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How’s The Real Estate Market in the DC Metro Area?

January 18, 2012 By Leave a Comment
Washington DC Real Estate Price Chart Washington DC Price Chart

My favorite question to receive when someone finds out I am a Realtor(R) is “so, how’s the market?” We’re bombarded everyday with national news on trading markets, finances, the real estate market, retirement funds, and so on. The best advice and opinions on local news is from a local expert; someone who lives and breathes the local market every day.

My answer to this question is usually to ask if the person is interested in buying or selling, because the response varies by interest! I’ll go into general market statistics below, but let me give you my two cents on how our real estate market is doing as we head into the Spring 2012 market:

If you’re buying: inventory is really low right now, in some places double digit lows from 2011. That said, if you find a place you’re interested in and it’s within your budget – move on it! If you don’t, someone else will. When inventory is this low, people start snatching up properties as soon as they come on the market, especially if its priced appropriately, in a desirable location, and the condition supports the price. Interest rates are still at historic lows, fluctuating around the 4.0% making money very cheap to borrow and helping you afford “more” house for the money. As we head into February, more properties should become available for sale, since the Spring is the busiest time of the year for home sales.

 

If you’re selling: inventory is really low right now, so if you price your home appropriately, it should sell quickly. If you overprice your house with the mentality of “let’s see how it goes,” you’ll never regain the momentum you have the first few weeks you’re on the market. Once you start sitting and the days on the market start inching up, buyers start to wonder what’s wrong with your house. Once you get to that point, you’ll start get lowball offers and end up probably accepting something lower than if you had priced it correctly to start.

Market Statistics through December 2011:

Washington DC
Average Sales Price: Up 3% over 2011
Average Days on the Market: 76
Average Sale Price to Original List Price: 92.3%
Inventory Levels: Down 12% from December 2011
Foreclosure/Short Sale Market Share: 11.4%

Arlington County, VA
Average Sales Price: Up 3.6% over 2011
Average Days on the Market: 62
Average Sale Price to Original List Price: 95.1%
Inventory Levels: Down 9% from December 2011
Foreclosure/Short Sale Market Share: 6.9%

Fairfax County, VA
Average Sales Price: Up 4% from 2011
Average Days on the Market: 68
Average Sale Price to Original List Price: 94.2%
Inventory Levels: Down 5.5% from December 2011
Foreclosure/Short Sale Market Share: 17.5%

Montgomery County, MD
Average Sales Price: Unchanged from 2011
Average Days on the Market: 85
Average Sale Price to Original List Price: 91.9%
Inventory Levels: Down 11% from December 2011
Foreclosure/Short Sale Market Share: 23.26%
Filed Under: Distinctive Homes, Street Talk Tagged With: , ,
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