- The Washington Times - Thursday, July 8, 2010

I am sure you know real estate is a very localized thing. The Washington region is a much better market than Detroit, for example. But even within the Washington region, different counties and neighborhoods can be their own micromarkets that favor either buyers or sellers.

Drilling down even further, the type of home you are buying or selling in those micromarkets can determine the kind of experience you will have. Today’s data is broken down by geography and property type.

Homebuyers who are still deciding where to shop can use today’s charts to learn where the most detached homes are available, for instance.

Sellers can study the chart to find high sales-chance figures, which would mean the kind of home they are selling is competitive in their market. That’s worth knowing because a high-sales chance figure means you generally will have some advantage over buyers in negotiations.

For example, if you were selling a town home in Arlington in May, you were in great shape. With a sales-chance figure of 43 percent, Arlington town homes sold more easily than anything else anywhere else.

(Sales chances are my way of measuring the level of competition in the real estate market. Dividing sales figures for the month by the inventory on the last day of the month results in a percentage - a figure below 20 percent indicates a buyer’s market. Higher figures mean we’re in a balanced market or a seller’s market.)

Almost every market favored town homes over detached homes and condos in May. It was the easiest home type to sell in almost every jurisdiction.

On the other hand, buyers were in good position in Prince George’s, Charles and Anne Arundel counties. Low sales-chance figures meant buyers had plenty of homes from which to choose without a ton of other buyers breathing down their necks.

Other markets were mixed. In Howard County, for example, it was relatively difficult to sell a detached home in May, but attached homes did quite well. The same was true for Spotsylvania County, where the majority of homes are detached because land is so much more affordable.

Send e-mail to csicks@gmail.com.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide