The new monthly numbers for February 2008 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 February 2008 and February 2007. These numbers include all housing units ( not just single family residences but also condos and co-ops). These are for housing units listed on the MRIS's MLS (and thus do not include some foreclosures or private sales, or many new home sales).
The housing market in the Washington and Baltimore area has been declining in the Washington, DC for about 2 years. 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: $411K
* Median Sales Price YoY: -8.6%
* Average Sales Price YoY: -5.1%
* Total Units Sold YoY: -37%
* Average Days on Market YoY: 7%
* Active Listings YoY: 40%
Baltimore City Area (Anne Arundel, Baltimore City/County, Carroll, Harford, Howard (BALT AREA) )
* Median Price: $263k
* Median Sales Price YoY: -2.5%
* Average Sales Price YoY: -4.4%
* Total Units Sold YoY: -36%
* Average Days on Market YoY: 43%
* Active Listings YoY: 24%
Washington, DC (just the District of Columbia, no suburbs)
* Median Price: $414k
* Median Sales Price YoY: 6.4%
* Average Sales Price YoY: 3.6%
* Total Units Sold YoY: -32%
* Average Days on Market YoY: 14%
* Active Listings YoY: 27%
Prince George's County, MD
* Median Price: $290K
* Median Sales Price YoY: -12.4%
* Average Sales Price YoY: -14%
* Total Units Sold YoY: -63%
* Average Days on Market YoY: 60.5%
* Active Listings YoY: 71%
Montgomery County, MD
* Median Price: $415K
* Median Sales Price YoY: -3.4%
* Average Sales Price YoY: 9.9%
* Total Units Sold YoY: -37%
* Average Days on Market YoY: 26%
* Active Listings YoY: 53%
Loudoun County, VA
* Median Price: $375K
* Median Sales Price YoY: -10.7%
* Average Sales Price YoY: -12.3%
* Total Units Sold YoY: -29%
* Average Days on Market YoY: -11%
* Active Listings YoY: 15%
Arlington County, VA
* Median Price: $425K
* Median Sales Price YoY: -9.6&
* Average Sales Price YoY: -3.1%
* Total Units Sold YoY: -33%
* Average Days on Market YoY: -6%
* Active Listings YoY: 30%
Frederick County, MD
* Median Price: $295K
* Median Sales Price YoY: -3.2%
* Average Sales Price YoY: -1.3%
* Total Units Sold YoY: - 41%
* Average Days on Market YoY: 23%
* Active Listings YoY: 23%
Fairfax County, VA
* Median Price: $405K
* Median Sales Price YoY: -9.8%
* Average Sales Price YoY: -8%
* Total Units Sold YoY: -38%
* Average Days on Market YoY: 9%
* Active Listings YoY: 45%
Prince William County, VA
* Median Price: $275K
* Median Sales Price YoY: -25.7%
* Average Sales Price YoY: -24.9%
* Total Units Sold YoY: -6.4%
* Average Days on Market YoY: -2%
* Active Listings YoY: 42%
For more numbers on jurisdictions not mentioned here please go to MRIS Market Statistics.
These numbers show a declining housing market in the Washington - Baltimore area compared to last year. For every jurisdiction listed inventory remains elevated and sales remain low.
The Washington - Baltimore area is not recovering from the housing decline. Prices continue to fall. Far out suburbs and condos are experiencing larger price declines. In the metropolitan area a declining housing market is reality. For real estate, this spring's real estate season will not see increasing prices. Housing busts usually last many, many years. Further price declines are coming this year.
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to see more detail on the all Maryland stats check out my post here
ReplyDeletehttp://tinyurl.com/22ax3u
Kevin, interesting link, Montgomery County avg sale price is still rising this year.
ReplyDeleteWhere are ya, Lance? DC is up and I need to hear some gloating! Ignore the 30+% drop it units sold.
ReplyDeleteLance is always looking for blood in the streets. I hope he has galoshes.
ReplyDeleteNorthern Virginia:
ReplyDelete* Total Units Sold YoY: -37%
* Average Days on Market YoY: 7%
* Active Listings YoY: 40%
Do the Math. That is impossible. they are screwing with the DOM numbers. DOM has to be up at least 80% for the other two numbers to be true.
The only reason you see a rise is because only a handful of houses sold and they were in richer areas.
ReplyDeleteThe government should take draconian measures like a creating a repo market to hide bank losses ? Or maybe draconian measures like bailing out home speculators because they might incur a loss? I recently read an article called "Does the National Association of Realtors really need an economist?" you can check it out at:www.brokerforyou.com/brokerforyou
ReplyDeleteJames B.
Do the Math. That is impossible. they are screwing with the DOM numbers. DOM has to be up at least 80% for the other two numbers to be true.
ReplyDeleteDawg, you are correct. The DOM number is worthless.
DC 127% listings/68% sales=187% true DOM. For NoVA:
140%/63%=222% true DOM.
The taunting sure has helped sales! ;)
I'm finding the first "Bank Owned" properties where I want to buy. The properties I desire? No. Not yet. I'm sure there will be a comment that the best places won't go down. Fine... substitution always works in real estate. :)
Got Popcorn?
Neil
James,
ReplyDeleteHow dare you as a realtor admit that it's "not always a good time to buy real estate". The NAR had better get you some more Kool-Aid before the media gets a hold of you!
Thanks for being honest.
Rob Dawg..hey its Athens Lance not evil Lance or some dumb guy from CR..
ReplyDeleteAnyway hey David don't forget about us bulldawgs in Charles county with 56 months of inventory of homes 399k+
moving here from GA in 2004 were promised we were immune in Charles county...
I left a boom and came to a boom...
we are still renting...
Anonymous is exactly right. We sold in February 2008 in zip code 20009 (Dupont Circle) and very Very few single family houses sold. All it takes is one high-end multi-million dollar house to warp the statistics. The mid-tier (which in this zip code is high-end condos and the small to mid-sized row houses (under 3300 sq ft) --- well in that market, I can assure you the prices were pushed down. Hard.
ReplyDeleteI've often thought they should provide the MEDIAN market price, not the average market price. In this way, the expensive outliers wouldn't warp prices as they do.
DC up and David says it's down. I love it. PWN3D again.
ReplyDeleteAs far as I can tell - Bethesda and Potomac area is untouchable the prices are still high. The average home is 1 million. This is for a barely livable home.
ReplyDeleteHowever, prices in Clarksburg is dropping like crazy - some homes are selling from a $170k discount - eg. I saw a TH going for $400k and it sold for $660k in 2006.
Gaithersburg - Kentlands is holding up well.
The bubble hasn't really burst in this area. There's just way too much money here - I'm still hoping things will become reasonable otherwise I would have to live in the BFE clarksburg
how much is the price down in fairfax city ? i think it is down 100 k.
ReplyDelete