Washington DC Market Continues Shift In a Positive Direction

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Many sellers have been sitting on the fence about whether or not to list their homes on the market. The market has been an ever-evolving one and in our local area we have seen continuous improvement since 2009.  It was then that we began experiencing stronger sales and slow yet steady recovery.

Today, we are still at that teeter tottering steady level of sales but there is a remarkable change in our market that has changed the stakes.  Now, for the first time in several years, we are reporting a dramatic decrease in available homes on the market.  This lower inventory is significant as it drives our marketplace toward higher prices and corresponding stronger home values.

Inventory Down Significantly Across the Area 

SINGLE-FAMILY HOMES

Looking at the numbers from the previous year as compared to the same time frame in 2012, the first four months of the year logged an unremarkable 1.4% fewer homes sold in the Montgomery County (Maryland) area.  The big news, however, is that we are reporting a sizable decrease in the number of available homes at 15% less than the previous year.

Similarly, the end of 2011 marked a 30% decline in inventory as compared to the previous year in the Washington DC market.  What is interesting is that the number of homes sold does not correspond with inventory figures.  In other words, the buyers that did buy about the same number of homes in 2011 had only 70% of the previous year’s inventory availability to choose from.

CONDOMINIUMS AND COOPS

As was apparent in single-family homes, condos and coops also experienced a relatively stable number of sales from one year over the next but the noteworthy activity took place in terms of inventory.  The number of new listings available on the market saw a 26% declined in 2011 as opposed to in 2010.
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In light of today’s changing market it is a good idea for homeowners considering selling their homes to list now while they can enjoy favorable market conditions conducive to sellers’ interests.  Multiple offers, bidding wars, lesser or no need at all to offer concessions to buyers plus a very quick turnaround time to sell are all great reasons to list now.  If you would like to explore your options, learn what your house would sell for today or review some trade-up properties to move into, contact us today!  Our success is in your success and we look forward to helping you achieve your real estate goals.