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[quote=Anonymous]Yes it does look like an exodus. We were buying/house hunting throughout MoCo in 2004. Prices everywhere, except maybe very close in Bethesda are much lower than they were back then. There is much more inventory sitting around too.

It seems like every empty nester in Silver Spring, Potomac, Rockville, North Bethesda and North Potomac decided to put their house on the market this spring. Houses that are below 700K-750K in high ranking school clusters seem to be selling. Houses below 600K in mediocre clusters seem to be selling. The more expensive houses for each neighborhood market are all sitting and price dropping. I could point to 1-2 houses that sold quickly in the spring for each area but there are 5 others that have been sitting. The houses that did sell did so under long contingencies for the buyer to sell their house too which is generally a sign of a very slow market. It is dicey to accept an offer that is contingent on the buyer selling their house.

My guess is that Potomac, Rockville and North Bethesda are being hit by people who can afford 1M choosing VA over MoCo. Silver Spring is still held back by low scoring schools and higher crime. All the inventory is coming from the age demographics and people retiring, concern over MoCo financial position, declining reputation of MCPS and general fear of a future recession. It seems to be sort of a get out while you can seller mentality. I have heard that Asians are leaving but they have been slowly leaving or choosing VA and Howard for the schools over the past several years. Maybe this is increasing now because of all the other negative factors for MoCo and MCPS actions discriminating against asians. [/quote]

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