D.C. Area Homes Stay on the Market Longer
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Tuesday, October 10, 2006; 6:18 PM
It's taking longer and longer to sell homes in the Washington area--and even longer in the outer suburbs, a new survey reports.
Single-family homes and condominiums stayed on the market for an average of 109 days before selling in Loudoun County last month, for example. That compares with a 33-day turnaround a year earlier, according to data from Metropolitan Regional Information Systems Inc., which tracks real estate trends in the region.
In Prince William County, the houses that sold last month had been on the market for 90 days, compared to 30 in September 2005.
Real estate experts say homes are languishing because some sellers do not set realistic prices and some buyers are waiting on the sidelines for prices to drop.
Homes in the District and closer-in counties weren't exactly flying off the market in September, the MRIS report shows. But for-sale signs were not staying up as long in the District (66 days, on average), Prince George's County (49 days) and Arlington County (69 days).
The report also shows the average median price -- the level at which half sold for more and half for less -- rose in September, compared with a year earlier. In the District the median price was up 8.6 percent to $455,000, in Prince George's it was up 6.5 percent to $330,000 and Montgomery County it was up 1.4 percent to $435,000.
The sharpest price drops were in Loudoun, which was down 9.3 percent to $440,000, Fauquier, down 9 percent to $365,000 and Fairfax, down 8.3 percent to $445,000, the survey shows.
John McClain, a George Mason University economist, said these housing prices suggest the market is "still strong for neighborhoods that don't involve a lengthy commute, given today's rising gasoline prices and traffic congestion," an MRIS news release said.
