The May 2014 Washington DC Real Estate market statistics are out and show yearly trends are continuing to remain steady in Washington, DC. Here are the top 4 trends and the role they play in the real estate market.
– Inventory of New Listings
New listings for May are up 18% from the 5 year average and reached 1170 for the month. The market has been starved for homes in recent months and this helped a lot of home buyers have choices.
While inventory of new listings are higher, Active Listings are down 34% from the 5 year average. How is this? The new listings are quickly under contract by the buyer pool that was just waiting.
– Median Days on Market
For May, the median days on the market was only 9! Where this may seem extremely low, the 5 year average is 15 days on the market before under contract. As a home buyer, you need to know the market and be ready to participate when the time is right.
– Average Sale Price to Original List Price
When home buyers look at homes online or on a tour, one thing that they may be wondering is what they can actually get the property for. In DC, historically, sellers and listing agents price property very close the value. On average for May 2014, home buyers paid 99.1% of the original sticker price. The 5 year average of 97.2% represents that the number is not far off from historical statistics.
While real estate trends stay pretty steady in Washington, DC, specifics can change in certain neighborhoods. At Evan Johnson Real Estate, we monitor very specific data to assist with your real estate needs.
If you would like a detailed report emailed to you or like additional information, please email email@example.com and let us know how we can help.