Prince William County added to Daily Market Watch
December 14, 2006
ANNOUNCEMENT:Prince William County, Virginia, one of the largest counties in Northern Virginia and a magnet for homeowners outside the Washington Metro area and the beltway, is added to the Daily Market Watch.
Initial Observations:
- Active Inventory is higher than Loudoun County
- Average Days on market (domp) is slightly lower than Loudoun
- Average sold price is about $100,000 less (more affordable?)
- The absorption rate is lower than Loudoun and Fairfax indicating greater weakness
- Buyer Intensity is also more negative
Other Changes:
The LIST PRICE is added to each data category. I will eventually have these charted as well (as time and coding expertise permits). I spent the better part of this morning and afternoon getting the above additions debugged to display properly. Sorry for the delay.
Enjoy!
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Hi Steve, sorry for the delayed response. I would love to do this for every jurisdiction covered by the MLS but, there's just not enough hours in the day since I extract data manually from the MLS every morning. If I could get what's called a RETS feed I could do it without manual intervention and a lot more. The data base is very tightly controlled.
Hope you enjoyed hearing about Blogging...
Hello Merv
I went to the DAAR expo in Lansdowne and heard you speak on blogs. Anyway I just wanted to say perhaps you should ad a market indicator for Arlington County, Warren County, Clarke County, and Frederick County Virginia to cover most of Northern Virginia ... Just a Thought :)
University of Maryland professor calls real estate bubble a "ponzi scheme":
Peter Morici, business professor at the University of Maryland, said artificially low interest rates over the past half-decade encouraged China and other exporting nations to purchase 10-year bonds, which kept U.S. mortgage rates low and fueled the housing bubble _ despite a gaping trade deficit that should have sapped investor confidence years ago."In order to play this ponzi scheme, the value of the homes had to go up faster than the economy grew and faster than people could service their debt. We've reached that limit," Morci said. "The housing market sustained the economy at a time of very large trade deficits. It's been a false prosperity."
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made the following comment on December 15, 2006 11:26 AM
I see Fairfax has almost hit 20/percent absorption, with Loudoun in 2nd with 13/percent, and Prince William at 11/percent. Seems like the inventory glut is slowly being drawn down. Lets see how Spring 2007 goes, and if the market will be flooded from all the folks who couldn't sell in Spring/Summer of 2006 at the price they wanted.
But the future still looks bleak 2-3/years out. Population Growth, Low Unemployment, Strong Economy, with a lack of housing units to support that projected growth in a few years could spell doom for Buyers Holding out for Better prices. How many articles will there be in 2008 with quotes from buyers saying, "I should have bought in 2006/2007".
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