What is the Multiple Listing Service?

What is MRIS?  How can I get local sales statistics to learn more about home values in my area?  What is the best resource to search local property for sale?

Well, I might answer those questions with a few more.  Did you know our local multiple listing service provides the most accurate database and search engine for finding property?  Did you also know the MLS maintains the best public source for local housing market statistics?

Below I've addressed a few of these and other questions...

What is the "multiple listing service"?

• Metropolitan Regional Information Systems (MRIS) is the nation’s largest multiple listing service system covering the Mid-Atlantic region, including Maryland, Virginia, Washington, D.C. and parts of Pennsylvania, Delaware and West Virginia. Founded in 1993, MRIS is the database where all local property listed by real estate brokers is maintained.

• When you see a local property at any real estate website online it originated from MRIS in a listing uploaded by a real estate agent or broker licensed in that jurisdiction.

Where can I get local sales statistics?

• Real Estate Business Intelligence (RBI) is the research component of MRIS. RBI provides the most recent and accurate housing market statistics to the public based on actual sales recorded in MRIS.

• At RBI you can search sales statistics by zip code, county, or region.

Where can I search for property?

• Homes Database is the public property-search engine of MRIS. Here consumers can search all homes, townhouses, condos, and coops listed by real estate brokers.  Categories include: active listings, properties under contract, and open houses.

• Because Homes Database is produced by MRIS, new listings and changes in price and status are available here first, before they reach other sources online.

Contact me for more information on our local real estate market, recent sales statistics, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

H Street: 10 Open Houses This Weekend

Below is a list of open houses in and around H Street this weekend.  Once you open the links scroll to the bottom of the page & click the "Map" button to see all locations.

H Street:

• Saturday, March 31, 2012 - 3 opens
  
• Sunday, April 1, 2012 - 7 opens

Bloomingdale,Truxton Circle, and Eckington:

• Saturday, March 31, 2012 - 4 opens
• Sunday, April 1, 2012 - 7 opens

Feel free to contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

Real Estate Business Intelligence Sales Statistics

For sales statistics in your neighborhood search Real Estate Business Intelligence (RBI). RBI is the research component of Metropolitan Regional Information Systems (MRIS) -- the Washington area's multiple listing service. Just enter your zip code and search.

The latest RBI sales statistics for Washington -- with data through February 2012 -- were released earlier this month. Unlike Standard & Poor's Home Price Index, which reports only single-family home sales on a two-month lag, RBI's methodology reports sales statistics for the past month in specific DC metro jurisdictions, and incorporates all property types including single-family homes, townhouses, condos/coops.

The RBI data shows the following numbers for the city of DC only:

• Median Sold Price: jumped 10.69% over February 2011 and 6.27% from the previous month
• Average Sold Price: increased 7.86% last year but dropped 4.79% month before

The latest RBI sales statistics for the entire DC Metro area -- with data through February 2012 -- were also released earlier this month. The RBI methodology reports the following price changes for DC Metro:

• Median Sold Price: is up 5.97% over February 2011 and 2.55% from January 2012
• Average Sold Price: increased 3.27% over last year but dropped 2.12% from one month before

RBI defines the DC Metro area to include the following 8 jurisdictions:

• Alexandria City, VA
• Arlington County, VA
• Fairfax City, VA
• Fairfax County, VA
• Falls Church City, VA
• Montgomery County, MD
• Prince George's County, MD
• Washington, DC

Standard & Poor's/Case-Shiller Home Price Indices - January 2012

The latest Standard & Poor's/Case-Shiller Home Price Index -- reporting data through January 2012 -- was released this morning.  S&P methodology shows a rise in Washington metropolitan *area* home prices as value continued to drop nationwide.

• Washington area - Month-over-month Washington DC was one of only three cities that recorded positive gains -- up 0.7% in January 2012 over December.
• Nationwide - U.S. home prices, showed annual declines of 3.9% and 3.8% for the 10- and 20-City Composites, respectively. Both composites saw price declines of 0.8% in the month of January.

According to the S&P/Case-Shiller 2011 Year in Review  -- released March 16th -- single-family home prices in Washington, DC increased 8.4% from market bottom in 2009 and are about 80% above their 2000 levels.

