Reply to Prices dropping in MoCo???

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Reply to "Prices dropping in MoCo???"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]https://www.brightmls.com/article/greater-dc-area-weekly-housing-market-update

Seems like prices are dropping …[/quote]

Look at the guidance …not a good picture. And MoCo prices up .1% over last year, but annual inflation at 2.7%.[/quote]

Still not nearly as bad as Arlington, Fairfax or Alexandria. List prices in Arlington are down 30%!!! YOY.[/quote]

People are still having bidding wars over houses in my neighborhood in Ffx co. Some people just live in more desirable areas than others. [/quote]

The bright mls data is great, but it's very wacky when you look at the stats based on localized markets.  That's why it's best to see what it is saying about the overall area.

Since it tracks things on a weekly basis, the mix of properties selling that week will have massive impacts on median sales prices.  It's likely that Arlington list prices are down 30% because in that particular week you have many more 1BR condos for sale as an example vs. SFH sellers all deciding their homes are worth 30% less than last year.

All of this noise tends to shake out when looking at areas as a whole, or you look at median overall sales prices YTD for Arlington vs. same period last year.[/quote]

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