May MRIS Numbers Washington - Baltimore

The new monthly numbers for May 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 May 2008 and May 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 over 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: $405K
* Median Sales Price YoY: -13.8%
* Average Sales Price YoY: -12.8%
* Total Units Sold YoY: -5%
* Average Days on Market YoY: 21%
* Active Listings YoY: 5%
* Months Supply: 6.2

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

* Median Price: $270k
* Median Sales Price YoY: -1.1%
* Average Sales Price YoY: 1.1%
* Total Units Sold YoY: -30%
* Average Days on Market YoY: 39%
* Active Listings YoY: 9%
* Months Supply: 9.8

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

* Median Price: $440k
* Median Sales Price YoY: 5%
* Average Sales Price YoY: 6.9%
* Total Units Sold YoY: -23%
* Average Days on Market YoY: 28%
* Active Listings YoY: 14%
* Months Supply: 6.8

Prince George's County, MD

* Median Price: $285K
* Median Sales Price YoY: -12.3%
* Average Sales Price YoY: -10.4%
* Total Units Sold YoY: -48%
* Average Days on Market YoY: 61%
* Active Listings YoY: 66%
* Months Supply: 20

Montgomery County, MD

* Median Price: $410K
* Median Sales Price YoY: -7.9%
* Average Sales Price YoY: -11.5%
* Total Units Sold YoY: -35%
* Average Days on Market YoY: 32%
* Active Listings YoY: 15%
* Months Supply: 8.9

Loudoun County, VA

* Median Price: $351K
* Median Sales Price YoY: -19.3%
* Average Sales Price YoY: -22.6%
* Total Units Sold YoY: 12%
* Average Days on Market YoY: 7.2%
* Active Listings YoY: -6%
* Months Supply: 6.8

Arlington County, VA

* Median Price: $423K
* Median Sales Price YoY: -12.9&
* Average Sales Price YoY: -10.3%
* Total Units Sold YoY: -26%
* Average Days on Market YoY: 17%
* Active Listings YoY: 5%
* Months Supply: 4.6

Frederick County, MD

* Median Price: $286K
* Median Sales Price YoY: -11.7%
* Average Sales Price YoY: -7%
* Total Units Sold YoY: - 30%
* Average Days on Market YoY: 22%
* Active Listings YoY: -1%
* Months Supply: 12.3


Fairfax County, VA

* Median Price: $399K
* Median Sales Price YoY: -13.2%
* Average Sales Price YoY: -14%
* Total Units Sold YoY: 1%
* Average Days on Market YoY: 17%
* Active Listings YoY: 7%
* Months Supply: 6.7

Prince William County, VA

* Median Price: $256K
* Median Sales Price YoY: -31.7%
* Average Sales Price YoY: -30.1%
* Total Units Sold YoY: 68%
* Average Days on Market YoY: 9.4%
* Active Listings YoY: 3%
* Months Supply: 7.7

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. In most jurisdictions listed inventory remains elevated (above 6 months) and sales remain low.

In Prince William County, VA lower prices are driving higher sales which in May were up an incredible 68% compared to May 2007. Median sales price stood at 256K which is down 31% from last year. The median price was 392K in May 2005. For more information on Northern Virginia please see A Decade of A March Sales at Greater Northern VA Housing Bubble Fallout.

In some jurisdictions

There are significant market statistics which should bring cheer to housing heads.

1) Sales have risen in certain jurisdictions compared with last May:

• Fairfax County: 1%
• Loudoun County: 12%
• Prince William County: 68%

2) Active Listings have fallen or remained flat in certain jurisdictions compared with last May:

• Prince William County, VA 3%
• Frederick County, MD -1%

3) Months Supply has fallen dramatically in these jurisdictions and now stands at:

• Prince William County, VA 7.7
• Arlington County, VA 4.6
• Loudoun County, VA 6.8

Despite, all the above, the Washington - Baltimore area is not, yet, recovering from the housing decline. Prices continue to fall. Although prices are falling slowly in the desirable neighborhoods within the Beltway, far out suburbs and condos are experiencing larger percentage declines. In the metropolitan area a declining housing market is still a reality. Housing busts usually last many, many years. Further price declines are coming this year.