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Dear Neighbors and Friends,
We took off well-before the Fourth of July Holiday on June 30 to drive up to see my Mom who lives in Albany, NY. We also stopped off in New Jersey to see family there. No hugs and kisses because of social distancing but, it was wonderful to see loved ones in person and not just on a screen. We spent two nights in hotels and felt safe because they (Hilton Garden Inn and Crowne Plaza) have been keeping rooms vacant for days before filling them with guests.
Mel and I were reflecting on how, I was able to get away at the end of the month, as the last day of June is a very popular settlement date. New world is the answer. During this pandemic,  I am not allowed to attend closings -buyers and sellers sign separately and I review the closing statements prior to their signing. I can fully take care of business virtually and review documents and solve problems even on the road - while Mel is driving - and that is exactly what I did.

Testimonials from Past Week

While on travel last week, a problem arose with my sellers (Elizabeth and Dennis D'eramo of 1530 Ingram Terrace) receiving their net proceeds in time. My Sellers could not get a helpful response and they asked for my help. I made a few calls and got immediate results.

Here is their message back to me.
"OMG! WE LOVE YOU! Thank you for your stellar work!"
----------------------------------------
Keith Konecnik  2425 Blueridge Ave Silver Spring, MD 20902
Sold his home at 11404 Fairoak Dr.  
"Excellent job. Kept me informed. Quick sale and got more than I expected."

It is that time of the year when we have occasional heavy downpours of rain. Make sure your gutters are clear and connected to downspouts that carry rain water away from your house. Proper grading of ground near your home is critical especially, during large scale storms. The slope should be at least one inch per foot diverting water to a runoff area. The quality of ground soil clearly affects the ability of the heavy summer downfalls to penetrate your house. You may need to consult experts to achieve the right mix of soil with clay content of 20-30%. Do not use sandy soil near the home foundation. These are very basic checks but, they are not always sufficient - stay vigilant.

Interest Rates Compared to the Prior Week

It was a busy week in the real estate market, with trends continuing to move in the right direction. Mortgage interest rates decreased slightly to 3.03% for 30 yr fixed.
Mortgage rates remain at all-time lows, giving many buyers more purchasing power, and with limited inventory, sellers have increased opportunities for successful sales.

7/20/20 7/13/20
30 yr. fixed 3.03 3.07 -0.04
15 yr. fixed 2.51 2.56 -0.05
5 yr. ARM 3.02 3 +0.02

My Proprietary Market Reports and Analysis

As indicated in our last newsletter, sales and listings are picking up in pace. Even though the Corona pandemic is far from receding, buyers and sellers are cooperating and practicing social distancing, masks and wipes, etc and sales are picking up across the country and especially here in Montgomery County.
Homes are selling at a fast pace 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!

Regional Market Snapshot: June '20 YoY

June 2020 June 2019
County #Units Average
Price
%Price
Change
%Units
Change
# Units Price
Washington, DC 788 $734,371 3.3% -14.0% 916 $710,690
Montgomery County, MD 1,132 $585,967 1.1% -17.5% 1,372 $579,752
Prince Georges County, MD 943 $353,325 8.9% -8.5% 1,030 $324,592
Howard County, MD 410 $500,241 1.7% -14.1% 477 $491,772

MoCo Market Update and Analysis

Comparing Jun'20, to Jun'19  Year-over-Year (YoY), closed Sales Volume in Montgomery County show the continuing impact of the Corona pandemic. Sales fell 17.4% compared to sales in June of last year!  Active listings were also down a huge 39.2%. Prices were up a slight 1.4% and Days on Market (DOM) of Sold Listings was down again dramatically from last year, from an average of 37 days in June ’19 to just 27 days in June ‘20. This fast pace of sales continues while the supply keeps dwindling! 
It is worthwhile to look back and compare June 2020 with the past month May 2020 - closed sales jumped 26% showing that a rebound may be taking place this despite the fact that active listings remain about the same (1,479 in June to 1,455 this past May). We Need Inventory for the many buyers contacting our Team!
 

Active Listings Fall 39.2% and Closed Sales were Down 17.5% in June'20 Compared to June'19.

