Prices dropping in MoCo???

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Sorry wrong price listed. Messed it up.

Correction: Same house plan, same builder, side by side.

Sold in 2023 - 2.375M - https://www.redfin.com/MD/Bethesda/5915-Lone-Oak-Dr-20814/home/183923691

Sold in 2025 - 2.073M
https://www.redfin.com/MD/Bethesda/5917-Lone-Oak-Dr-20814/home/10676536

300K drop in price for new built in 2 years.

Both of these houses first went on the market in 2023, but for some reason the second one didn't sell until now.

Market may very well be dropping but this doesn't tell us that.

I am not the PP, but this clearly says that market has dropped from 2023. I won't pay attention to exact 300K drop, but that kind of price difference leaves no room for any doubts that market has shifted.

No, it says that two houses built in 2023 depreciated by 2024/2025 because they were no longer new construction. It's like saying car prices are going down based on you selling your new Civic a week after you bought it.

I did not post in this thread but this responce cracked me up.

House is not a car.

300K deprecaition for new house which was not used by anyone in 1-2 years, lol.

If I have to guess, I would say that you are a builder. I don't see anyone else making such arguments.

The problem is the house that was not used, was also not selling that entire time. So the person that bought the other house in 2023 probably overpaid. The 2023 price they paid could not be supported by the market at the time, which is why the house just next door could not sell for over a year even after price cuts.

[Anonymous]

Anonymous wrote:

You don't get what PP is saying. The LAND appreciates. The HOUSE depreciates. In other words, what you're looking for is land. The age of the house is of little importance, as long as it's well-maintained. The "shiny new" house ends up being just a regular house as soon as people move in.

No, even house appreciates with time and not just land due to constructions prices going up. Over a very long time, house does depreciates and becomes a tear down. You are correct in that, but appreciation in the last 5 years is not just due to land appreciating. It's land + contruction cost going up.

Also, in above example, no one had moved in the house. Builder sold two houses , same plot size, same plan. One sold for 300K less. That's not due to depreciation in 1-2 years. It's market going down for new build. I work in title company. Based on prices, market has certainly shifted.

The second house was listed from 2023 to 2025. It couldn't sell in 2023 at that price either. It's absurd to use this house as an example of the market going down between 2023 and 2025.

[Anonymous]

Oh, new build sat so don't use it.

Oh, new build got used so don't use it.

When all said and done, market has moved down and current prices are around 2023-2022 prices.

[Anonymous]

Market is definitely much slower this year than last year when we were selling and buying. It’s not altogether a bad thing. Some of the prices were becoming unsustainable. The house I bought for $200,00 in 2002 in Wheaton I sold for $600,000 last year. Much of the demographic moving into that neighborhood cannot afford these prices, but the schools scare off the ones with the capability to buy there.

[Anonymous]

Anonymous wrote:Oh, new build sat so don't use it.

Oh, new build got used so don't use it.

When all said and done, market has moved down and current prices are around 2023-2022 prices.

Lol

Do you not see the absurdity of pointing to a house that went on the market in 2023 and did not sell until 2025 as evidence that prices in MoCo have dropped this year? Like it takes someone especially dumb to try to argue that.

Do tell me why Case Shiller for the DC area is up this year as of May? We're doing better than the rest of the country..some people are just desperate for the market to drop and have been for about a decade.

[Anonymous]

Every realtor I know is busier now than they have ever been (I am not a realtor). I also dont see housing prices dropping in our neighborhood

[Anonymous]

Anonymous wrote:

Anonymous wrote:Oh, new build sat so don't use it.

Oh, new build got used so don't use it.

When all said and done, market has moved down and current prices are around 2023-2022 prices.

Lol

Do you not see the absurdity of pointing to a house that went on the market in 2023 and did not sell until 2025 as evidence that prices in MoCo have dropped this year? Like it takes someone especially dumb to try to argue that.

Do tell me why Case Shiller for the DC area is up this year as of May? We're doing better than the rest of the country..some people are just desperate for the market to drop and have been for about a decade.

Prices were up in May because fewer condos sold which boosted the median sale price.

The market has softened considerably and inventory is way, way up. It’s a horrible time to sell and prices are being cut across the board.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Oh, new build sat so don't use it.

Oh, new build got used so don't use it.

When all said and done, market has moved down and current prices are around 2023-2022 prices.

