This article is out from WTOP today. Stephen Fuller is correct about sales being "far off their normal pace" and days on the market in Montgomery County being "up about 15 percent". But the parts that WTOP filled in seem contrary to reality. It's confusing to this blogger. Perhaps I'm missing something.
"The national real estate market is clearly in turmoil. The Washington area is not as bad as that, although the number of sales are still far off their normal pace," says Stephen Fuller, director for the Center for Regional Analysis at George Mason University in Fairfax.In D.C. sales exceeded new listings for four months in a row. ??
"We had several months where sales have exceeded listings, and the days on the market have decreased. In suburban Maryland they're up about 15 percent in September," says Fuller, who studies the region's housing market.
In D.C. sales exceeded new listings for four months in a row.
. . .
Prices also are higher in Fairfax and Arlington counties and Alexandria.
"Fairfax County has emerged as one of the stronger counties in the metro area in terms of the residential resale market. Condominiums have increased in prices more than the non-condominium stock," Fuller says.
Sales in Fairfax County are up about 4 percent over last year.
Sales in Fairfax County are up about 4 percent over last year. ??
According to the Metropolitan Regional Information Systems, Inc's website, here are September 2007 statistics:
D.C. Market Statistics for 2007:
September -- 1,320 new listings, 410 sales
August -- 929 new listings, 657 sales
July -- 1,008 new listings, 740 sales
June -- 1,307 new listings, 684 sales
Montgomery County, MD
September 2007 -- Days on Market -- 69
September 2006 -- Days on Market -- 44
Total Units Sold:
September 2007 -- 583
September 2006 -- 996 -41.47%
Fairfax County, VA 2007 Sales:
Total Units Sold:
September 2007 -- 729
September 2008 -- 1,123 -35.08%
Median Sold Price:
September 2007 -- $435,000
September 2006 -- $445,000 -2.25%
7 comments:
I would encourage everyone to stop by and leave comments to that article.
Harriet - thank you for taking a few moments to actually do this reporter's job and find accurate data.
-Chris
WTOP just like all other MSM distort and dress-up negative and true information about the Washington Dc regions real estate market to please their advertisers and the listening/viewing public which is not interested accurate information about the ongoing correction in real estate. General populace prefers to live by the comfort of etched on the brain mantras of "it's all good" and "ignorance is bliss".
It's called Cheerleading.
Harriet,
I also saw some hidden information in Arlington as well. The Sun Gazette reported YOY average sold prices as being slightly up. When you look at the zipcode statistics however, nearly every region is down with the exception of a single zipcode - which is up 72%!?!
I believe there must have been some high end development that went in that drastically skewed the YOY numbers. I'll do a little more digging and try to find the actual information.
My $0.02.
Check this out...
From BloomBurg...
"Out of 297 townhouses in Springfield, Virginia, for sale last week, almost 80 were in the process of foreclosure or offered at a price lower than the mortgage balance, so-called short sales, said Hawkins."
Thats gotta suck being the 20% who have to compete with bank sales!
1st mistake was listening to WTOP
2nd mistake was believing anything they say
(1st post, been reading for a several weeks now /wave)
You should email Mr Fuller directly.
I would love to set up a debate between you two.
I too don't understand his reports.
Frank
Blog.FranlyRealty.com
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