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%