When reviewing the S&P/Case-Shiller data keep in mind:

• Report Date - These numbers are for January 2012.  The S&P/Case-Shiller Home Price Indices are published on a two month lag to offset delays in sales price data from county deed recorders.
• Property Type - The index reports single-family/detached home prices only; condo and co-op sales statistics are not included in the analysis.

S&P methodology defines the Washington metropolitan area as including parts of three states and the District of Columbia:

• Washington, DC
• Maryland - Calvert, Charles, Frederick, Montgomery, and Prince Georges.
• Virginia - Alexandria City, Arlington, Clarke, Fairfax, Fairfax City, Falls Church City, Fauquier, Fredericksburg City, Loudoun, Manassas City, Manassas Park City, Prince William, Spotsylvania, Stafford, Warren.
• West Virginia - Jefferson.

Contracts Up 9.2% Nationwide Over February 2011

The latest Pending Home Sales Index of the National Association of Realtors, with data through February 2012, was released this morning.  The Index tracks the number of properties under contract nationwide and by region.

Nationwide:

• Annual: contracts jumped 9.2% above February 2011
• Month: contracts dropped slightly (0.5%) from January to February

Region:

• Northeast - 18.4% above a year ago
• Midwest - 19% higher than February 2011
• South - 7.8% above last year
• West - 1.8% below a year ago

Last month NAR reported pending home sales jumped 8% over January 2011.  The increase in contracts activity as we approach the spring market indicates buyers are becoming more motivated as mortgage rates drop and sectors of the economy slowly show signs of improvement.

Contact me for more information on the contracts process and on pending home sales in the Washington area. I'm always available for your questions and happy to consult with you on your real estate needs.

Real Estate News This Week: March 18-24, 2012

Check out my latest DC area real estate newsletter for the week ending Saturday, March 24th.  This week's reports include:

• Buying is now cheaper than renting 98% of the time.

• Washington area home sales up, inventory down.  

• Smaller homes, urban lifestyles attracting buyers.

• New mixed-use projects throughout the metro area.

For additional recent reports consult my newsletter archive.  For updates throughout the week check out my Twitter feed.  There you will find the latest information on Washington area real estate news including:

• market statistics
• sales figures
• development projects
• buyer/seller advice

Contact me for more information on our local real estate market, and on buying or selling a home.  I'm always available for your questions and happy to consult with you on your real estate needs.

Ben Dursch, GRI

mobile: 202-288-4334

e-mail: ben@bestaddress.com

Twitter: @BenDursch

H Street Open Houses

I've attached in the link below a list of open houses scheduled today in and around H Street including Bloomingdale, Truxton Circle, Eckington, and parts of Capitol Hill.

21 Open Houses for Sunday, March 25th

Feel free to contact me for more information. I'm always available for your questions and happy to consult with you on your real estate needs.

Ben Dursch, GRI
mobile: 202-288-4334

e-mail: ben@bestaddress.com
Twitter: @BenDursch

DC Metro Open House Report

Below are hyperlinks to lists of open houses scheduled throughout the Washington metropolitan area for today: Sunday, March 25, 2012

I've sorted all results within these jurisdictions alphabetically by city for ease of reference. All property types are represented in here: single-family homes, condos/coops, townhouses/semi-detached.

• Washington, DC
• Northern Virginia
• Montgomery County

Feel free to contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

Ben Dursch, GRI
mobile: 202-288-4334

e-mail: ben@bestaddress.com
Twitter: @BenDursch

Robert Shiller at Politics & Prose and World Bank

Yale economist and housing market researcher Robert Shiller will discuss his new book, "Finance and the Good Society", at two local upcoming events.

Politics & Prose 

7:00pm, Wednesday, March 28, 2012
5015 Connecticut Ave NW

Washington, DC  20008

World Bank, IFC Auditorium

12:30-2:00pm, Thursday, March 29, 2012

2121 Pennsylvania Avenue NW

Washington DC 20433

Professor Shiller is probably the only person to have predicted both the stock market bubble of 2000 and the real estate bubble that led up to the subprime mortgage meltdown. In this important book, Shiller argues that, rather than condemning finance, we need to reclaim it for the common good. He makes a powerful case for recognizing that finance, far from being a parasite on society, is one of the most powerful tools we have for solving our common problems and increasing the general well-being. We need more financial innovation--not less--and finance should play a larger role in helping society achieve its goals.

