The average sales price of a home sold in July was $592,071, an increase of almost 10 percent from a year earlier. 586 homes were sold in the District in July, a 4 percent decrease from last July. Those homes took on average 69 days to sell. Based on 663 homes being sold in June there is a 3.5-month supply of homes. This means that if buyers continued to buy at the same pace as they did in June each month going forward, and there were no new homes placed on the market for sale, the supply of houses for sale would run out in 3.5 months.
Fewer D.C. Homes Hitting the Real Estate Market
Sellers are getting on average 95 percent of what they list their home for. So if the seller listed the home for $100,000 they would, on average, end up selling it for $95,000. D.C. currently has 2,244 homes for sale. This number has decreased about 16 percent from a year ago, while the number of homes that came on the market in July, 803, decreased by over 9 percent.
New Contracts Up in D.C.
The most dramatic percentage change in the numbers I track was the number of new contracts that buyers placed on homes for sale – they increased from 531 to 633 – that’s over 19 percent from a year ago. This is an indication that buyer activity has increased significantly from a year ago. This could be a combination of lower interest rates coupled with buyer’s perception that we are at the bottom of the pricing cycle and prices will likely increase.
All of the above factors indicate a very healthy real estate market in Washington, D.C. If you have any questions about this information or selling your house fast please give us a call.
|Washington DC||July-2011||July-2010||% Change|
|Avg Sold Price||$592,071||$539,165||9.81%|
|Median Sold Price||$445,000||$425,000||4.71%|
|Avg Days on Market||69||62||11.29%|
|Avg Sold Price to List Price||94.9%||94.3%||.60%|