The Gaithersburg home market has been very difficult to crack in 2013 as homes in this beautiful suburb located just half an hour north of D.C. saw rising prices through the first half of 2013. But as the national market has begun to subside in the second half of the year, due in part both to increased mortgage rates and the busy spring and summer selling seasons coming to a close, so too have Gaithersburg homes for sale become a bit more affordable. Recent data on this phenomenon provides a clearer picture.
Gaithersburg Home Value Trends as of September 6th, 2013
A September 6th report from California-based real estate analytics tracking company Altos Research saw the median list price for Gaithersburg homes for sale at $672,272. This number for the 90-day average was down from the market’s peak of about $686,000 at the beginning of August, but was still up significantly from the 2013-low of about $555,000 that the market saw at the beginning of March. As for the more wildly fluctuating seven-day average, this came in at about $630,000 for the September 6th report. This number had gone as high as about $700,000 in June, but has been gradually decreasing since the end of that month, opening up some pricing that potential Gaithersburg home buyers have likely been looking to find for some time now.
Additional Gaithersburg Home Trends
The market action index (MAI) for Gaithersburg homes had dropped decidedly in favor of buyers from the end of July through the beginning of September. An area’s MAI is calculated based on supply and demand factors, with a MAI above 30 representing a seller’s market and a MAI below 30 representing a buyer’s market. At 36.55, the Gaithersburg MAI is still in favor of sellers overall, but its steady decline from the 2013 peak of about 45 in July would indicate that supply is beginning to meet demand levels.
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