Shiller's home price indices, developed originally with Karl E. Case, are now published as the Standard & Poor’s/Case Shiller Home Price Index. The indices are the leading measures for the U.S. residential housing market, tracking changes both nationally as well as in 20 metropolitan regions.

New Construction: Housing Starts Up 34.7% Over February 2011

Yesterday's Housing Market Index released by the National Association of Homebuilders showed builder confidence in new single-family home construction unchanged in March.  Following five consecutive months of gains, the HMI continues to hold at its highest level since June of 2007.

This morning the U.S. Census Bureau and the Department of Housing and Urban Development released their latest monthly joint report on housing starts nationwide with data through February 2011. Below is a summary of the latest figures:

Building Permits

• up 34.3% over February 2011
• up 5.1% over the previous month

Housing Starts

• up 34.7% over February 2011
• down 1.1% from January

Housing Completions

• 7% below February 2011
• 6.2% above January
• single-family housing completions alone are 8.2% above January

Economic indicators for new residential construction and sales, manufacturing, retail, U.S. international trade, construction spending, and homeownership are released every month by the U.S. Census and Department of Housing and Urban Development.

New Report: Washington Area Credit Scores, Mortgage Balances Above National Average

The Washington area's housing market is more expensive than most.  According to the latest U.S. Credit Score Climate Report by consumer credit management company Credit Karma, the nation reveals the following averages in February 2012:

• Credit Score: 659

• Credit Card Debt: $6,105

• Home Mortgage Loans: $170,312

A brief Washington Business Journal report puts our local market in perspective:

• Credit Score: the DC area shows a higher average of 685

• Credit Card Debt: also higher at $7,100

• Home Mortgage Loans: average of $298,000  -- over $128,000 above the national average

Each month Credit Karma compares the current credit scores of its user base with previous scores pulled at least 30 days prior and no more than 90 days prior to the stated month. This month's report includes a comparison of more than 442,102 CreditKarma.com user scores.

Real Estate News This Week: March 11-17, 2012

Check out my latest DC area real estate newsletter for the week ending Saturday, March 17th.  This week's reports include:

• S&P/Case-Shiller 2011 Year in Review: Washington home prices increase 8.4% from the bottom of the market in 2009 and are up 80% over 2000.

• Washington home prices rise 6% over February 2011; foreclosures drop 54% between 2010 and 2011.

• Four of the nation's top five richest counties just outside DC.

• New mixed-use projects throughout the metro area; developers heeding smart growth principles by building more high-rise projects near transit.

For additional recent reports consult my newsletter archive.  For updates throughout the week check out my Twitter feed.  There you will find the latest information on Washington area real estate news including:

• market statistics
• sales figures
• development projects
• buyer/seller advice

As always I'm available for your questions.

S&P/Case-Shiller Home Price Indices 2011 Year in Review

Standard & Poor's/Case-Shiller has released their Home Price Indices 2011 Year in Review, a summation of all Index reports from 2011.  The report contains important figures on the local Washington, DC housing market for single-family homes, which has performed consistently strong even as prices decline nationwide.

S&P Home Price Indices methodology tracks 20 Metropolitan Statistical Areas (MSAs) and shows large differences in the magnitude of decline between regions across the country. Below are a few points on the DC housing market from the data:

• Washington, DC increased 8.4% from market bottom in 2009

• Washington, D.C.’s December 2011 index level indicates home prices are still about 80% above their 2000 levels.

• At peak, Washington, D.C.’s "low-tier" market saw a level of 296.75, which means average prices were almost 200% above their January 2000 level.

• The "high-tier" market was up about 125% versus 2000; while still significant, high-tier homes a bit more than doubled in price, whereas low-tier almost tripled.

• From their peak, Washington, D.C.’s low-tier homes are down 43.2%, the mid-tier market is down 31.0%, the high-tier market is down 19.4%, and the aggregate market is down 28.4%.

When evaluating the relevance and impact of these numbers for your neighborhood it is important to remember that S&P methodology defines the "Washington metropolitan statistical area" (MSA) as substantially large, including parts of three states and the District of Columbia:

• Washington, DC

• Maryland - Calvert, Charles, Frederick, Montgomery, and Prince Georges counties.

