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Real estate: A summer sales slump

Residential real estate sales have slumped so far this year.

Since 2006, sales volume in Loudoun and throughout the Washington, D.C., metropolitan area have fallen 21 percent and 22 percent respectively behind the January through August total sales during the same time period in 2006, according to housing analyst Rosemary deButts.

So far this year, 3,286 homes have sold in Loudoun, a decrease of 5 percent compared to the same time in 2010 when 3,473 homes were sold year-to-date by August. The number of homeowners signing on the dotted line jumped 6 percent in August 2011 (466 homes sold) compared to August 2010 (439 homes sold), according to Real Estate Business Intelligence, a Metropolitan Regional Information Systems company.

Existing home sales throughout the metropolitan area are outperforming the same time period in 2008, which was the year home sales bottomed out in the region. Still, deButts reports that sales so far this year in the entire region are nearly 9 percent behind the same time period in 2010 when the real estate market was artificially stimulated during the first half of 2010 by the First Time Buyers Credit.

Sales are typically highest in Fairfax and Arlington counties and the cities of Alexandria, Fairfax and Falls Church in Virginia and Montgomery County in Maryland. These jurisdictions account for 51 percent of the region’s total sales volume in 2011 thus far. Conversely, both areas have seen declines in sales during the past two years, which has negatively effected the regional sales totals, according to deButts.

Washington, D.C., and the Virginia suburbs are so far faring better than Maryland’s suburbs.  Sales through August in Montgomery County have fallen 31 percent compared to the same time period in 2006. Likewise, sales have fallen 37 percent in Prince George’s County. Conversely, sales have declined 21 percent in Loudoun during the same time period and 17 percent in Washington, D.C., respectively.

While sales have declined, median sales prices have strengthened. 

The median sales prices through August in 2011 exceeds the prices during the same time period in 2009 and 2010 throughout the region, according to deButts. The regional median of $330,000 is $85,000 less than it was at the end of August in 2006 but $20,000 higher than it was two years ago, according to deButts.

DeButts reports that the largest percentage increase in median sales prices since last year has been in Loudoun where the year-to-date median is now $380,000. Loudoun had a median sales price of $385,000 in August, which is up 0.9 percent from August 2010, but down 1.2 percent from July 2011, according to Real Estate Business Intelligence. Fairfax and Arlington counties lead the region with a median of $418,000, followed by Washington, D.C., with a median sales price of $400,000 through August of this year.

Comments


Tons of foreclosures and short sales in Brambleton from the people who bought in early and thought the bubble was here to stay.  The financing that the builders and agents were pushing over there really screwed some people over. 

New construction is way overpriced, especially the towns, at least at list.  I havent looked to see what they are really selling for.


Fortunately new home sales in Brambleton have been very strong.  We have just surpassed last year’s total sales of 352 to 377 and it is only September!  This is what we posted in August: http://brambletonview.blogspot.com/2011/08/brambleton-sells-300-homes-in-just-over.html

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