December 2006 MRIS Numbers

The new monthly numbers for December 2006 are out from the MRIS (Metropolitan Regional Information Systems) the multiple listing service for the area. YoY = Year over Year, that is the comparison between December 2006 and December 2005. These numbers include all housing units ( not just single family residences but also condos and co-ops).

The housing market in the Washington and Baltimore area had already started declining in fall 2005. Thus the year over year comparisons only represent a portion of the declining housing market.


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

• Median Price: $451K
• Median Sales Price YoY: -5.7%
• Average Sales Price YoY: -2.9%
• Total Units Sold YoY: -19%
• Average Days on Market YoY: 139%
• Active Listings YoY: 27%

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

• Median Price: $265k
• Median Sales Price YoY: 3.9%
• Average Sales Price YoY: 1.0%
• Total Units Sold YoY: -17%
• Average Days on Market YoY: 93%
• Active Listings YoY: 45%

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

• Median Price: $388k
• Median Sales Price YoY: -2.9%
• Average Sales Price YoY: -13.0%
• Total Units Sold YoY: -15%
• Average Days on Market YoY: 92%
• Active Listings YoY: 36%
  

Prince George's County, MD

• Median Price: $330K
• Median Sales Price YoY: 4.8%
• Average Sales Price YoY: 5.5%
• Total Units Sold YoY: -32%
• Average Days on Market YoY: 128%
• Active Listings YoY: 85%
  

Montgomery County, MD

• Median Price: $435K
• Median Sales Price YoY: -3.0%
• Average Sales Price YoY: -5.3%
• Total Units Sold YoY: -13%
• Average Days on Market YoY: 118%
• Active Listings YoY: 47%
  

Loudoun County, VA

• Median Price: $440K
• Median Sales Price YoY: -13.7%
• Average Sales Price YoY:-11.2%
• Total Units Sold YoY: -34%
• Average Days on Market YoY: 173%
• Active Listings YoY: 13%

Arlington County, VA

• Median Price: $500K
• Median Sales Price YoY: .2%
• Average Sales Price YoY:-2.2%
• Total Units Sold YoY: 15%
• Average Days on Market YoY: 100%
• Active Listings YoY: 14%

Frederick County, MD

• Median Price: $301K
• Median Sales Price YoY: -6.4%
• Average Sales Price YoY: -4.1%
• Total Units Sold YoY: - 30%
• Average Days on Market YoY: 100%
• Active Listings YoY: 44%

Fairfax County, VA

• Median Price: $450K
• Median Sales Price YoY: -7.0%
• Average Sales Price YoY:-3.9%
• Total Units Sold YoY: -25%
• Average Days on Market YoY: 155%
• Active Listings YoY: 28%

For more numbers on jurisdictions not mentioned here please go to MRIS Market Statistics.

These numbers are in sharp contrast to what occured between December 2004 to December 2005. For example in Loudoun County:

December 05 YoY Median Sales Price: 17.7
December 06 YoY Median Sales Price: -13.7

That is a turnaround of greater then 30% which goes to show just how fast this market has changed.

These numbers clearly showing a declining housing market in the Washington - Baltimore area. 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 declines are even greater.

The Washington - Baltimore area will not have a spring bounce that will save the housing market from further declines in 2007. In the metropolitan area a declining housing market is reality.