Dateline, Washington DC
by Darrin Friedman

Well, Montgomery County real estate had the same kind of consistent growth we saw inside the district. October represented a solid month in over all in terms of home sale figures.

Here are some October details for single family homes in Montgomery County:

1018 New Listings up just 1.8%

941 Contracts up 53.3% from 2008

707 Settlements up 25.8% from 2008

Many people in in the industry have said that the numbers reflected in settlements are because of the tax credit. Now, that may be true, but it also reflects the fact that the Washington DC Metro Real Estate Market is stronger than the rest of the country in almost every category. It’s all about inventory…look below:

Ever since the beginning of the year, the inventory has gone WAY down – which as we all learned in economics is a GOOD thing in regards to demand. Now the sales prices have fallen, but, the fact is it is an extremely fair market and people who bought before 2007 are still doing very well. Maybe not as well as they would have done in 2007 but if we have learned anything – it’s that homes are a commodity!

The last two graphs I want to share are interesting as well.

Now this sales trend graph is interesting in the respect that Washington DC Real Estate sales went through the roof in October matching one of the best months of the year. In Montgomery County, this is not the case though the number is still very strong. Just goes to show you, that even though Montgomery County Real Estate is considered some of the most sought after and expensive in the entire country, DC was showing – at least in home sales – that it was the greater value. Again, the buyers set value. And as you may see in the last graph the largest segments of buyers are purchasing in very affordable price zones. Again, value is everything.

Anyway, hope these stats were helpful and have a Great Thanksgiving!