Wednesday, August 17, 2005

Housing Market Slows in D.C.

From Reuters:
For the previous two summers, Congress' recess and the U.S. capital's August exodus have failed to ease the bidding wars, escalation clauses, and lightning-fast sales of area homes.

Serious buyers stayed home from the Delaware shore to pore over listings and race to open houses.

But this year, the inventory of unsold homes on the market is up significantly in the last three months and the number of days it takes to sell them is creeping higher. Property agents are stepping up marketing efforts.

"We don't have tons of inventory, but buyers do have some choice now," said Lisa Bailey-Harper of Weichert Realty in Alexandria, Virginia. "You don't have to jump on a property as soon as you see it."