Home sales in Northern Virginia, Montgomery County and Prince George’s County were dismal in October, plunging between 25 and 59 percent from the same time last year, according to new statistics from area Realtors associations.
The District fared better – sales of single-family homes dropped 7.7 percent from October 2006, but condo sales rose 7.7 percent.
And sales prices throughout the region came in much stronger than the number of sales.
Prince George’s County saw the most drastic sales declines – total home sales in the county were down 59 percent in October, Prince George’s County Association of Realtors numbers show.
In Montgomery County, condo sales were down 28 percent and single-family home sales were down 38 percent, better than the 36 and 42 percent drops the area experienced in September, according to the Greater Capital Area Association of Realtors.
In the Northern Virginia area comprising Alexandria, Arlington County, Fairfax County, Falls Church, Vienna and Clifton, overall sales fell 25 percent – a slight improvement over September’s30 percent drop, Northern Virginia Association of Realtors numbers show.
“Corrections are baby steps – we don’t expect giant leaps in this field at this time,” said Jill Landsman, spokeswoman for NVAR. “We all have to be very patient, but the good news is that as the months go on, it’s cheaper to buy, cheaper to borrow, and buyers have more to choose from.”
The data from the groups are based on sales by real estate agents. They mostly reflect sales of existing homes and condos, which make up most of the market – not new units.
Sales in the region were much more sluggish in October than sales prices were – average home sale prices were up between 5 and 7 percent in the District, Alexandria and Arlington from October 2006, according to information from Metropolitan Regional Information Systems.
Home sales prices were up 2 percent in Montgomery County, down almost 3 percent in Fairfax County and down 9 percent in Prince George’s County.
“Prices continue to rise in the central jurisdictions,” John McClain of the George Mason Center for Regional Analysis told MRIS. “They’re in a much better price position due to their premium location.”
