Home Prices, Transportation….and Flying Cars

NoMa

There is good news for both buyers and sellers in the recent stats coming out of the housing market. Home values have been consistently strong throughout Greater Washington, and inventories in the City have been notoriously difficult. In Urban Turf’s recent report, October median sale prices in DC have gone up 1.3% over October last year, an improvement over some stagnant months. It represents encouragement for those wishing to list, but it is an increase that does not intimidate buyers. No worries; buyers are not intimidated, because properties do not sit on the market long. But inventories are up as well….good news for buyers. Inventories of new listings in the District increased 18.9% over the same period.

And Montgomery County, home market for The Faulkner Team, also shows increases in inventory, 2.7% YOY according to the recent report by Maryland REALTOR. The median sale price, however, has dropped slightly, off 1.4% to $398,000.

Another strong note for the economy is taken from Bill McBride’s column from Calculated Risk. He notes that the prime working age, 25 to 54, is on the increase and has nearly reached 2007 levels. Translation:  more working adults who are ready to buy. They are consumers, borrowers and homeowners.

Kudos to Greater Greater Washington for calling out the lackluster stamina of our regional leadership in declining to fund Metro long-term. This is a disgrace to our region. Further stopgap funding only makes the system less stable, less reliable, less safe. In my opinion, the regional leadership is doing its best and would gladly take suggestions on how to convince state and local lawmakers to allocate the appropriate funds. The victims here are the heavily-resourced taxpayers and visitors to our Nation’s Capital. On a brighter view, take a look at Greater Greater Washington’s article on Live Map 24 by Veridict. It’s a cool map that shows real-time mass transit in major cities all over the world, including ours.

Finally, flying cars by Uber by 2020. Possible? Check out Jack Stewart’s article in WIRED. According to his report, it’s entirely possible, since we have helicopters flying at low altitudes over cities all the time. Uber has gathered an impressive set of partners that have the ability to make this happen.

Steve Longley