Washington Area Hot Real Estate Market is Cooling

November 11, 2005 - 12:35pm

WASHINGTON - The Washington area's hot real estate market appears to be cooling a bit.

New data from the regional multiple-listing service shows home sales have declines sharply in the past year.

At the same time the number of homes on the market is up, meaning prices are starting to flatten and even fall.

Lynn Edmonds tells The Washington Post he signed for a townhouse in Alexandria last May for nearly $800,000, but now the same units are selling for about $100,000 less.

The trend is most visible in northern Virginia with twice as many homes on the market as this time last year.

Home sales are also down in D.C. and Montgomery County, Maryland.

Sales are more stable in Prince George's County.

Real estate agents say the market is making a health turn back to normal. They don't expect any major decline in prices.

WASHINGTON - The Washington area's hot real estate market appears to be cooling a bit.

New data from the regional multiple-listing service shows home sales have declines sharply in the past year.

At the same time the number of homes on the market is up, meaning prices are starting to flatten and even fall.

Lynn Edmonds tells The Washington Post he signed for a townhouse in Alexandria last May for nearly $800,000, but now the same units are selling for about $100,000 less.

The trend is most visible in northern Virginia with twice as many homes on the market as this time last year.

Home sales are also down in D.C. and Montgomery County, Maryland.

Sales are more stable in Prince George's County.

Real estate agents say the market is making a health turn back to normal. They don't expect any major decline in prices.

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