the convenience of being...

    • Beds 4
    • Baths 4.0
    • MLS MC7945643
    • SqFt. 3,848

     

    26009 SCHOOL YARD COURT, Damascus MD 20872

    $569,990?

    26009 SCHOOL YARD COURT, Damascus

    Immediate Delivery! $5000 towards closing! Luxury home with full upgrades and amenities, stainless steel appliances, granite count...

    • Beds 4
    • Baths 3.0
    • MLS MC7759734
    • SqFt. 3,191

     

    26012 SCHOOL YARD COURT, Damascus MD 20872

    $539,990?

    26012 SCHOOL YARD COURT, Damascus

    One of 15 homesites in a new, to-be-built community. Luxury homes with full upgrades and amenities, stainless steel appliances, gr...

    • Beds 4
    • Baths 3.0
    • MLS MC7759858
    • SqFt. 3,332

     

    26005 SCHOOL YARD COURT, Damascus MD 20872

    $539,990?

    26005 SCHOOL YARD COURT, Damascus

    One of 15 homesites in a new, to-be-built community. Luxury homes with full upgrades and amenities, stainless steel appliances, gr...

    • Beds 4
    • Baths 3.0
    • MLS MC7759759
    • SqFt. 3,191

     

    26007 SCHOOL YARD COURT, Damascus MD 20872

    $539,990?

    26007 SCHOOL YARD COURT, Damascus

    One of 15 homesites in a new, to-be-built community. Luxury homes with full upgrades and amenities, stainless steel appliances, gr...

    • Beds 4
    • Baths 3.0
    • MLS MC7759746
    • SqFt. 3,191

     

    26015 SCHOOL YARD COURT, Damascus MD 20872

    $534,990?

    26015 SCHOOL YARD COURT, Damascus

    One of 15 homesites in a new, to-be-built community. Luxury homes with full upgrades and amenities, stainless steel appliances, gr...

    • Beds 4
    • Baths 3.0
    • MLS MC7759521
    • SqFt. 3,476

     

    24708 TANDEM DRIVE, Damascus MD 20872

    $529,000?

    24708 TANDEM DRIVE, Damascus

    reduced $40,000 newer roof, siding, gutters, windows, doors, hardwood floors, new kitchen, new multi-purpose room, New window tre...

    • Beds 4
    • Baths 4.0
    • MLS MC7899125

     

    24601 TANDEM DRIVE, Damascus MD 20872

    $520,000?

    24601 TANDEM DRIVE, Damascus

    4 finished levels for zoned living. Gourmet kitchen w/warming oven, abundant cabinetry & island with sub-zero refrigerator drawers...

    • Beds 4
    • Baths 4.0
    • MLS MC7807455

     

    26014 SCHOOL YARD COURT, Damascus MD 20872

    $499,990?

    26014 SCHOOL YARD COURT, Damascus

    One of 15 homesites in a new, to-be-built community. Luxury homes with full upgrades and amenities, stainless steel appliances, gr...

    • Beds 3
    • Baths 2.0
    • MLS MC7932163
    • SqFt. 1,985

     

    26013 SCHOOL YARD COURT, Damascus MD 20872

    $489,990?

    26013 SCHOOL YARD COURT, Damascus

    One of 15 homesites in a new, to-be-built community. Luxury homes with full upgrades and amenities, stainless steel appliances, gr...

    • Beds 4
    • Baths 3.0
    • MLS MC7759706
    • SqFt. 2,193

     

    10246 BETHESDA CHURCH ROAD, Damascus MD 20872

    $474,990?

    10246 BETHESDA CHURCH ROAD, Damascus

    One of 15 homesites in a new, to-be-built community. Luxury homes with full upgrades and amenities, stainless steel appliances, gr...

    • Beds 4
    • Baths 3.0
    • MLS MC7759949
    • SqFt. 3,023

     

    10248 BETHESDA CHURCH ROAD, Damascus MD 20872

    $469,990?

    10248 BETHESDA CHURCH ROAD, Damascus

    One of 15 homesites in a new, to-be-built community. Luxury homes with full upgrades and amenities, stainless steel appliances, gr...

    • Beds 4
    • Baths 3.0
    • MLS MC7759916
    • SqFt. 2,820

     

    10244 BETHESDA CHURCH ROAD, Damascus MD 20872

    $469,990?

    10244 BETHESDA CHURCH ROAD, Damascus

    One of 15 homesites in a new, to-be-built community. Luxury homes with full upgrades and amenities, stainless steel appliances, gr...

    • Beds 4
    • Baths 3.0
    • MLS MC7759906
    • SqFt. 2,820

     

    24318 CLUB VIEW DRIVE, Damascus MD 20872

    $465,000

    24318 CLUB VIEW DRIVE, Damascus

    Almost $200k in 2-story addition & upgrades include kitchen & baths, windows & sliders, heat pump, patio & lighting, finished base...

    • Beds 4
    • Baths 4.0
    • MLS MC7944795
    • SqFt. 3,720

     

    10732 MIDDLEBORO DRIVE, Damascus MD 20872

    $424,900?

    10732 MIDDLEBORO DRIVE, Damascus

    Beautifully maintained split colonial with all the features you want in sought after Spring Garden Estates. Well cared for with n...

    • Beds 4
    • Baths 3.0
    • MLS MC7693657
    • SqFt. 2,807

     

    24808 SHRUBBERY HILL COURT, Damascus MD 20872

    $415,500

    24808 SHRUBBERY HILL COURT, Damascus

    This home is a keeper! Convenient damascus address; lovely 4br/3ba split level on a beautiful 1+ acre lot w/ mature trees; quiet c...

    • Beds 4
    • Baths 3.0
    • MLS MC7962175

     

    10606 SWEEPSTAKES ROAD, Damascus MD 20872

    $399,000

    10606 SWEEPSTAKES ROAD, Damascus

    A Contemporary Deck House with Post & Beam Construction in sought after Sweepstakes area of Damascus. Soaring vaulted ceiling & wa...

    • Beds 3
    • Baths 2.0
    • MLS MC7963431
    • SqFt. 2,151

     

    25208 CHIMNEY HOUSE COURT, Damascus MD 20872

    $369,900

    25208 CHIMNEY HOUSE COURT, Damascus

    Attractive colonial in great location with over $120,000 in recent improvements! Remodeled kit with gorgeous granite, custom cabs,...

    • Beds 4
    • Baths 3.0
    • MLS MC7932986

     

    26745 HOWARD CHAPEL DRIVE, Damascus MD 20872

    $369,900?

    26745 HOWARD CHAPEL DRIVE, Damascus

    NEW PRICE! PRICE REDUCED! Fantastic updated 4BR, 2 BA Rambler w/ Pond and almost 2.5 Private Acres. Home has large rear Screened ...

    • Beds 4
    • Baths 2.0
    • MLS MC7913735

     

    10425 NICKELBY WAY, Damascus MD 20872

    $330,000

    10425 NICKELBY WAY, Damascus

    ***** Rarely available TURN KEY INVESTMENT PROPERTY with solid renter under lease through 2014. Great SFH in a safe neighborhood....

    • Beds 3
    • Baths 4.0
    • MLS MC7901813



    The listing content relating to real estate for sale on this web site is courtesy of MRIS. Listing information comes from various brokers who participate in the MRIS IDX. Properties listed with brokerage firms other than Real Estate Company. are marked with the MRIS Logo and detailed information about them includes the name of the listing brokers. The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed and should be independently verified. All listing information copyright MRIS 2012. Last updated: October 15, 2012

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    Damascus Real Estate News & Market Updates for the week of 11/15/2012