Hi! I’m Brad Chandler of Express Homebuyers and the Following is your September 2011 Real Estate Statistics for the District of Columbia.
In September, the average sales price of a home sold in the District of Columbia was $475,832, a decrease of 1 percent from a year earlier. 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. This shows some stability for seller.
510 homes were sold in the District in September, a 2 percent increase from last September. Those homes took on average 77 days to sell – this is an increase of 13 percent. Based on 566 homes being sold in August there is a 4-month supply of homes. This means that if buyers continued to buy at the same pace as they did in August 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. The District currently has 2,282 homes for sale. This number has decreased about 18 percent from a year ago, while the number of homes that came on the market in September – 957 – decreased by 17 percent.
An Unexpected Development
The number of new contracts that buyers placed on homes for sale decreased from 555 to 522 – that’s down 6 percent from a year ago. This is the first time in a long time where we have seen a decrease in buyer activity on a monthly basis year over year. This is concerning and puzzling for two reasons. One, as interest rates remain near an all time low, one would think there would be more buyer activity to take advantage of these low rates and two, prices in some areas of DC have dropped dramatically over the past 4 years – again – you’d think people would be snapping up the deals. Overall, the market is still fairly healthy, but things have slowed. Could be the time of year coupled with buyers’ perception of the economy. If you have any questions about this information or selling your DC house fast please contact us at the number above.
|Washington DC||September 2011||September 2010||% Change|
|Avg Sold Price||$475,832||$479,876||-0.84%|
|Median Sold Price||$380,000||$374,000||1.60%|
|Avg Days on Market||77||68||13.24%|
|Avg Sold Price to List Price||94.7%||93.1%||1.76%|