Hi! I’m Brad Chandler of Express Homebuyers. Read a few October 2011 Real Estate Statistics for the District of Columbia
The average sales price of a home sold in October was $497,957, a decrease of 10 percent from a year earlier. Representing a 16 percent decrease from last October, 421 homes were sold in the District in October. The Days on Market (DOM), a measure of how long home are on the market before they sell, has increased to 73 days, an increase of 9 percent. With 510 homes being sold in September, a 4-month supply of homes for sale remains. This means that if there were no new homes placed on the market for sale, and if buyers continued to buy at the same pace as they did in September each month going forward, the supply of houses for sale would run out in 4 months. Sellers are getting on average 95 percent of what they list their home for. So, if the seller listed their home for $100,000 they would, on average, end up selling it for $95,000. Most likely as a result of the foreclosure process coming to a halt in late 2010, the number of homes for sale has decreased to 2,219, down 22 percent from a year ago, while the 802 number of homes that came on the market in October represent a 19 percent decrease. There is talk now that this will soon change and the banks will get back to processing foreclosures. As the new homes on the market have decreased, the number of new contracts that buyers placed on homes for sale have increased from 524 to 626 – that’s up over 19 percent from a year ago. This is most likely a result of sales prices being 10 percent lower and interest rates being at an all time low – buyers are out bargain shopping! If you have any questions about this information or selling your DC house fast, please contact us at the number above.
|Washington DC||October 2011||October 2010||% Change|
|Avg Sold Price||$497,957||$554,249||-10.16%|
|Median Sold Price||$399,900||$410,000||-2.46%|
|Avg Days on Market||73||67||8.96%|
|Avg Sold Price to List Price||94.6%||94.3%||0.33%|