Is Anyone Seeing a Slowdown in the North Arlington Single Family Home Market?

[Anonymous]

Is it just me, or does it seem like single family home prices in North Arlington (in the neighborhoods I want to be in) are not coming down? We are looking to move, but we can't find anything that we like for a price that we like. I am curious as to whether I am alone in feeling this way. I see a sharp contrast to what I read in the paper (economic calamities) and reality.

[Anonymous]

Prices are not coming down in my neighborhood either. Things are not selling, but prices are not coming down. This is my theory on certain areas like North Arlington: I have not seen 1 foreclosure or short sale in my neighborhood. So while people are trying to sell for one reason on another, they do not HAVE to sell. So they have a price they want to get for the home, but when it comes down to it, they don't have to lower their price because selling is optional. I think you tend to see this more often in older, upper-middle class neighborhoods.

I think the prices in these neighborhoods will fall eventually, but it is going to take much longer for them to fall than other areas and they won't fall quite as far.

[Anonymous]

I think prices are coming down somewhat, but it is usually because they were priced too high to begin with. Some people still seem to think it is 2004-2005 when prices were going up up up and places would sell in days. For example there is a house for sale near me listed at just over $700,000. WHile the location is great, the house is not and I don't think there is any way it will sell for that amount. Another house near me has been on the market since April and is just now under contract. They lowered their price a couple of times - from mid-700s to under $700,000 I think. And I have seen some places in the area that are selling for in the $500,000s - something that I never saw when we were looking back in 2006. At that time, anything decent was at least $600,000+ and even those houses usually needed some work. I have noticed a lot more places going up for sale recently in my neighborhood (Waverly Hills). I don't know how long it will take to sell them, but things do still seem to be selling relatively quickly around me.

[Anonymous]

Anonymous wrote:Is it just me, or does it seem like single family home prices in North Arlington (in the neighborhoods I want to be in) are not coming down? We are looking to move, but we can't find anything that we like for a price that we like. I am curious as to whether I am alone in feeling this way. I see a sharp contrast to what I read in the paper (economic calamities) and reality.

Just give it time. Houses aren't selling and eventually, people who NEED to move for whatever reason will HAVE to lower their asking price. People are so emotionally invested in their homes, they can not accept that they just don't have the value they did in 2005.

[Anonymous]

We just bought and sold in NW and prices really haven't come down. We sold for maybe 3% less than what we could have gotten at the height of the market, but still 10% more than what we paid in '04. But our place was staged well and showed beautifully. We did buy for less than we would have a year ago, but I think that was mostly because the house wasn't staged (every room was painted white, some rooms were empty and some full of random furniture, etc.) and didn't show well - the seller's realtor was pretty lame.

[Anonymous]

I've read too that much of what's happening in the DC area's housing market depends on where you live. Some zip codes have actually appreciated (not mine) while others have dropped greatly.

[Anonymous]

FWIW, below are Sept (latest) numbers in 22207:

YoY 2008 2007 % Change
Avg Sold Price: $ 773,919 $ 858,076 - 9.81 %
Med Sold Price: $ 723,000 $ 715,000 1.12 %
Total Units Sold: 21 37 - 43.24 %
Avg Days on Market: 119 54 120.37 %
Total Active Listings 152 140 8.57 %
Total NEW listings: 69 57 21.05 %

MoM Sep 08 Aug 08 % Change
Avg Sold Price: $ 773,919 $ 796,608 - 13.58 %
Med Sold Price: $ 723,000 $ 750,000 - 5.90 %
Total Units Sold: 21 50 - 58.00 %
Avg Days on Market: 119 64 85.94 %
Total Active Listings 152 135 12.59 %
Total NEW listings: 69 37 86.49 %

(source: MRIS)

[Anonymous]

moral of the story (of the 22207 #s) - don't believe the listing prices. it's the sold prices that count. ask your realtor to give you a comp of recent sales (with sold prices and seller subsidies).

[Anonymous]

Anonymous wrote:We just bought and sold in NW and prices really haven't come down. We sold for maybe 3% less than what we could have gotten at the height of the market, but still 10% more than what we paid in '04. But our place was staged well and showed beautifully. We did buy for less than we would have a year ago, but I think that was mostly because the house wasn't staged (every room was painted white, some rooms were empty and some full of random furniture, etc.) and didn't show well - the seller's realtor was pretty lame.

correct, but in 2005, crappily staged houses would still have garnered multiple offers.

[Anonymous]

agree with 13:47. If things aren't moving then the stated price means nothing. All that matters is the price at which the market can clear. Given the volume of homes for sale I think it is safe to say that we haven't seen much clearing in the market.