Right now you can see how the Washington DC region real estate market performed in November 2011 versus November of last year. If you want you can wait until January 2012 for Case-Schiller results!
My Daily Market Snapshot Report and My Month-to-Month Comparisons are there for you to see every day. The Monthly Market Snapshots provide automatically processed reports comparing Month to Month, Year to Year and 90-Day to 90-Day periods in the MRIS. Prior monthly data usually takes 10-12 days into the next month before most of the data is entered (remember this is done by individual agents). Hence, we use a Monthly or 90-Day comparison periods that typically lags by 10 days from the Daily Report.
As of today, we see that in Montgomery County the # Units Sold in November 2011 was 686, down 8.05% from last year’s November level. While November 2011 sales prices were down 5.17% versus last year’s sales prices. Comparing November 2011 to the previous calendar month, October 2011, shows that both number of units sold and average sales prices were both up, 5.53% and 6.06%, respectively.
I believe that the best indicators of the market are My 90-Day Reports. If we look at the Last 90 Days of 2011 versus last year, we see how the Montgomery County market has really come down significantly in volume (-8.86%) and slightly in sales price (-2.29%). However, the combined effect is that Total Dollar Sales Volume in Montgomery County for this 90-Day period in 2010 was $971,370,273, while for 2011 it was $865,143,622. This represents a 10.936% percentage drop which unfortunately, more truly reflects the overall downturn in the county market.
I would like to be more positive about the future. But, with active distressed accounting for 22.74% of the total listings in the county, we are in for more headwinds.