The average sales price of a home sold in June was $573,000, an increase of almost 7% from a year earlier. 663 homes were sold in the District in June, a 14% decrease from last June. Those homes took on average 68 days to sell. Based on 618 homes being sold in May there is a 4 month supply of homes. This means that if buyers continued to buy at the same pace as they did in May 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 4 months. Sellers are getting on average 95% of what they list their home for. So if the seller listed the home for $100,000 they would, on average, ending up selling it for $95,000. The District currently has 2,383 homes for sale. This number has decreased about 15% from a year ago, while the number of homes that came on the market in June – 955 – decreased by 14%. 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 605 to 739 – that’s over 22% from a year ago. This is an indication that buyer activity has surged. This could be a combination of lower interest rates coupled with buyers 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 DC. If you have any questions about this information or selling your house fast please contact us at the number above.
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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.