Homeowners in the District of Columbia will be happy to know the average and median sales prices are up significantly from last year and last month. This is good news for anyone planning to sell their home now.
On the down side, it is taking more time to sell a home in the District, approximately 24 percent longer. The number of homes sold in DC decreased by the same percentage over the past year—24 percent—and slightly more in the past month.
There is a lower supply of homes on the market. Based on March unit sales of 555 homes, there is a four-month supply in D.C., down from six months.
The District of Columbia is still a fairly healthy real estate market. Though active listings and new listings are both down, it is most likely because of legal battles between the US government and banks stalling the release of foreclosed properties. Pending sales, which show the amount of buyer activity, increased slightly from March, but are still down about 16 percent from a year ago.
FYI: REO—Real Estate Owned—what a bank calls the properties they take back through the foreclosure process.
|Washington DC||Apr-2011||Apr-2010||% Change|
|Avg Sold Price||$520,491||$493,434||5.48%|
|Median Sold Price||$399,000||$385,000||3.64%|
|Avg Days on Market||83||67||23.88%|
|Avg Sold Price to List Price||94.3%||95.2%||-0.95%|
If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.