March 2016 Housing Sales and Market Update For Washington, D.C. & Surrounding Area
April 23, 2016
April 23, 2016
*Market information courtesy of RBIntel.com
4 Brothers Buy Houses is proud to share this update on current Washington D.C. area housing sales and market conditions.*
Overall, Area Housing Prices Increased Over February 2016 Prices:
In March, the median home sale price in Washington D.C. and the surrounding area was $399,000, an average of $19,000 more than February 2015 (though slightly lower than home sale prices in March of 2015). Most counties showed increased housing prices, as did the D.C. Metro area, though the greater Washington D.C. area had a slight decline.
Regionally, home sale prices show overall increases since the start of the year, a fairly normal trend as the weather improves and we enter the spring sales season.
Regional Housing Sales, Inventory,&New Listings AlsoIncreased in March 2016:
According to figures published by RBIntel.com:
3,755 home sales closed successfully in Washington D.C. and surrounding counties in March 2016, and half of those houses were on the market 27 days or less – a significant improvement over the 44-day average DOM for the previous month.
6,165 homes were listed as “sale pending” at the end of March, an increase of 11% over March 2015.These figures reflect increases in all residential housing types – good news, regardless of the type of home you want to sell.
March brought 8,352 reported new listings in Washington D.C. and the surrounding area, 22% above the 5-year average. Although increases in listings and inventory often mean lower prices on the horizon, as buyer choice increases, a booming sales market may counteract this trend—we’ll know in the weeks and months to come.
Lower “Days on Market” Means Faster Sales, But Also Encourages More Listings.
In March, the median days-on-market for listed homes was 27, a significant decrease from February 2016 (median days-on-market: 44). Condos sold fastest in March, with an average of only 24 dayson the market.
Sales numbers and days on market vary from county to county, and even among neighborhoods, and the speed and success of a housing sale is dependent on many factors, from listing price to home condition and comparable listings in the area. Your personal experience may vary, but knowing the average numbers is still helpful when making plans to sell your home, either through a realtor or to an investor.
The fastest “days on market” sales usually happen when homeowners sell a property directly to investors for cash, with no inspections, repair requests, or extended escrow procedures. 4 Brothers Buy Houses can close a sale in less than two weeks, putting cash in your pocket without any hassle. To find out more, or find out what your home is worth, request a free, no-obligation quote today.