Posts Tagged ‘Washington DC Market Report’
Washington, DC – Market Report 6/21/11
Looking back at the month of May, 2011; the real estate statistics for Washington, DC seem muddled. With the Total Sold Dollar Volume at $325,048,359, showing a loss of -5.05% over this same time last year and up +16.95% over the month before.
I felt that something a little more visual would put things in perspective.
Washington, DC Median Sold Price
The Median Sold Price for May 2011 in DC is $429,000 this is up +11.57% over last year and up +7.52% over last month (April). If you look at the chart above the Real Estate Market in Washington, DC has remained constant. Despite all the negativity in the press – this does not look so dramatic.
Washington, DC New Pending Sales
New Pending Sales are not typically measured. As you can see May 2011 was a very active month. These Sales will close, typically, in June and July. I expect the number of Sold homes to increase by the next time I report on Washington, DC.
With Interest Rates still at Historic LOWS – it remains an excellent time to purchase Real Estate in Washington, DC.
More about Washington, DC –
HHH (hot, humid, hazy) is how Washington is described during the summer, but don’t let the weather keep you from enjoying all that Washington has to offer. There are fabulous museums and art galleries along the Mall that are free. The Newseum is absolutely fabulous and one can spend days there checking out all the exhibits.
Take a refreshing walk around Rock Creek Park where even on the hottest days you can relax in the shade of the large old trees and picnic with family and friends. A cool sail along the Potomac aboard the Odyssey is a wonderful way to spend an evening with dinner and dancing.
Any weather is fine for a show at one of the many theaters in Washington where both Broadway and local casts perform for you.
And don’t forget visiting the wharf along Maine street to buy fresh seafood including Chesapeake Bay crabs for that afternoon crab feast where even the heat is forgotten when friends get together to enjoy the area’s best known summer treat.
Whatever the temperature or weather conditions, don’t miss a trip to one of the many features Washington has to offer.
Market data and commentary provided by Kathy Fleskes, Managing Broker & Serena Toro Administrative Manager, Rockville Regional Office.
Search for homes in all of the DC Metro: www.averyhess.com
Washington, DC – Market Report 3/16/11
Looking at the Washington, DC housing prices in comparison to this time last year – everything seems to have increased. Total Sold Dollar Volume is up 4.65%. Average Sold Price is up for February to $465,272. I don’t like to see the Days on Market increase, but this maybe seasonal. Washington, DC encompasses the stately homes of Georgetown and the Gold Coast to the not so affluent areas interspersed throughout the city. Looking at these Real Estate Statistics hardly tells the whole story.
| Statistic | Values | YoY | MoM |
| Total Sold Dollar Volume | $171,685,280 | +4.65% | -7.93% |
| Closed Sales | 369 | 0% | -5.38% |
| Median Sold Price | $360,000 | +7.46% | -4.81% |
| Avg Sold Price | $465,272 | +4.65% | -2.69% |
| Avg Days on Market | 92 days | +15% | +12.2% |
| Avg Sold to Avg List Ratio | 93.54% | +0.88% | +1.18% |
Come and see all of Washington, DC yourself. What better place to welcome Spring than the nation’s capitol. The famous cherry blossoms burst forth in early spring and are celebrated with numerous activities including a parade and crowning of the cherry blossom princesses. Daffodils blooming along the Potomac River and the parks were a gift from Lady Bird Johnson when she was first lady.
There is so much to see and do in Washington, D.C it would take volumes to describe, but when you are here, don’t miss the museums and art galleries on the mall, the White House and the Capitol where government can be seen in action. Capitol Hill and the Eastern Market, the southwest waterfront with its abundance of restaurants, and Georgetown with its cobblestone streets and gas lights reminiscent of bygone times are all landmarks of this great city. Take it all in and see there is much more to DC than Real Estate Statistics.
Market data and commentary provided by Kathy Fleskes, Managing Broker, Rockville Regional Office.
Search for homes in Montgomery County, and all of the DC Metro: www.averyhess.com
Washington, DC – Market Report 1/12/2011
Things are starting to SHINE in Washington D.C.
