The average sales price of a home sold in May was nearly $526,000, an increase of over 9 percent from a year earlier. 618 homes were sold in the District in May, a 13 percent decrease from last May. Those homes took on average 67 days to sell.
Based on 534 homes being sold in April there is a 5 ½ month supply of homes. In other words, if buyers continued to buy at April’s pace 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 5 ½ months.
Sellers are getting on average 95 percent of their listing price. So if the seller listed the home for $100,000 they would, on average, sell it for $95,000. In terms of the number of homes for sale, this number decreased about 9 percent from a year ago while the number of homes that came on the market edged up 6 percent.
In a dramatic change, the number of new contracts that buyers placed on homes for sale increased 37 percent from a year ago. This indicates buyer activity 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.
Don’t be fooled by the national real estate news that things are bad everywhere because real estate is local. While nationally, prices have fallen 7 percent since mid-2010, it’s the opposite in Washington, D.C. All of the above factors indicate a very healthy real estate market in D.C. If you have any questions about this information or selling your house fast please contact us at the number above.
|Washington DC||May-2011||May-2010||% Change|
|Avg Sold Price||$525,968||$481,500||9.24%|
|Median Sold Price||$429,000||$384,500||11.57%|
|Avg Days on Market||67||59||13.56%|
|Avg Sold Price to List Price||95.3%||95%||0.33%|
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.