Bethesda Real Estate Rebound Town USA?
This will come to no surprise to those of us who live in or around Bethesda, but in cased you missed it, Forbes published the results from a recent “Local Market Monitor (aka LMM), (just another real estate research firm who Forbes put to the task). Some of the other notables included San Diego, Washington DC, San Jose, Austin.
Bethesda Is A County & Another Town?…
…According to LMM, yes we are…I’ll explain, but at its core: “number crunchers + “talking heads” – “knowledge of area” = gross inaccuracies.
I’m just not a fan of news pretending to be news. Is there value (and some accuracy) with some areas on this list? I think so. I know many Austin agents who are seeing uptick and the current median price seems on track. But the Greater Bethesda area and Washington DC is more difficult to “define”.
As I started reviewing metrics used to determine Bethesda a “real estate rebound capitols” (I thought we were already doing okay by the way!), I noticed some “issues” off the bat.
“500,000 residents or more”:
Ermmm, Bethesda may be inching towards 60,000, but I live here and I’d be pretty sure if we had another 400,000+ residents.
“…unemployment and job growth rates, as reported by the Bureau of Labor Statistics.“
…And That’s Where Bethesda Became GREATER…Way Too GREATER
I found aforementioned Bureau of Labor Statistics data and think I found where Forbes/LMM Started to fail Bethesda…Miserably
Per Bureau of Labor Statistics January 4th 2011 release…
“The largest over-the-year percentage increases in employment among the metropolitan divisions were posted in Bethesda-Rockville-Frederick, Md. (+2.1 percent)”
And this is where it appears “Bethesda was also another City/Town (Rockville) and another County (Frederick)!” This would explain our “population influx” and a reported “Bethesda Median Home Price” of $384,775.
I’m going to save the research for market reports — but for those of you who live out of the area, approximate median home values in Bethesda is over $700,000.
Combining two “towns” and one County to define Bethesda..Really? 🙂 — I’m truly smiling as I write this…especially at the thought of exactly how much Forbes paid “The” Local Market Monitor.
Just a kind reminder that even The Forbes’ of the world can be ohhh so far off — (I’d actually call it irresponsibly inaccurate). — so trust the Micro-Markets and local analysis. The rest is just fluff.