• Virginia - Alexandria City, Arlington, Clarke, Fairfax, Fairfax City, Falls Church City, Fauquier, Fredericksburg City, Loudoun, Manassas City, Manassas Park City, Prince William, Spotsylvania, Stafford, Warren.

• West Virginia - Jefferson county.

Throughout the year the S&P/Case-Shiller Home Price Indices are published on a two month lag to offset delays in sales price data from county deed recorders.  The indices are the leading measures for the U.S. residential housing market, tracking changes both nationally as well as in 20 metropolitan regions.

DC Zip 20002 Housing Stats: February 2012

February 2012 housing market statistics for DC zip code 20002, which includes Capitol Hill North and the developing H Street corridor, show higher sale prices and shorter days-on-market. The average property is now selling at 95.57% of original list price, an increase of 2% over February 2011.

• Median Sold Price: increased 8.22% over February 2011
• Average Sold Price: jumped almost 16%
• Inventory: dropped 39.38% over last year
• Days-on-Market: dropped 16.07%

Generally, when housing inventory declines buyers must compete for fewer available properties leading to an increase in prices and shorter days on market.  Clearly, homes in 20002 are now selling much faster over February 2011.

Statistic	Values	Year Over Year	Month Over Month
Total Sold Dollar Volume	$17,077,554	+1.12%	-5.65%
Closed Sales	41	-12.77%	-14.58%
Median Sold Price	$395,000	+8.22%	28.46%
Avg Sold Price	$416,526	+15.92%	10.46%
Avg Days on Market	47 days	-16.07%	-33.80%
Avg Sold to Orig List Ratio	95.57%	2%	-1.02%

The detailed report for zip 20002 shows the highest sales activity for three-bedroom townhouses.  In February 2012 there were 28 sales of 3BR attached homes between $100,000 and $799,900.

Monthly housing market statistics for every zip code in the Washington metro area can be searched at RealEstate Business Intelligence (RBI) -- the research component of local multiple listing service MRIS.  Just enter your zip code and search.

Of course, I'm always available for your questions and happy to consult with you should the need arise.  Feel free to contact me for more information on our local real estate market, and on buying or selling a home.

Ben Dursch, GRI

mobile: 202-288-4334

e-mail: ben@bestaddress.com
Twitter: @BenDursch

Under Contract: 1420 N Street, NW #207

Under Contract in 4 Days - Over List Price

List Date: Friday, March 9th  |  Contract Date: Tuesday, March 13th  |  11 Offers

Update: this property closed Thursday, April 12th.  Details here.

I'm happy to announce my new Logan Circle condo listing, is now under contract over list price and after 4 days on market. We recieved a total of eleven excellent offers, all of them strong on price and terms.

The property is a full gut renovation, which I designed and supervised myself, with entirely new fixtures, finishes, and floors throughout.

• Address: 1420 N Street, NW #207
• Status: under contract
• Original List Price: $225,000
• Layout: Junior one-bedroom
• Size: 502 square feet
• Condo Fee: $416.16
• Amenities: 24-hour concierge, rooftop pool & sundeck with grilling area, on-site property manager, lobby lounge

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.

Nation's Richest Counties Near Washington, DC

A Yahoo Real Estate report using the most recent Census Bureau data from 2010, looks at U.S. counties with the highest median household income and found four of the top five richest counties in America are clustered around Washington, DC.

U.S. median household income declined 2.3% from 2009 to 2010 and currently averages $49,445.  Washington area counties exceeded the $100,000 mark.

1. Loudoun, VA - $119,540
2. Fairfax, VA - $103,010
3. Howard County, MD - $101,771
4. Arlington, VA - $94,985

Are Real Estate Websites like Zillow and Trulia Accurate?

Are real estate websites providing consumers accurate information?  A recent report in the San Diego Union Tribune says no.  Routinely, sites like Zillow and Trulia -- also called Listing Syndication sites -- overstate housing inventory; they even provide search results that include properties not listed for sale.

Some common inaccuracies:

• properties that are not active but either already sold or under contract

• listings that have expired or been withdrawn from the market

• wrong property type (i.e. searching for a single-family home but getting condos mixed in with results)

• the similar sales or "comps" provided are neither recent nor are their size, square footage, and style similar to your home or the type of home you seek -- all important factors in determining market value

How often have you sent your Realtor® an "active" listing from Zillow or Trulia only to discover it doesn't really exist but already sold last year or recently went under contract?  How often has an online estimation of a property's worth been proven wrong? 

