- The Washington Times - Friday, August 21, 2009

Nearly 9,000 existing homes were sold last month in the Washington region, an increase of 20 percent over July 2008.

Home sales are bouncing back this year as buyers take advantage of deeply discounted properties and mortgage interest rates that have remained low.

Because buyers have been more active this spring and summer, the time it takes to sell a home has dropped. For example, homes that sold in Fairfax County last month only spent an average of 61 days on the market. That’s a significantly shorter sales period than July 2008, when homes took an average of 94 days to sell.

Still, sales in Fairfax weren’t typical of the entire region. While homes in most of Northern Virginia are selling in about two months this summer, homes sold in Spotsylvania County in July took 99 days to find a buyer. In Warren County, the average was a whopping 175 days.

In Maryland, Montgomery and Howard counties enjoyed the swiftest sales at about three months. Frederick County was at 116 days in July, and Prince George’s County posted an average sales time of 138 days.

All in all, this has been a much better year for sellers than the past two years were. That is, of course, if you don’t think about how prices have dropped in the past two years. Yet, it remains encouraging to see homes selling more quickly and inventory still falling. We’re moving in the right direction.

Just 10,750 homes were listed for sale in July, a nice drop from last year’s 12,500. If you look back to July 2005, you’ll find that an incredible 17,000 homes were listed in that month, so you can see how enthusiasm for selling has dropped since then. That’s important, because we’ve certainly had too many homes for sale for too long.

Contact Chris Sicks by e-mail ([email protected]).

Copyright © 2018 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide