October 2006 MRIS Numbers

The new monthly numbers for October 2006 are out from the MRIS the multiple listing service for the area. The MRIS numbers continue to show declining prices. The YoY = Year over Year, that is the comparison between October 2006 and October 2005.

These numbers include all housing units, including single family residences (townhouses, houses), condos and co-ops.

Northern Virginia (Fairfax County, Fairfax City, Arlington County, Alexandria City, & Falls Church City, VA (NVAR))

• Median Price: $458K
  
• Median Sales Price YoY: -6.36%
• Average Sales Price YoY: -4.70%
• Total Units Sold YoY: -21%
• Average Days on Market YoY: 144%
  
• Active Listings YoY: 52%
  

Baltimore City Area (Anne Arundel, Baltimore City/County, Carroll, Harford, Howard (BALT AREA) )

• Median Price: $265K
  
• Median Sales Price YoY: 1.92%
• Average Sales Price YoY: 3.15%
• Total Units Sold YoY: -22%
• Average Days on Market YoY: 79%
  
• Active Listings YoY: 64%
  

Washington, DC (just the District of Columbia, no suburbs)

• Median Price: $375k
  
• Median Sales Price YoY: -11.76%
• Average Sales Price YoY: -10.26%
• Total Units Sold YoY: -30%
• Average Days on Market YoY: 103%
  
• Active Listings YoY: 48%

Prince George's County, MD

• Median Price: $335K
  
• Median Sales Price YoY: 6.65%
• Average Sales Price YoY: 7.90%
• Total Units Sold YoY: -24%
• Average Days on Market YoY: 97%
  
• Active Listings YoY: 95%
  

Montgomery County, MD

• Median Price: $432K
  
• Median Sales Price YoY: .70%
• Average Sales Price YoY: 1.91%
• Total Units Sold YoY: -26%
• Average Days on Market YoY: 147%
  
• Active Listings YoY: 56.3%
  

Loudoun County, VA

• Median Price: $428K
  
• Median Sales Price YoY: -10.84%
• Average Sales Price YoY:-10.09%
• Total Units Sold YoY: -29%
• Average Days on Market YoY: 152%
• Active Listings YoY: 30.9%
  

For more numbers on jurisdictions not mentioned here please go to MRIS Market Statistics. The housing market in the Washington, DC area is experiencing a significant decline. The above numbers are nominal dollars, looking at real dollars (inflation adjusted) the market looks much weaker. The market will continue to decline as we head into the fall and winter months.

Loudoun County's peak median price of for all housing units sold was a bubblicious 506,100 reached in August of 2005. Now, in October 2006 it has fallen by 78,150 dollars or 15.4%. In real dollars this would be a decline of 18 or 19%. [A small part of this huge price decline are seasonal factors at work where prices in the non prime real estate months are reduced compared to the buying season (spring through late summer)]. In the metropolitan DC area a declining housing market is reality.