Sales of condos and single-family homes were mixed throughout the region in December, though median prices held relatively steady across the metro area from November to December.
“We see a lot ofweakness in Prince George’s County,” which declined by 7 percent in the number of units sold and 2 percent in median price, said John McClain, senior fellow and deputy director for George Mason University’s Center for Regional Analysis. But in Arlington, Alexandria and the District, conditions are starting to stabilize, he said.
Monthly sales increased by 13 percent in Northern Virginia and 3 percent in Washington, according to the Metropolitan Regional Information Systems Inc., which released the data Thursday. MRIS data showed the number of units sold in Montgomery County dipped by just under 2 percent from November to December. Compared with December 2006, however, the number of sold units last month declined by 40 percent.
The median selling prices actually increased by almost 4 percent from November to December, from $410,000 to $425,500. Over December 2006, the median selling price dropped 2 percent.
The market in Montgomery County is “two-tiered,” with areas inside the Beltway such as Bethesda, Chevy Chase and downtown Silver Spring selling well, and areas outside a little slower, said Ted Beverly, a real estate agent with Evers and Company who sells primarily in Montgomery County and Washington.
The median price for homes sold in Washington held steady at $400,000 from November to December. Prices actually increased from December 2006 to December 2007 by 3 percent, but the number of units sold fell 21 percent, when typically the opposite is true.
“If [a unit] is fixed up and looks nice, buyers are still buying it,” said Dennis Melby, president of the Greater Capital Area Association of Realtors.
In Northern Virginia, which includes Fairfax County and Arlington County and the cities of Fairfax, Alexandria, and Falls Church, home sales spiked by almost 13 percent from November, and the median price climbed 3 percent. Compared to the same period a year ago, however, the number of units sold declined almost 30 percent and the median price fell 3 percent. Melby says the spring market is just around the corner, with buyer turnout increasing in late January and early February. McClain predicts it might take until 2009 for conditions to recover across the region.
Real estate sales
» Prince George’s County:
down 7 percent
» Northern Virginia:
up 13 percent
» Washington D.C.:
up 3 percent
» Montgomery County:
down 2 percent