Month Active Count #Sold Sold Price DOM
Jun-20 1,479 1,132 $585,967 27
Jun-19 2,433 1,372 $579,752 26
Change from 2019 -39.2% -17.5% 1.1% +3.8%

Highest-Priced Montgomery County Home Sales in June'20

Highest-Priced June Sales in Bethesda
Address BR BA HBA Close Date Close Price Finished SqFt Lot SqFt
8611 COUNTRY CLUB DR 6 8 2 7/10/20 $2,275,000 6,543 89,734
6505 CALLANDER DR 7 6 1 7/17/20 $1,787,500 1,570 9,213
7604 GLENNON DR 5 5 1 7/16/20 $1,770,000 0 25,321
4603 MAPLE AVE 5 6 1 7/2/20 $1,749,000 0 4,294
5904 ROOSEVELT ST 6 5 7/6/20 $1,735,000 5,218 7,200
5210 WORTHINGTON DR 5 5 1 7/15/20 $1,651,000 7,587
8618 RIDGE RD 6 5 1 7/10/20 $1,580,000 0 6,736
9711 MACARTHUR BLVD 4 5 2 7/20/20 $1,510,000 6,156 22,775
9125 FERNWOOD RD 4 5 1 7/10/20 $1,470,000 4,861 28,613
4412 BOXWOOD RD 4 4 1 7/10/20 $1,417,000 2,960 5,307
Potomac Outside Wilson Knolls Burning Tree Estates
8611 Country Club Dr 6505 Callander Dr 7604 Glennon Dr
Sold Price: $2,275,000 Sold Price: $1,787,500 Sold Price: $1,770,000
Long & Foster Real Estate, Inc. Rlah Real Estate Re/max Realty Services
Highest-Priced July Sales in Chevy Chase
Address BR BA HBA Close Date Close Price Finished SqFt Lot SqFt
5204 KENWOOD AVE 5 6 1 6/30/20 $4,500,000 0 13,108
6405 SHADOW RD 5 6 1 6/29/20 $2,800,000 7,065 24,977
3201 WINNETT RD 6 7 1 6/24/20 $2,750,000 616 12,731
4824 DRUMMOND AVE 6 6 1 6/26/20 $2,695,000 8,525
4805 DORSET AVE 4 4 1 6/24/20 $2,400,000 4,140 12,288
Kenwood Kenwood Chevy Chase
5204 Kenwood Ave 6405 Shadow Rd 3201 Winnett Rd
Sold Price: $4,500,000 Sold Price: $2,800,000 Sold Price: $2,750,000
Long & Foster Real Estate, Inc Ttr Sotheby's International Realty Ttr Sotheby's International Realty
Highest-Priced June Sales in Potomac
Address BR BA HBA Close Date Close Price Finished SqFt Lot SqFt
8605 RAPLEY GATE TER 6 8 2 6/30/20 $2,555,000 7,742 87,120
10041 COUNSELMAN RD 6 7 1 6/1/20 $2,495,000 2,093 52,882
10109 IRON GATE RD 6 8 2 6/30/20 $2,440,000 9,178 87,556
10000 NEWHALL RD 5 7 2 6/5/20 $2,100,000 8,998 45,711
10408 BIT AND SPUR LN 6 7 1 6/29/20 $2,026,000 7,696 91,476
Avenel Potomac Village Potomac Village
8605 Rapley Gate Ter 10041 Counselman Rd 10109 Iron Gate Rd
Sold Price: $2,555,000 Sold Price: $2,495,000 Sold Price: $2,440,000
Long & Foster Real Estate, Inc. Long & Foster Real Estate, Inc. Long & Foster Real Estate, Inc.
Highest-Priced June Sales in Silver Spring
Address BR BA HBA Close Date Close Price Finished SqFt Lot SqFt
1907 LOCUST GROVE RD 5 6 2 6/30/20 $1,080,110 996 7,231
10901 JARBOE AVE 4 7 1 6/2/20 $995,000 6,030 34,846
2317 HERMITAGE AVE 5 6 1 6/26/20 $930,000 7,152 23,455
101 WOODMOOR DR 5 5 1 6/11/20 $875,000 8,469
1222 PINECREST CIR 4 3 1 6/29/20 $850,000 2,368 11,861
Woodside Hills Burnt Mills Hills Arcola
1907 Locust Grove Rd 10901 Jarboe Ave 2317 Hermitage Ave
Sold Price: $1,080,110 Sold Price: $995,000 Sold Price: $930,000
Pearson Smith Realty, Llc Compass Long & Foster Real Estate, Inc.

