Anonymous
01/04/2012 22:18
Subject: Re:Declining Home Sales in Montgomery County
Maryland was so last season. NOVA is in!
Anonymous
01/04/2012 21:04
Subject: Declining Home Sales in Montgomery County
Anonymous wrote:Anecdotal but, here's my take. I think there are a lot of people in affluent areas in MD (particularly Chevy Chase and Potomac, as you mention) who wouldn't need to sell until the market improves. Because the schools are good and the commutes are good, there are probably many in these high-end neighborhoods who just choose to "stay put" until the market rebounds.
I agree with this. You also find a lot more transient people in VA and more long-time Washingtonians (or Marylanders) that live in CC, Bethesda and Potomac and these types of people are less likely to move as often. I'm not sure if condo sales are included in these numbers- but there was a boom in new condos and townhomes in the early 2000s, especially in Bethesda, and there aren't many new units being built now.
Anonymous
01/04/2012 20:06
Subject: Declining Home Sales in Montgomery County
Anecdotal but, here's my take. I think there are a lot of people in affluent areas in MD (particularly Chevy Chase and Potomac, as you mention) who wouldn't need to sell until the market improves. Because the schools are good and the commutes are good, there are probably many in these high-end neighborhoods who just choose to "stay put" until the market rebounds.
Anonymous
01/04/2012 18:10
Subject: Declining Home Sales in Montgomery County
The Washington Post regularly publishes information on home sales in area zip codes. Comparing sales activity in 2000 and 2011 in various Northern Virginia zip codes to Montgomery County zip codes is eye-opening.
To take a few examples:
Sales in a Chevy Chase zip code (20815) declined from 347 houses to 88 comparing 2000 to 2011; in a similar Arlington zip code (22207), the decline was much smaller from 386 to 321 sales comparing the same two periods.
Sales in Bethesda zip code (20816) declined from 248 houses to 50 comparing 2000 to 2011; in a similar McLean zip code (22101), the decline was much smaller from 413 to 311 sales comparing the same two periods
Sales in another Bethesda zip code (20817) declined from 611 houses to 129 comparing 2000 to 2011; in a similar McLean zip code (22102), the decline was much smaller from 183 to 126 sales comparing the same two periods.
Sales in a Potomac zip code (20854) declined from 1005 houses to 155 comparing 2000 to 2011; in the Great Falls zip code (22066), the decline was much smaller from 357 to 147 sales comparing the same two periods.
Why was the drop-off in sales so much more pronounced in Montgomery County's upper-income areas than in Arlington and Fairfax? Is it due to fewer new homes being built in MoCo, people staying in their homes longer in MoCo or homes that just aren't selling?
To take a few examples:
Sales in a Chevy Chase zip code (20815) declined from 347 houses to 88 comparing 2000 to 2011; in a similar Arlington zip code (22207), the decline was much smaller from 386 to 321 sales comparing the same two periods.
Sales in Bethesda zip code (20816) declined from 248 houses to 50 comparing 2000 to 2011; in a similar McLean zip code (22101), the decline was much smaller from 413 to 311 sales comparing the same two periods
Sales in another Bethesda zip code (20817) declined from 611 houses to 129 comparing 2000 to 2011; in a similar McLean zip code (22102), the decline was much smaller from 183 to 126 sales comparing the same two periods.
Sales in a Potomac zip code (20854) declined from 1005 houses to 155 comparing 2000 to 2011; in the Great Falls zip code (22066), the decline was much smaller from 357 to 147 sales comparing the same two periods.
Why was the drop-off in sales so much more pronounced in Montgomery County's upper-income areas than in Arlington and Fairfax? Is it due to fewer new homes being built in MoCo, people staying in their homes longer in MoCo or homes that just aren't selling?