MRIS Trends in Housing

MRIS Trends in Housing

Trends in Housing is a joint publication of MRIS and Delta Associates. This report provides a regular in-depth look at the issues that shape the Mid-Atlantic housing market.

Year-End 2009

The Washington area housing market is in the early phases of the recovery cycle:

Prices are showing signs of a moderate recovery: 4th quarter prices in the metro are up from the same quarter in 2008, with the Outer jurisdictions outperforming the Core and Inner jurisdictions. Prices will likely gain traction in 2010, as buyer and seller expectations continue to move closer to a balance, facilitating an increase in transaction volume. This is the first time prices have risen on a trailing 12-month basis since the 4th quarter of 2007.
Days on market continue to decline compared to both last quarter and a year ago. Properties in the Outer jurisdictions (Loudoun, Prince William and Frederick Counties) have experienced the sharpest decline, but across the region, time on market is at or below the region's long-term average.
The ratio of inventory to sales continues to decline in all jurisdictions from one year ago. The metro-wide ratio of 5.3 months' worth of listings is below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply.
The gap between buyer and seller demands is closing with the average sales price in the 4th quarter of 2009 at 93.7% of list price, the highest share in more than two years.

To view and/or download the current report in an Adobe Acrobat PDF file, click here.

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