Industry News

D.C. real estate slowdown continues

Days on market up significantly from 2005

Home sales in the Washington, D.C., metro area fell further in December as prices in many areas reported double-digit declines from 2005, according to statistics released by Metropolitan Regional Information Systems Inc. Sales in Washington, D.C., last month were 14.8 percent below their December 2005 level, falling from 697 to 594, and the city's median home price -- at which half of the homes sold for more and half sold for less -- sank 13 percent during the period to $388,250. Fewer property owners listed their homes for sale in the District of Columbia in December, as just 628 new single-family listings came on the market, down from 798 in November and 1,195 in October. A year ago, there were 693 listings added to the market. For D.C. homes that sold in December, it took an average of 69 days to sell compared with 36 days a year earlier -- a 92 percent increase. In Alexandria, Va., sales cooled to 198 last month, down 23.3 percent from 258 sales a year ago. The median price of a h...