Positive Price Changes in DC

by Mary Jo Powell, Metropolitan Regional Information Systems

With the exception of Alexandria and Arlington, Virginia, sold prices in and immediately surrounding Washington, DC were up for the month of September, according to figures released today by Metropolitan Regional Information Systems, Inc. (MRIS).

“Sold prices rose a substantial 10.76% over September of 2005 in DC,” said Economist John McClain, of George Mason University. “That, coupled with gains in the areas close-in might signify that the market is still strong for neighborhoods that don’t involve a lengthy commute, given today’s rising gasoline prices and traffic congestion.”

And McClain points to hopeful signs in outlying Loudoun County, as well. “Even though the average sold price is down over September of 2005 in Loudon, it’s markedly better than the 14.22% drop experienced in August of ’06.”

McClain says he anticipates that a closer look at the figures will show that the condo market is primarily responsible for driving prices down, due to speculators’ unloading, and that townhouses and single family homes are still holding their own.

Average Selling Prices for September 2006 ---

Winners

• Washington, DC: $564,200 (UP 10.76% from September 2005)
• Prince George’s County, MD: $342,664 (UP 6.47% from September 2005)
• Montgomery County, MD: $517,823 (UP 1.52% from September 2005

Losers

• Frederick County, MD: $368,894 (DOWN 4.30% from September 2005)
• Alexandria, VA: $476,551 (DOWN 5.03% from September 2005)
• Fairfax County, VA: $514,124 (DOWN 6.01% from September 2005)
• Loudoun, VA: $514,068 (DOWN 4.79% from September 2005)
• Fauquier County, VA: $405,716 (DOWN 33.95 % from September 2005)
• Warren, VA: $255,798 (DOWN 6.69% from September 2005)