Real Estate Number from MRIS February 2008
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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