Inventory continues to be tight in the DC market, making it a challenging time for buyer, and prices are containing to rise. On a positive note, interest rates are likely to continue dropping and the labor market is very strong with both wages and job numbers increasing, which will go a long way to helping buyers. Sellers who price their homes based on market trends are selling quick sales! But pricing a home right remains key in addition to proper staging and full exposure on the MLS. For a good summary and some statistics Real Estate Business Intelligence’s monthly report covering June is now available. Here’s a summary and a link below.
- “The June 2019 Washington D.C. Metro area median home price rose to an all-time high of $490,000, up 4.0% or $19,000 compared to last year and up 2.1% or $10,000 from last month’s previous record.
- However, sales volume across the DC Metro area was down 5.5% to $3.1 billion, driven somewhat by closed sales of just 5,401, down 8.3% from last yea
- New pending sales were also down, by 1.2% to 5,775, the second consecutive month of declines.
- New listings of properties declined by 7.0% to just 6,829 and overall inventory levels declined by 13.3% to just 8,504 active listings, the lowest June level since 2013.
- The average percent of original list price received at sale was 99.1%, the highest June level since 2013.”