September 2012 Analysis: DC Metro Area

Real Estate Business Intelligence (RBI) recently posted their article, "September Marks the 8th Consecutive Month of Year-Over-Year Price Gains in DC Metro "   Here is the analysis:

Headline from Report: 

• The median sale price for September 2012 was the highest September figure in 5 years.  
• The number of new contracts is the highest September figure in three years.
• Condominium sales, which in previous months have been hot, have slowed 6.4%:  the slowest year-over-year growth in six months.
• Single Family Home sales rose 1.9% from September of last year.
• Townhouses led the way with 8% sales growth from last year.

There were 9,514 active listings in the DC Metro Area at the end of September, 35.7% below this time last year.  When comparing the number of active listings with a 10-year September average, we are 6,000 active listings below average.  Townhouses have shrunk the largest amount, down 43.5% from this time last year.

What Should Buyers Do?  Seller still has the advantage.  Do not expect to offer bids which are considered to be disrespectful to the Seller.  It's still their market with such little inventory.  Be ready to go in around List Price if you want the home.  (Obviously each property differs; if you have questions about what an acceptable bid might be, feel free to call me).

What Should Sellers Do?  Sellers with Condominiums haven't lost their best opportunity yet, but we are starting to see a slight cooling of the robust Condo market.  Listing a Condo soon is a good idea before the current trend continues.  Sellers with Townhouses, get ready to paint, add a back-splash and get your Townhouse ready to sell.  Call me with advice on how to make your property sell for its best price.

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)