The Greater Capitol Area Association of Realtors has released the October housing statistics for DC and Montgomery County and they tell a tale of two "cities".
Inventory in Montgomery County is way down while it's up in Washington. Sales in both jurisdictions is down to varying degrees.
In Montgomery County, sales were highest for both condos and single family houses in May. Inventory was highest in April.
DC is less consistent. More single family houses are on the market now than at any other time this year. The previous high point was in April and then inventory dropped until it started rising again in September. The high point of home sales was in May, but September was also a good month. Condos had their highest inventory in April; the same month that sales were at their highest. Sales have been falling since then at a fairly steady pace. Condo inventory started falling in May and reached its lowest point in August. The good news for DC condos is that condo prices seem to be rising after a high point in 2005, a big fall in 2006, and a slight fall in 2007. DC houses seem to have fallen a little from a high point in 2007.
Montgomery County houses have fallen a lot this year after a high 2007. Condos have also fallen, but to a lesser extent.
For more information on these statistics, go to http://gcaar.com/statistics/default.htm.
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