Washington area housing market is getting competitive again, buyers and brokers report
It's getting competitive out there in the Washington area housing market, according to real estate brokers and buyers. And February market statistics just reported from Metropolitan Regional Information Systems, the local multiple listing service, back up their reports.
Shelly Murray, president of the Greater Capital Area Association of Realtors and a Weichert broker, said: "I'm seeing quite a few multiple offers. My agents (working with buyers through Weichert's Germantown office) are feeling that they're in competition most of the time with other agents."
Average time on the market has fallen dramatically from last year. Time on market fell most dramatically in Manassas Park, where it is down 79 percent. A home there spent only 22 days on the market, on average, in February, according to MRIS statistics. In Prince George's County, which still has the largest average time on the market, that statistic fell 28 percent from last year, to 102 days. Here are the stats for other localities:
-- Alexandria, down 34 percent, to 63 days
-- Arlington County, down 32 percent, to 61 days
-- The District, down 26 percent, to 83 days
-- Fairfax County, down 52 percent, to 54 days
-- Fauquier County, down 30 percent to 98 days
-- Frederick County, Md., down 45 percent, to 88 days
-- Loudoun County, down 49 percent, to 52 days
-- Montgomery County, down 33 percent, to 79 days
-- Prince William County, Manassas and Manassas Park, down 53 percent, to 44 days