As a home buyer how has this bad data impacted your expectations of affordability and mobility?  As a seller how have these numbers artificially increased your pool of available buyers and limited your actual circumstances?

Aside from the search results issue there are also inaccuracies in home valuation. Last week a Washington Post article pointed out Zillow's "Zestimate" of a property's worth is in many cases simply wrong.  Unfortunately, the results you see on these sites represent a lot of data changing hands and being cleaned up in ways that are not disclosed to the public.

The situation has caused so much concern that some real estate brokers are now severing ties with listing syndicators completely, refusing to participate in a process that misleads consumers.

As reported by the San Diego Union Tribune, Zillow and Trulia include homes under notice of default, the first step in the foreclosure process. Not every homeowner who gets one of these notices ends up in foreclosure.  Even so, these properties are listed as available. Taken together, all these inaccuracies and misrepresentations unnecessarily complicate the search process, confuse consumers, and muddy the data.

The sale or purchase of a home is always one of the most expensive transactions a person will undergo in their lifetime.  As you move forward with your home search or attempt to learn the value of a home you already own it's best to educate yourself in how to evaluate the quality of data and the validity of sources.

In Washington, DC, Maryland, and Virginia Homes Database is the best source to obtain straightforward and accurate listing data.  This site is the public component of the official multiple listing service known as Metropolitan Regional Information Systems (MRIS).  Homes Database includes all properties listed for sale by licensed real estate brokers and is the most trusted and accurate source for consumers.

Your best bet?  Contact a licensed real estate professional in your area for a market consultation.  Real estate is a local phenomenon.  A Realtor® with knowledge of the local housing market is better suited to accommodate your specific needs.  Work with someone who not only understands your search parameters but who also has access to the most accurate sales statistics available from the local multiple listing service.

Real Estate News This Week: March 4-10, 2012

Check out my latest DC area real estate newsletter for the week ending Saturday, March 10th.  This week's reports include:

• Washington sales and contracts increased in January and February over last year.
• Strong spring market expected by builders and real estate professionals as housing affordability reaches all-time high.
• Recent measures show DC area housing market among nation's best.
• New mixed-use development throughout metro area.

For daily updates consult my Twitter feed.  There you will find the latest information on Washington area real estate news including:

• market statistics
• sales figures
• development projects
• buyer/seller advice

As always I'm available for your questions.  

GCAAR DC Residential Housing Reports: February 2012

 

This week the latest housing statistics for Washington, DC in February 2012 were released by the Greater Capital Area Association of Realtors (GCAAR). The report shows sales and contracts have increased over last year as inventory has dropped substantially.


Single-Family Homes:

• sales have increased 3.5% over February 2011
• inventory down nearly 30%
• contracts are up 0.8%

Condos & Coops:

• sales have increased 7.2% over February 2011
• inventory down nearly 25.3%
• contracts are up 20.5%

New Listing: 1420 N Street, NW #207

OPEN HOUSE - 1:00-3:00pm, Sunday, March 11, 2012

I'm happy to announce the new listing of an exceptional Logan Circle condo.  The property is a full gut renovation, which I designed and supervised myself, with entirely new fixtures, finishes, and floors throughout. More photos here.

• Address: 1420 N Street, NW #207
• Layout: Junior one-bedroom
• Size: 502 square feet
• Price: $225,000
• Condo Fee: $416.16 -- includes electricity, gas, heat, water
• Amenities: 24-hour concierge, rooftop pool & sundeck with grilling area, on-site property manager, lobby lounge

Please contact me for more information (cell: 202-288-4334, ben@bestaddress.com). I'm always available for your questions and happy to consult with you further.

CoreLogic Home Price Index

CoreLogic today released its January Home Price Index (HPI®) report showing Washington area prices for single-family homes continue to rise, even as declines persist across the country. Nationwide prices dropped for the sixth consecutive month.

Key figures for the Washington "Core Based Statistical Area", which includes Arlington and Alexandria, show distressed properties (i.e. foreclosures and short sales) putting a drag on overall home price increases.

• DC-Arlington-Alexandria home prices -- excluding "distressed home sales" -- are up 2.1% over January 2011.
• Washington area single-family home prices -- including "distressed home sales" -- show a price increase of 0.7%.