The Barbara Ciment Team is Engaged in This Market

It may be hard to believe but My Team was busy over the 4th of July Holiday weekend. I think it is because many people are still reluctant to travel and now find the time to either fix up their house for sale or, go out and buy a new one. In any case, My Team and I had a very busy and productive month for Covid-June 2020.

Let me mention my Team Associates first. Emily Lurie who usually is showing real estate from one end of MoCo to the other end, now has several listings that have kept her partially tied down with showings, contracts, inspections and several closings in July. Judi Shields specializes in matching buyers with all kinds of sellers and vice-versa. This past month she placed several homes under contract with owners who had just inquired to her and our Team as to "do you have interested buyers?"  These owners did not list the homes in the MLS and the buyers and owners were happy to make a deal. Some owners prefer 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. Brooke Charner has been working with in-town and out-of-town buyers. She reports that inventory is lacking and is conscientiously tracking several areas. 

Meanwhile, I was busy taking new listings, handing off referrals to my Team and I also was engaged with showings, contracts, inspections and several closings in July.
In summary,  My Team has remained relatively active in Covid-2020 with 4 Homes for Sale/Rent, 31 Homes Sold/Rented, 11 Homes Under Contract.

We Need Inventory for the Many Buyers Contacting our Team!
If you’re thinking about selling or buying, let me know.
I’m happy to answer any questions you might have and walk you through the virtual real estate process that we have at Long & Foster.

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

Barbara Ciment Team Listings:
Active, Under Contract and Pending
Expired: $549,000
5BR/3BA/1HBA
Subdivision: KEMP MILL ESTATES
For Sale: $209,000
2BR/2BA
Subdivision: VANTAGE POINT EAST @ LEISURE WORLD
Sold: $131,000
1BR/1BA
Subdivision: UNIVERSITY TOWERS
Sold: $480,000
4BR/2BA
Subdivision: WESTCHESTER
Sold: $160,000
2BR/2BA
Subdivision: UNIVERSITY TOWERS
Sold: $140,000
1BR/1BA
Subdivision: LEISURE WORLD
Sold: $600,000
3BR/2BA/1HBA
Subdivision: ROSEMARY HILLS
Sold: $515,000
5BR/3BA
Subdivision: WHEATON VIEW
Sold: $509,500
3BR/2BA/2HBA
Subdivision: BURNT MILLS ESTATES
Sold: $341,000
2BR/2BA
Subdivision: CHESTNUT HILLS
Sold: $68,000
0BR/1BA
Subdivision: UNIVERSITY TOWERS
Barbara Ciment Team Representing Buyer in
Under Contract / Pending Listings
Sold: $489,000
4BR/3BA
DOM: 81
Subdivision: ASPEN HILL PARK
ID# MDMC703624 Listing Courtesy of Save 6, Incorporated
Agent: Lawrence Lessin
Sold: $490,000
4BR/2BA/1HBA
DOM: 6
Subdivision: KEMP MILL ESTATES
ID# MDMC714048 Listing Courtesy of RE/MAX Fine Living
Agent: Jonathan Lahey
Barbara Ciment Team Closed Transactions Since June 1, 2020
Sold: $685,000
5BR/3BA/1HBA
Subdivision: KEMP MILL ESTATES
Sold: $535,000
4BR/2BA/1HBA
Subdivision: SNOWDENS MILL
Sold: $405,000
3BR/2BA/2HBA
Subdivision: TIVOLI
Sold: $380,000
4BR/2BA/1HBA
Subdivision: KEMP MILL ESTATES
Sold: $294,900
2BR/2BA
Subdivision: VILLA CORTESE
Sold: $126,000
1BR/1BA
Subdivision: UNIVERSITY TOWERS
Rented: $2,750
5BR/2BA/1HBA
Subdivision: GLENFIELD MANOR

The Barbara Ciment Team of Long & Foster Real Estate

Over 1,000 Closed Sales Transactions
Helped Over 500 Buyers/Renters
$500 Million in Career Sales
 

Barbara Ciment, Associate Broker, Realtor®
Long & Foster Real Estate, Inc
795 Rockville Pike
Rockville, MD 20852
(C) 301-346-9126   (O) 301-424-0900

Copyright© 2020.  Permission granted to share with other readers who do not reuse for commercial benefit. Sales reported here come from Bright MLS Data and are subject to change. Small data differences in charts may arise from different sample date. No inference should be made nor is one intended that all sales are from my team's or my broker's activities as listing or cooperating agent. Where other Brokers are involved, we indicate their names.
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