Interesting that volume in DC was down 37%, but prices up 11%
Monday, February 11, 2008 - 10:47 AM EST
Area home sales drop in January
Washington Business Journal - by Joe Coombs Senior Staff Reporter
There was nothing positive about the Washington area's housing market in January -- except for the price of homes sold in the District, which went up more than 11 percent for the month.
Sales volume dropped in all jurisdictions in January, and median prices fell everywhere except the nation's capital, according to research compiled by Metropolitan Regional Information Systems. The median sales price in D.C. was $428,000, up from $385,000 in January 2007, but sales volume still dropped 37 percent in the District.
Other areas didn't fare any better for the month. In a territory in Northern Virginia that includes Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church, only 716 homes were sold, a 47 percent drop from 1,349 units in January 2007. The median sales price in that area was $400,000, down 12 percent from $455,000 in the previous year.
Elsewhere in Virginia, Loudoun County recorded 216 home sales in January, a 40 percent decline on an annual basis. The median sales price in Loudoun was $370,000, down almost 12 percent from $419,500 in January 2007.
Prince William County ventured into territory it probably hasn't seen in a while -- its median sales price fell below $300,000, and at $286,750, was the lowest in the Washington area. Sales volume fell more than 24 percent in Prince William for the month.
In Maryland, Prince George's County's median price was also below $300,000, at $299,900. That's about a 9 percent drop from $330,000 in January 2007. Sales volume dropped more than 55 percent in Prince George's in January on an annual basis.
Montgomery County's median sales price was $409,000, down nearly 6 percent from $435,000 in January 2007. There were 425 homes sold in Montgomery for the month, down 43 percent from 746 units on an annual basis.
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