Washington D.C. – Did you know that the number of days on the market has dropped to an average of 78 days? This is down 8.24% since last year; the reason is the number of homes on the market has decreased. Less inventory means HIGHER PRICES. We are not out of the woods yet but it is getting better. Selling your house in today’s market can be difficult. It is for that reason that every seller should take advantage of each and every chance that appears.
The Average SOLD price of a home is up 8.96% over this time last year. $558,797 can buy you A DECENT HOME in DC – Now we couldn’t have said that 4 years ago! It is time to speak with your real estate agent and mortgage professional today and see whether it is the right time for you and your family to make a move.
Here are four reasons you should consider selling in the first 90 days of 2011.
1. Interest rates have spiked up.
Rates have jumped over 1/2 point in the last several weeks. The short term result of increasing rates is a surge of buyers jumping off the fence to purchase in fear that rates may continue climbing upward. This is a short window of opportunity. If rates fall again, buyers will jump back on the fence. If rates continue to rise, it limits the number of buyers who can qualify at each price point. Now is the best time to sell your house.
2. If you are moving up, you can save thousands.
If your family goal is to sell your current house and take advantage of the fabulous selection of properties currently available to buy the home of your dreams at a bargain basement price, DO IT NOW! Prices will continue to soften in most markets. However, if you are buying, COST should be more important than PRICE. Cost can be dramatically impacted by rising mortgage interest rates. Do the math and decide if now is the time.
3. During the winter months, the buyers are serious.
We all realize that buyers are not quick to pull the trigger on the purchase of a home today. There is no sense of urgency with the supply of eligible properties at all time highs. However, at this time of year, the ‘lookers’ are either staying warm (in the North) or just busy with other priorities. The home buyers left in the market are serious and are more apt to buy. Less showings – but to more motivated purchasers.
4. You have less ‘discounted’ inventory with which to compete.
This year, sellers of non-distressed properties have been given an early holiday present. With banks trying to rectify their foreclosure procedures, there has been a large supply of discounted properties removed from competition. No one knows how long it will take banks to return to the normal flow of foreclosed properties to the market. However, until they do, every homeowner has a better chance of selling their property.
Bottom Line
If you are looking to sell in 2011, there may not be a more opportune time than right now. Serious buyers, great move-up deals and less competition from super-motivated sellers and foreclosures creates the perfect selling situation. Don’t miss it!
| Statistic | Values | YoY | MoM |
| Total Sold Dollar Volume | $255,370,165 | -3.68% | -2.95% |
| Closed Sales | 457 | -11.61% | -1.93% |
| Median Sold Price | $400,000 | +0.63% | -6.49% |
| Avg Sold Price | $558,797 | +8.96% | -1.04% |
| Avg Days on Market | 78 days | -8.24% | +30% |
| Avg Sold to Avg List Ratio | 92.53% | -0.15% | -1.72% |
Market data and commentary provided by Kathy Fleskes, Managing Broker, Rockville Regional Office.
Search for homes in Montgomery County, and all of the DC Metro: www.averyhess.com
Washington, DC – Market Report 9/3/2009
The data below reflects residential real estate in Washington, DC for the month of July in 2009:
- New Listings: 914
- Total sold: 648
- Avg. sales price: $483,477
- Days on market: 88
- Total pending: 682
In the District of Colombia, the total number of new listings has decreased only by a little over 7% compared to the number of new listings at the same time last year. New pendings has increased by 20% and the total units sold have improved by a little over 28%.
Average sales price has gone down 16.66% as the market adjusts, and the days on market have increased almost 19% over last year. Washington DC seems to attract a large number of young professionals who are first home buyers looking to take advantage of the $8000 tax credit, as well as a growing number of “empty-nesters” moving into the area for the conveniences it affords. Both groups are drawn by the availability and proximity of theater, sports events, shopping and the many fine restaurants from which to choose.
Market data and statistics provided by Ginny Gunther, Managing Broker, Avery-Hess, Realtors.
Search for Homes in all the DC Metro: www.averyhess.com
