Headline from Report: Sales reach their highest August-level in three years, and new contracts reach their highest August-level in seven years. List and Close Prices continue climbing for their seventh straight month, and reach the highest August-level in five years. The condo market remains in the lead, with double digit growth in both sales and new contracts from last year (continuing to outpace the growth of townhouses and detached homes). The Month over Month (MoM) statistics exhibit decreases from July simply due to the historical pattern that "median prices tend to decrease between July and August, falling eight of the last 10 years" (RBI Intel).
What Should Sellers Do? Take advantage of the lowest inventory in seven years. If you are in a position where you can sell, it is a Seller's market with Buyer's aggressively competing for the few homes out there.
What Should Buyers Do? Beggars can't be choosers in this market. At the end of August there were 9,191 active listings in the Washington DC Metro area, 35.8% below this time last year, and the lowest August-level since 2004. Only 4,769 new listings were entered in August, the lowest August level since 1997. If you are looking, it is best not to pass up something you like.
Thinking about Buying or Selling? CALL (202) 441-1757.
(The "DC Metro" area comprises Washington D.C., Montgomery County and
Prince George's County, MD, and Alexandria City, Arlington County,
Fairfax City and County, and Falls Church, VA)
(Information Soured from RBI Intel)
(Information Soured from RBI Intel)
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