Numbers for the District of Columbia alone show the reverse: prices of all homes are rising; sales including distressed properties have buoyed prices higher.

• District of Columbia home prices -- including "distressed home sales" -- are up 1.6% over January 2011.
• DC home prices -- excluding "distressed home sales" -- show a price increase of 0.6%.

Nationwide the numbers show home price declines with distressed properties plunging the country's numbers lower.

• Nationally, home prices -- including "distressed home sales" -- have dropped 3.1% over January 2011.
• Prices -- excluding "distressed home sales" -- have dropped 0.9%.

CoreLogic is a leading provider of financial and property information to business and government. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions.
Read the CoreLogic press release.

Read the full report.

Clear Capital Home Data Index Market Report

Today Clear Capital released its latest monthly Home Data Index (HDI) Market Report posting data through the end of February 2012. Washington-area homes are averaging continued increases in value even as home prices continue to decline nationwide.

Key figures for the Washington housing market:

• The DC area ranked 4th "Highest Performing Major Market" in the nation.
• Washington metro home prices are up 2.7% over February 2011.
• Local home prices rose 2.9% over the previous quarter.

National figures:

• Nationwide home prices fell 1.9% from February 2011.
• The country saw a drop of 0.6% from the previous quarter.

Although home prices nationwide dropped from last year, the loss was the lowest decline in over 10 months. The national quarterly numbers were also better, highlighting the short term stability we’ve seen over last four months.

Clear Capital is a premium provider of data for real estate asset valuation and risk assessment for large financial services companies. The Company's customers include the largest U.S. banks, investment firms and other financial organizations.

Read the full report here.

Real Estate News This Week: February 26 - March 3, 2012

Check out my latest DC area real estate newsletter.  This week's reports include:

• Washington area home prices drop in December.
• Fannie Mae increases condo restrictions, to review new fees.
• Recent measures show DC area housing market among nation's best.
• New mixed-use development throughout metro area.

For daily updates consult my Twitter feed.  There you will find the latest information on Washington area real estate news including:

• market statistics
• sales figures
• development projects
• buyer/seller advice

As always I'm available for your questions.  

Did Rick Santorum Really Lose 40% on his Great Falls, VA home?

As has been widely reported, Rick Santorum claims he's lost 40% on the value of his Great Falls, VA home located in Fairfax County.  An interesting development in light of consistent reports that the Washington metropolitan area remains one of the healthiest residential real estate markets in the country.  In fact, a recent study using U.S. Census data revealed Fairfax County, VA to be the second richest county in the nation with an median household income of $103,010.  Nearby Loudoun County ranked first with a median household income of $119,540.

Given recent reports on the relative strength of the Washington area housing market, it is confusing that Rick Santorum (or anyone for that matter) could lose 40% on the value of a Great Falls, VA home.  So I researched this claim.

In August 2007 Rick Santorum bought a 4,899 square foot house with 5 bedrooms, 4.5 bathrooms, and a two-car garage.  A search of home sales in Great Falls, VA shows that 3 similar houses closed in the three months prior to the Santorum sale. These homes ranged 4,335-4,548 square feet and, like Santorum's home, each had 5 bedrooms, 4.5 bathrooms, and a two-car garage.  While the average close price for these three homes was $1,675,333, Santorum paid $2,000,000 for his property.

	3 Similar Sales	Santorum Home
Avg Original List Price	$1,743,333	$1,999,000
Avg Close Price	$1,675,333	$2,000,000

Apparently, Santorum overpaid for his home.  In August 2007 $2,000,000 was well over the average close price of similar homes sold in the area.  While this affects Santorum's investment alone, it has little impact on the larger Great Falls, VA housing market.

In answer to Santorum's implication that all home values have fallen 40% in Great Falls, consider the following table comparing all sales in 2007 to those in 2011 in Santorum's zip code of 22066.

	2007	2011
Number of Homes Sold	225	194
Avg Original List Price	$1,478,510	$1,237,031
Avg Close Price	$1,337,149	$1,127,147
Avg List/Close Price Ratio	90.98%	92.35%
Avg Days-on-Market	161	120

These numbers show an average price decline of 15.7%, not 40%.  Santorum is off by 24.3%.  In addition, today's homeowners in Great Falls are selling their properties 41 days faster and walking from the settlement table with a higher percentage of list price.