Washington Month-to-Month Real Estate Still STRONG

For buyers who are waiting for the prices to come down further, this may be the news that pushes them off the fence.  While some areas are seeing softness, prime locations, such as Arlington, Washington, DC, and Montgomery Counties are seeing diminished supply and shorter marketing times. 

Metrostudy reports Northern Virginia saw sales that were down 7% vs September 2011, while listings are down 33%.  Overall inventory ticked up slightly from 4.1 months, but is still considered well below equilibrium. Prices continue to increase in the core counties where inventory is tighter. 

Washington DC side of Maryland saw sales which were up 1%.  Listings are down by 30% vs the prior year.  The months of supply of listings was unchanged at 5.6 months of supply, which is considered just below equilibrium.  Montgomery and the District both saw the months supply increase, while Frederick, Prince George’s and Charles saw significant tightening, dropping 0.2 months, 0.3 months and 0.4 months of supply, respectively.  Prices were down, albeit slightly in most areas, with Montgomery seeing the only increase.   Contracts are up significantly in Frederick and Prince George’s Counties, and these first tier suburban areas should continue to improve.
 

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Thomas Morgan
(202) 550-LOAN (5626)