WASHINGTON (AP) - Things have really changed for the Washington area's housing market.In Loudoun County, where homes were the median home price last year was $535,000, it now takes an average of 78 days to sell a home there. That's more than six weeks longer than it took last year.
Homes closer to Washington in Virginia and in Montgomery County (website - news) are staying on the market for an average of two months before they sell, while homes in Prince George's County last for an average of 38 days.
According to the real estate listing service Metropolitan Regional Information Systems, there were nearly 27,000 houses for sale in the Washington area at the end of February, up from about 9,400 a year earlier.
Real estate experts say homes are now more likely to sell faster if sellers are more willing to negotiate. Some have been lowering the asking price, offering to pay closing costs or being more flexible about move-in dates. [ABC 7 News, March 27, 2006]
Monday, March 27, 2006
Houses Sitting in Washington, DC Area
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I think that was like the Washington Post article today or yesterday. The thing is, that article said that houses are still moving in Montgomery County. I don't know as I am not familiar with the data, but based purely on my anecdotal evidence of seeing a lot of houses with for sale signs for a long time, I don't believe it.
ReplyDeleteA Redskins Fan
so way out in the burbs and in some "transitional" neighborhoods, prices have gone higher than rent. But look at 20016 or some other neighborhoods, and see the difference in price of condos and rent. Doesn't seem to be much of one.
ReplyDeleteI actually do wish there were the same differential in the good neighborhoods, but as it is, can't afford to rent or buy :-)
noah,
ReplyDeleteI beg to differ. Show me your numbers.
David
I am moving to DC in the next year, and have already made some provisions, but in the search, these are the types of things that I found.
ReplyDeleteTry this search on Wapo -
http://www.apartments.com/partner/Results.aspx?page=results&stype=zip&zip=20016&partner=wpost&prvpg=5&Rent_Minimum=0&Rent_Maximum=99999&twobdrm=0&threebdrm=0
Got 2 BRs from 2500 - 3500 and no currently available 3brs (takes a call). The web pages list $2100 - 2600 for 2BR prices, but when calling, I can only get the 2500 number.
Now do this search for sales.
Condos (just to limit search) in Cleveland park 2+ BR.
Out of 68 returned listings, 14 existing (and mostly brand-new) were above $550k (the approx. $3k/month mark, if assume $400/month fees). The condo fees may be more. There were another 14
above this price coming on line (so who knows whether they will stay at this price).
The low was $320k for 2/1 940 sq.ft on cathedral ave. ($1500 + fees). There are 11 listings at or under $400k ($2000 + fees).
At $549, the highest already existing listing below $550, there is 1700 sq. ft 3/2. There was only one 3 BR for rent in this zip recently (for $2200?!! on craigslist), but it was much smaller.
Listings on craigslist and and washington paper in this area are fairly rare.