Home Prices Lower as Inventory Improves in the DC Area
Home prices are lower for DC area homes this year. Asking prices this year were compared with market prices for homes at the same time last year. Last month, for the first time since January 2012, asking prices for DC area homes fell after 5 years of growth. When the number of unsold homes on the market increases, prices flatten or decline.
The number of unsold homes on the market and the amount of time they spend on the market has increased because of a large supply of condominiums.
The housing market continues moving toward becoming more balanced, and that’s good news for buyers. However, it’s still a seller’s market.
Take a look at the RBI Key Housing Trend Metrics for the Washington, DC Metro Area. This report reflects:
New pending contracts fell from this time last year. (New pending contracts have fallen for the last seven months).
Buyer activity is lower than last year, but closed sales and pending sales still surpass levels in 2011 and 2012
The decrease of the median sales price from last year for the first time since January 2012.
Stats to take note of:
The average amount of time a property was on market went from four days to 13, far below the June average for the past 10 years of 24 days.
New listings increased from 10.4 percent in June last year. Active listings, which reflect an increase of inventory, increased to 33.6 percent.
Closed sales lowered by 4.5 percent. This happened every month in 2014.
Home prices are lower right now in Washington DC, but it’s still a seller’s market. If you are interested in taking advantage of the lower home prices to purchase a new home or if you wish to sell your current home, contact me, Sheena Saydam, at Sheena@SaydamProperties.com or call 202-243-7700 today. I will help you find the best possible price for a DC home to purchase or get the best possible asking price for your current home.