2008 year in review serving washington, dc and montgomery county, md © 2008 gcaar
TRANSCRIPT
2008 YEAR IN 2008 YEAR IN REVIEWREVIEW
Serving Washington, DC and Montgomery County,
MD © 2008 GCAAR
Joseph Himali Joseph Himali
2009 Greater Capital Area
Association of REALTORS® President
Making sense Making sense
of 2008. . .of 2008. . .
Montgomery CountyMontgomery CountyInventory Condos/Co-Inventory Condos/Co-
opsops
800
900
1000
1100
1200
1300
1400
January
February
March
April
May
June Ju
ly
August
September
October
November
December
20072008
Montgomery County Montgomery County Median Condo/Co-op Median Condo/Co-op
PricePrice
$250,000
$270,000
$290,000
$310,000
January
February
March
April
May
June July
August
September
October
November
December
20072008
Montgomery County Sales Montgomery County Sales TrendsTrends
Condos/Co-opsCondos/Co-opsContracts Ratified Per MonthContracts Ratified Per Month
65
105
145
185
225
265
January
February
March
April
May
June Ju
ly
August
September
October
November
December
20072008
Montgomery CountyMontgomery CountyInventory Single FamilyInventory Single Family
2,500
3,000
3,500
4,000
4,500
5,000
January
February
March
April
May
June Ju
ly
August
September
October
November
December
20072008
Montgomery County Montgomery County Median Single Family Median Single Family
Home PriceHome Price
$430,000$440,000$450,000$460,000$470,000$480,000$490,000$500,000$510,000$520,000
January
February
March
April
May
June Ju
ly
August
September
October
November
December
20072008
Montgomery County Sales Montgomery County Sales TrendsTrends
Single Family Single FamilyContracts Ratified Per MonthContracts Ratified Per Month
250
350
450
550
650
750
850
950
January
February
March
April
May
June Ju
ly
August
September
October
November
December
20072008
Montgomery CountyMontgomery CountyAverage Days on MarketAverage Days on Market
60
70
80
90
100
110
120
130
January
February
March
April
May
June Ju
ly
August
September
October
November
December
20072008
Now A Look at DC…Now A Look at DC…
Washington, DC Inventory Washington, DC Inventory
Single FamilySingle Family
1,000
1,200
1,400
1,600
1,800
2,000
January
February
March
April
May
June Ju
ly
August
September
October
November
December
20072008
Washington, DC Washington, DC Single Family Median Single Family Median
Home PriceHome Price
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
January
February
March
April
May
June Ju
ly
August
September
October
November
December
20072008
Washington, DC Sales Washington, DC Sales TrendsTrends
Single Family Single FamilyContracts Ratified Per MonthContracts Ratified Per Month
100
150
200
250
300
350
400
January
February
March
April
May
June Ju
ly
August
September
October
November
December
20072008
Washington, DC Washington, DC Inventory Condos/Co-Inventory Condos/Co-
opsops
11001150120012501300135014001450150015501600
20072008
Washington, DC Washington, DC Median Condo/Co-op Median Condo/Co-op
PricePrice
$320,000$325,000$330,000$335,000$340,000$345,000$350,000$355,000$360,000$365,000$370,000
January
February
March
April
May
June Ju
ly
August
September
October
November
December
20072008
Washington, DC Sales Washington, DC Sales TrendsTrends
Condos/Co-ops Condos/Co-opsContracts Ratified Per MonthContracts Ratified Per Month
100
150
200
250
300
350
400
2007
2008
Washington, DCWashington, DCAverage Days on MarketAverage Days on Market
40
50
60
70
80
90
100
January
January
February
March Ap
rilMay
June
July
August
September
October
November
December
20072008
What else happened in 2008 What else happened in 2008 that changed the market?that changed the market?
Rise in foreclosuresRise in foreclosures
Sellers began to let goSellers began to let go
On-the-fence buyers budged On-the-fence buyers budged
Market FundamentalsMarket Fundamentals
Low interest ratesLow interest rates Local job market comparatively Local job market comparatively
strongstrong Relatively stable local economy Relatively stable local economy Healthy inventory of housesHealthy inventory of houses New opportunities for first-time New opportunities for first-time
homebuyers homebuyers
2009 FORMULA2009 FORMULA
Relatively stable job market region wide assures people it’s okay to buy
Sellers realize that, if they sell, they will be able to buy after the sale
Sellers then feel confident in lowering prices to realistic level
Offers come in
Inventory decreases
Prices ultimately rise
For more information, For more information, please visitplease visit
www.GCAAR.com
•Statistics available on the 6th of every month•Market report is sent to media soon thereafter