Home sales in the Washington, D.C., metropolitan area dropped considerably between September 2005 and September 2006, while prices in some counties tumbled, according to statistics released by Metropolitan Regional Information Systems Inc.
In Washington, D.C., home sales declined 15 percent in September from a year ago, falling from 738 to 627. The median home price — at which half of the homes sold for more and half sold for less — was $455,000, up 8.6 percent from $419,000 posted in September 2005.
In Prince George’s County, Md., sales fell 28.8 percent year-over-year in September, declining from 1,382 to 984. The median home price grew 6.5 percent, rising from $310,000 to $330,000.
Sales in Montgomery County, Md., plummeted 29.6 percent, falling from 1,415 to 996. The area’s median home price came in at $435,000, up 1.4 percent from $429,000 a year earlier.
According to MRIS, rising inventory is not only hurting sales but is sending median prices in some areas down considerably from their year-ago levels.
In Alexandria, Va., sales dropped to 166 in September from 222 a year earlier, which marks a 25.2 percent annual decrease. The median home price slipped to $402,500, down 6.4 percent from $430,000 in September 2005.
Sales in Fairfax County, Va., sank to 1,123 in September, down 38.6 percent from 1,828 a year ago. The median home price fell 8.3 percent during the period, from $485,000 to $445,000.
Rockville, Md.-based Metropolitan Regional Information Systems Inc. serves more than 59,000 real estate professionals in Maryland; Washington, D.C.; Northern Virginia; and parts of West Virginia and Pennsylvania.