- The Washington Times - Thursday, January 6, 2005

At the close of 2004, the Washington-area real estate market showed no signs of cooling down, and three of the most popular neighborhoods became even more competitive battlegrounds for home shoppers.

Montgomery County, Prince George’s County and the District have a lot of reasons to be popular. Living there puts you close to work, the Mall and everything else the capital has to offer.

Besides, if you live in these jurisdictions, your commute is far shorter than if you live in distant counties such as Frederick, Loudoun or Stafford.

Of course, it is becoming very difficult for mortal man to afford a home in the District or Montgomery County.

That’s why Prince George’s County has become so popular of late. Lagging the market upsurge just a few years ago, Prince George’s is now leading the pack.

Because homes are so affordable there, Prince George’s is now the most competitive market in the Washington area. That competition among buyers is due to the high number of sales and the very limited inventory.

The inventory (number of homes for sale) in Prince George’s County in November was down 50 percent from November 2003.

This is unusual, because many area counties saw inventory rise last year. Overall, inventory was down only 1 percent or 2 percent last year.

Looking back a few years, it is interesting to see just how far the inventory has dropped. For instance, the number of homes for sale in the District remained steady at about 1,500 in November 2000, 2001 and 2002. However, last year the inventory fell sharply because there was such demand for homes in the District.

Again, Prince George’s County experienced the most dramatic shift. In only five years, the inventory there fell from more than 3,000 to less than 1,000.

Chris Sicks

LOAD COMMENTS ()

 

Click to Read More

Click to Hide