Buying And Selling: D.C. Doldrums

Although Housing.com is a national blog, I live in D.C., and thus I do often find myself focusing on the dramatic shifts in the real estate market inside (and around) the Beltway. Studying D.C.'s real estate can often provide interesting clues as to where the rest of the market is--or is not--going.

So it is with interest that I look at the market reports provided by the MRIS listing service, and the thorough analysis conducted by the legendary Bubble Meter. His studies of the data continue to support a steady and noticeable decline in home sales throughout the region, but a curious uptick in home prices for D.C. proper.

An insider source sent me an Internet with an analysis of the data, which claimed that homes in very far outlining areas such as Fauquier County were bought because, simply put, there was nothing else affordable any closer to the city center. Now homeowners are trying to get those homes on the market and pick up lower-priced properties closer in, which may be exacerbated by the condo glut. Perhaps this could account for the price uptick, as young childless couples and singles are flipping the bird at the exurban trend?

Then again, if I read Delilah right, it looks like properties in D.C. are not going anywhere at the moment.

And not coincidentally, today Inman reports that mortgage applications continue to drop each week. You could almost hear a pin drop in the void of all those homes that ain't selling....

Posted at October 11, 2006 01:22 PM

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Although Housing.com is a national blog, I live in D.C., and thus I do often find myself focusing on the dramatic shifts in the real estate market inside (and around) the Beltway. Studying D.C.'s real estate can often provide interesting clues as to where the rest of the market is--or is not--going. So it is with interest that I look at the market reports provided by the MRIS listing service, and the thorough analysis conducted by the legendary Bubble Meter. His studies of the data continue to support a steady and noticeable decline in home sales throughout the region, but a curious uptick in home prices for D.C. proper. An insider source sent me an Internet with an analysis of the data, which claimed that homes in very far outlining areas such as Fauquier County were bought because, simply put, there was nothing else affordable any closer to the city center. Now homeowners are trying to get those homes on the market and pick up lower-priced properties closer in, which may be exacerbated by the condo glut. Perhaps this could account for the price uptick, as young childless couples and singles are flipping the bird at the exurban trend? Then again, if I read Delilah right, it looks like properties in D.C. are not going anywhere at the moment. And not coincidentally, today Inman reports that mortgage applications continue to drop each week. You could almost hear a pin drop in the void of all those homes that ain't selling....