Good news doesn't sell!
I'm almost sick of the question but I keep being asked if the market has hit bottom yet. The answer is what bottom. The media continues to report about the housing slump and how bad things are an people are buying in to it enough to do nothing. Here's the deal; all real estate is local. This article from the Washington Business Journal echos what I've been trying to get across to people for months now. Thanks WBJ and Erin Killian.
Home prices up in D.C. area
Washington Business Journal - by Erin Killian Staff Reporter
The average selling price for homes in D.C. and the close-in suburbs rose in October compared with last year, while those in further away counties like Prince George's fell.
The largest price jumps from September to October were in D.C., Arlington and Alexandria, according to a study released Friday by Rockville-based Metropolitan Regional Information Systems Inc.
The average selling price for a house in D.C. rose nearly 6 percent to $499,526 as compared with the city's prices in October 2006. Alexandria prices increased 6 percent to $490,476 and those in Arlington jumped 7 percent to $556,517. In Montgomery County, homes cost on average $317,221, up 2 percent from last year.
The results defy the national market trend, showing there are still buyers in the market willing to pay a premium to be near D.C.
"Prices continue to rise in the central jurisdictions," said John McClain, a senior fellow at George Mason University's School of Public Policy, in a statement. "By comparison, outlying suburbs of Northern Virginia have been particularly hard hit."
Selling prices in Prince George's County dropped 9 percent to $317,221 compared with a year ago. Fairfax County's prices feel 2.85 percent to an average $520,186.
The suburbs further from D.C. may be more affected by the housing slump in part because they have the highest rates of new construction and new homes cost more than older homes, according to MRIS.
If you're still thinking about whether now is the time to buy, there's no time like the present.
Home prices up in D.C. area
Washington Business Journal - by Erin Killian Staff Reporter
The average selling price for homes in D.C. and the close-in suburbs rose in October compared with last year, while those in further away counties like Prince George's fell.
The largest price jumps from September to October were in D.C., Arlington and Alexandria, according to a study released Friday by Rockville-based Metropolitan Regional Information Systems Inc.
The average selling price for a house in D.C. rose nearly 6 percent to $499,526 as compared with the city's prices in October 2006. Alexandria prices increased 6 percent to $490,476 and those in Arlington jumped 7 percent to $556,517. In Montgomery County, homes cost on average $317,221, up 2 percent from last year.
The results defy the national market trend, showing there are still buyers in the market willing to pay a premium to be near D.C.
"Prices continue to rise in the central jurisdictions," said John McClain, a senior fellow at George Mason University's School of Public Policy, in a statement. "By comparison, outlying suburbs of Northern Virginia have been particularly hard hit."
Selling prices in Prince George's County dropped 9 percent to $317,221 compared with a year ago. Fairfax County's prices feel 2.85 percent to an average $520,186.
The suburbs further from D.C. may be more affected by the housing slump in part because they have the highest rates of new construction and new homes cost more than older homes, according to MRIS.
If you're still thinking about whether now is the time to buy, there's no time like the present.
posted by Real Estate Girl @ 9:21 AM
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