Washington, DC : Market Update 4/27/09

Current Number of Homes Active and Under Contract in the Washington DC area:

Here is the breakdown as of May 6th, 2009

This week we saw the number of homes for sale drop in most of the Metro DC area; however a large number also expired - which artificially inflates this number. The true story is in the longer term trends.

The Spring market typically sees in a increase in inventory - not the case this year.  Inventory levels are not increasing - but holding steady; while the number of homes going under contract rises.

In Prince George's County - a SIGNIFICANT downward trend of home inventory - currently the least number of homes for sale since July 2007! I sign, I believe that we have already hit bottom and are on the way back to recovery.

Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.


 

Washington DC

Single Family:     Actives: 1885 (Down 90 from last week)     Expired: 91       Under Contract: 631

Condos:              Actives: 1497 (Down 39 from last week)    Expired: 59       Under Contract: 439 

 

Arlington County

Single Family:     Actives: 504 (Down 23 from last week)           Expired: 14         Under Contract: 197

Condos:              Actives: 545 (Down 17 from last week)          Expired: 14        Under Contract: 192

 

Prince Georges County

Single Family:     Actives: 5735 (Down 160 from last week)      Expired: 230        Under Contract: 1571

Condos:              Actives: 860 (Down 18 from last week)         Expired: 33          Under Contract: 106

 

Montgomery County

Single Family:     Actives: 3748 (Down 27 from last week)        Expired: 68        Under Contract: 1890

Condos:              Actives: 1241 (Down 45 from last week)        Expired: 33         Under Contract: 413

 

It is important to see the number of homes taken "Off" the market.  While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.

 

 

    

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016