Are There Still Condo Buyers in Silver Spring?

This post was contributed by a community member. The views expressed here are the author’s own.

Condos offer a lower price alternative to home ownership and are quite popular in the DMV area, representing about 20% of all home sales, but can be as high as 50% in condo rich urban communities, such as Arlington, VA. Some of the key benefits of condo ownership include not having a yard to mow, onsite fitness center, gym, and pool, and a sense of community. Undoubtedly COVID-19 has impacted some of these benefits to condo ownership and, in the short-term, has change the desirability and attractiveness of condos.

Since the start of the summer, the inventory of homes have remained low, helping to keep home prices high, but not all homes are the same and we have observed a trend developing. Townhomes have the lowest inventory and are selling for above list price. Detached homes have low inventory and are selling for their list price. Condos have low inventory, however, the inventory is increasing and they are selling for less than list price. We believe the home buyers that would have been in the market for a larger condo are instead opting to purchase a similarly priced townhome, but not necessarily in the same area, resulting in less demand for condos and more demand for townhomes. So does the condo data support this? Let’s find out!

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In this article, we analyzed the most popular condos in Silver Spring and analyzed the data for 1-bedroom and 2-bedroom units. We compared the average sold price for condos in 2019 vs 2020, to observe if prices are rising or falling. We also compared the average annual number of sales for the past 3-years (2017-2019) against the current active homes for sale, to observe if the inventory is high or low for a specific condo community.

Comparison of Average Sold Price of 1-Bedroom Condos in Silver Spring in 2019 vs 2020 YTD:

Community Sold Price 2019 Sold Price 2020 Annual Sales Active Assessment
8045 AT SILVER SPRING METRO $309,833 $333,400 6 1
AMERICANA FINMARK $178,500 $192,250 9 4
ASPEN GREEN $113,325 $131,333 2 0
AURORA $273,950 $250,695 2 1 Price Dropping
COLUMBIA TOWERS $101,400 $129,900 5 0
CRESCENT $259,125 $308,400 6 0
DOWNTOWN SILVER SPRING $254,750 $249,257 4 0 Price Dropping
FAIRWAYS $1,250,500 $105,000 1 0
GLENWAYE GARDENS $152,000 $159,450 1 0
GRAND BEL MANOR $1,600,000 $1,550,500 3 0
MICA AT SILVER SPRING METRO $218,779 $250,197 5 2
NORBECK CROSSING $269,500 $241,000 1 0 Price Dropping
PARK BRADFORD $122,833 $126,900 3 0
PARK SUTTON $176,543 $157,380 5 0 Price Dropping
PARKSIDE PLAZA $190,949 $178,878 9 0 Price Dropping
PRESIDENTIAL PARK $1,500,000 $1,775,750 1 0 Price Dropping
ROCK CREEK APTS $201,218 $197,750 5 0
ROCK CREEK GARDENS $215,643 $240,667 5 0
SILVERTON $320,440 $328,290 13 1
THAYER TOWERS $138,000 $170,000 2 0
THE ORION $294,000 $330,000 3 0
THE VINEYARDS $154,667 $163,750 3 0
TIERS AT SILVER SPRING $128,747 $152,514 7 3
UNIVERSITY TOWERS $110,917 $131,350 10 0
WOODSIDE $155,833 $135,000 1 0 Price Dropping

How Much is my Vienna Home Worth?

Comparison of Average Sold Price of 2-Bedroom Condos in Silver Spring in 2019 vs 2020 YTD:

Community Sold Price 2019 Sold Price 2020 Annual Sales Active Assessment
8045 AT SILVER SPRING METRO $412,500 $442,500 4 0
AMERICANA FINMARK $227,778 $247,780 7 3
ASPEN FOREST $198,000 $180,500 1 0 Price Dropping
AURORA $343,250 $358,973 7 3
COLUMBIA TOWERS $160,000 $151,850 3 1 Price Dropping
CRESCENT $441,786 $439,975 7 0
DOWNTOWN SILVER SPRING $404,833 $418,500 3 4 Inventory Rising
FAIRWAYS $129,200 $126,000 5 3 Price Dropping
GLEN MANOR $160,000 $140,000 1 0 Price Dropping
GLENWAYE GARDENS $174,000 $191,633 5 0
GRAND BEL MANOR $120,321 $126,650 14 0
LONDON TERRACE $238,334 $226,075 1 0 Price Dropping
LONGMEAD CROSSING $200,890 $201,500 5 1
MICA AT SILVER SPRING METRO $466,250 $427,450 3 0 Price Dropping
NATIONAL PARK SEMINARY $508,225 $412,500 2 0 Price Dropping
NORBECK CROSSING $378,495 $375,160 6 2
PARK SUTTON $255,000 $185,250 2 1 Price Dropping
PARKSIDE PLAZA $243,750 $236,250 8 0 Price Dropping
ROCK CREEK APTS $281,600 $284,425 4 0
ROCK CREEK GARDENS $294,991 $299,598 10 0
SIERRA LANDING $192,700 $192,800 4 1
SILVERTON $465,000 $462,363 6 1
THAYER TOWERS $138,500 $151,500 2 0
THE CAROLYN $178,000 $180,300 1 2
THE ORION $404,300 $506,100 3 0
THE VINEYARDS $187,320 $196,240 12 0
TIERS AT SILVER SPRING $172,667 $163,250 3 1 Price Dropping
TIERS AT WHEATON $274,966 $243,900 3 0 Price Dropping
UNIVERSITY TOWERS $145,863 $160,625 11 0
WESTCHESTER WEST $131,667 $145,583 2 1
WESTWOOD GARDENS $296,475 $308,800 4 0
WINTERGATE AT LONGMEAD $208,488 $213,393 10 3
WINTERGATE AT LONGMEAD C $218,000 $218,000 2 0
WOODSIDE PARK $239,900 $205,000 0 0 Price Dropping

In October, a total of 95 condo properties sold in Silver Spring for a median price of $245,000, with an average sold price to original list price of 99.4%. While condo sales continue to be relatively robust, overall inventory is rising and condo owners are selling for less than their original asking price, indicating that demand is softening. If you would like to keep track of your condo value, sign up for our custom monthly market update or reach out to me directly at 703-420-3499.

About Peggy Yee

Peggy Yee is a supervising broker at Frankly Realtors and is a local Top Producer. She has sold over $200 million in sales and was one of Northern Virginia Magazine’s Top Realtors since 2015. She has been quoted in the Around Reston Magazine, Washington Post, Money Magazine, Consumer Reports, Zillow, Trulia and Realtor.com. Peggy is 100% committed to making your move the best experience possible! Don’t just take our word…Click here to see what Peggy’s past clients have to say about the experience working with her from Buyer and Seller Video Testimonials and you’ll understand why she is one of the top real estate agents in Silver Spring with dozens of 5 Star Zillow reviews. Click here for Zillow Reviews.

* Data Source: BrightMLS and SmartCharts. Information deemed reliable but not guaranteed.

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