2013 Rock Creek Forest MD Closed Real Estate Sales And Statistics

For single-family homes, the trends for 2013 sales in the neighborhood can easily be summed up: low inventory and overall number of sales; an average, few days on the market; high sold-to-list price ratio; stable prices. The stats for the condos (at Rock Creek Gardens/Rock Creek Apartments) are somewhat different, but let’s start with the SFH on the Chevy Chase (zip code 20815) of the neighborhood. The table lists what sold in 2013:

Address BR FB HB Orig List Price List Price Close Price Days On Market DOM Total Close Date Lot Sqft Yr Blt
2715 NAVARRE DR 4 2 0 $524,900 $524,900 $475,000 6 6 10-Jan-2013 6359 1951
2611 SPENCER RD 3 2 0 $595,000 $595,000 $595,000 4 4 25-Feb-2013 6480 1948
2710 COLSTON DR 3 3 1 $749,000 $749,000 $763,500 4 4 26-Feb-2013 5227 1941
8518 GRUBB RD 4 3 0 $529,500 $529,500 $487,500 16 16 08-Mar-2013 8430 1950
2812 TERRACE DR 4 2 1 $529,900 $529,900 $505,000 11 11 07-May-2013 8362 1955
2710 EAST WEST HWY 3 1 1 $575,000 $585,000 $585,000 3 3 17-May-2013 5664 1941
8400 FARRELL DR 4 3 0 $549,000 $549,000 $606,000 3 3 06-Jun-2013 9523 1951
2722 ABILENE DR 5 3 1 $889,000 $889,000 $879,000 7 7 27-Jun-2013 6554 1985
2614 SPENCER RD 3 2 0 $695,000 $649,000 $615,000 49 49 15-Jul-2013 6765 1948
2708 BLAINE DR 4 2 1 $710,000 $710,000 $710,000 10 10 18-Jul-2013 5850 1942
2606 WASHINGTON AVE 5 4 1 $1,250,000 $1,250,000 $1,192,500 13 13 30-Jul-2013 7188 1990
8604 FARRELL CT 4 2 1 $599,900 $575,000 $560,000 46 46 31-Jul-2013 8165 1955
2801 SPENCER RD 3 2 1 $750,000 $699,000 $669,000 51 51 08-Aug-2013 9284 1948
2721 BLAINE DR 4 2 2 $749,000 $779,000 $785,000 3 3 15-Aug-2013 5000 1941
2709 NAVARRE DR 3 3 0 $525,000 $525,000 $498,750 12 12 23-Aug-2013 6485 1951
2619 COLSTON DR 3 3 0 $650,000 $650,000 $625,000 29 29 28-Aug-2013 7420 1950
2702 E WEST HWY 3 2 1 $749,000 $749,000 $760,000 6 6 30-Aug-2013 5877 1941
2719 BLAINE DR 4 2 0 $719,000 $719,000 $735,000 7 7 10-Sep-2013 5800 1942
8303 ELLINGSON DR 4 2 1 $624,500 $624,500 $620,000 22 22 25-Sep-2013 6287 1949

All in all, we’ve had 19 single family home sales on the Chevy Chase side of RCF this year (plus on the Silver Spring side), with another one under contract (but unlikely to close before the end of the year). Last year we had closed sales.  As you can see in the first graph, sales prices have been closer than ever to the the original list prices. That was surely a function of a shorter time most listings spent on the market (see second graph), 16 days, ever dropping since 2009, when it took 105 days to get the average RCF house under contract.

Of course, the quick turn-around time reflects another trend: the continuously dropping inventory. Back in 2006 or 2007 there were more than 30 SFH transactions each year. Every agent we talk to in our area has the same complaint: there’s not a whole lot to sell out there. While this is wonderful news for the sellers who do decide to sell, it’s not much fun for buyers, who have been waiting in the wings watching as interest rates slowly rise.

Not only have the interest rates risen, but qualifying for a loan has become tougher again for many buyers. In many ways, that’s for a good reason if we remember what preceded the mortgage crises in the first place. Back in the crazy market of 2005, it was practically impossible not to get a loan. In all fairness, and to put things in perspective: rates are still historically low and can certainly not be blamed for the lack of listings.

RCF Price Development: (Click here for an updated map and list of properties currently for sale in Rock Creek Forest)

Our neighborhood has been doing rather well throughout the turmoil. The overall sales volume for RCF actually increased in 2010: $21,155,550 compared to $17,042,000 in 2009. This is largely due to a substantial price recovery: the average sold price increased to $682,437 (range $450,000 to $1,265,000) from the previous year’s $608,643 (range $315,000 to $975,000). A similar trend could be noted for 2011

While the total number of houses sold (31 in 2010 and 28 in 2009; following a sharp drop from 40 to 22 between 2007 and 2008) was further proof of stability, there was another piece of good news for sellers: the reduction in the time houses sat on the market (DOM) began to shorten again to an average of 45 days in 2010 versus 56 days in the previous year. It has …

Once more, the overall picture is fabulous when compared to other parts of the country, or even the region. Time will tell if the trend continues in 2014 and beyond. Much will depend on the development of mortgage interest rates which still are rather low.

Numbers cited include sold listings only; statistics for withdrawn or previously listed properties have not been considered.

Click here if you’re thinking of selling your RCF home.

Click here if you’re thinking of buying a home in RCF.

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