Lol

Do you not see the absurdity of pointing to a house that went on the market in 2023 and did not sell until 2025 as evidence that prices in MoCo have dropped this year? Like it takes someone especially dumb to try to argue that.

Do tell me why Case Shiller for the DC area is up this year as of May? We're doing better than the rest of the country..some people are just desperate for the market to drop and have been for about a decade.

Prices were up in May because fewer condos sold which boosted the median sale price.

The market has softened considerably and inventory is way, way up. It’s a horrible time to sell and prices are being cut across the board.

May be a bad time to sell and I don’t see a good time to sell happening in the next year or more. So why wait if you need or want to sell? It could get worse.

[Anonymous]

[quote=Anonymous]Every realtor I know is busier now than they have ever been (I am not a realtor). I also dont see housing prices dropping in our neighborhood [/quote]

Busier doing what? Repping sellers or buyers?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Oh, new build sat so don't use it.

Oh, new build got used so don't use it.

When all said and done, market has moved down and current prices are around 2023-2022 prices.

Lol

Do you not see the absurdity of pointing to a house that went on the market in 2023 and did not sell until 2025 as evidence that prices in MoCo have dropped this year? Like it takes someone especially dumb to try to argue that.

Do tell me why Case Shiller for the DC area is up this year as of May? We're doing better than the rest of the country..some people are just desperate for the market to drop and have been for about a decade.

Prices were up in May because fewer condos sold which boosted the median sale price.

The market has softened considerably and inventory is way, way up. It’s a horrible time to sell and prices are being cut across the board.

That's not how Case Shiller works but thanks for playing

[Anonymous]

Anonymous wrote:

Anonymous wrote:Oh, new build sat so don't use it.

Oh, new build got used so don't use it.

When all said and done, market has moved down and current prices are around 2023-2022 prices.

Lol

Do you not see the absurdity of pointing to a house that went on the market in 2023 and did not sell until 2025 as evidence that prices in MoCo have dropped this year? Like it takes someone especially dumb to try to argue that.

Do tell me why Case Shiller for the DC area is up this year as of May? We're doing better than the rest of the country..some people are just desperate for the market to drop and have been for about a decade.

It's absurd to stat dismissing everything which clearly shows market has shifted. Yes, some one over paid in 2023, that's exactly the point. Over paid houses bought in 2023 are taking a loss. Right price houses bought in 2023 should break even or slight loss due to driction cost.

Case Shiller ? You should read more to see break up.

Yes, DC area is doing better than some steeper declining areas, but no one can deny that we are in a declining market in our area.

[Anonymous]

Inventory in MoCo is back to 2019 level. If it climbs more then prices should go down or remain flat for years.

https://fred.stlouisfed.org/series/ACTLISCOU24031

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Oh, new build sat so don't use it.

Oh, new build got used so don't use it.

When all said and done, market has moved down and current prices are around 2023-2022 prices.

Lol

Do you not see the absurdity of pointing to a house that went on the market in 2023 and did not sell until 2025 as evidence that prices in MoCo have dropped this year? Like it takes someone especially dumb to try to argue that.

Do tell me why Case Shiller for the DC area is up this year as of May? We're doing better than the rest of the country..some people are just desperate for the market to drop and have been for about a decade.

It's absurd to stat dismissing everything which clearly shows market has shifted. Yes, some one over paid in 2023, that's exactly the point. Over paid houses bought in 2023 are taking a loss. Right price houses bought in 2023 should break even or slight loss due to driction cost.

Case Shiller ? You should read more to see break up.

Yes, DC area is doing better than some steeper declining areas, but no one can deny that we are in a declining market in our area.

I'm not dismissing everything. I'm dismissing the notion that a house that went on the market in 2023 and didn't sell until 2025 is some clear sign that the real estate market is in decline in 2025. There may be other data points (feel free to cite them) but this isn't it.

[Anonymous]

Anonymous wrote:Inventory in MoCo is back to 2019 level. If it climbs more then prices should go down or remain flat for years.

https://fred.stlouisfed.org/series/ACTLISCOU24031

Yeah just like in 2016, 2017 and 2018 when inventory was even higher than in 2019 and prices went down/were flat

[Anonymous]

Anonymous wrote:Inventory in MoCo is back to 2019 level. If it climbs more then prices should go down or remain flat for years.

https://fred.stlouisfed.org/series/ACTLISCOU24031

It shows that inventory is still below 2019.


July 2019 - 2,366
July 2023 - 718
July 2025 - 1,788