September 2016 Housing Sales and Market Update For Washington, D.C. & Surrounding Area
November 13, 2016
November 13, 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.*September Median Housing Sales Remained Close to September 2015 Figures, With Slight Price Decreases Since Last Month. In September 2016,median home sale pricesin the Washington D.C. region were$399,000 – slightly below last September’s $400,000 figure, but sales volume increased more than $2 billion dollars, a slight increase over last September’s figures. The median sales price in September was almost $21,000 lower, on average, than August 2016’s median price. The price of single family homes decreased by 2.8% in September, but condominiums showed a 1.5% average price increase. On average, Falls Church City remainsthe most expensive place to buy, with a September median sales price of $595,000 (though, notably, that price is 26.5% lower than last year’s prices); and Prince George’s County is still the most affordable, with September median sales pricesof $260,000. New Listings and Inventories in the D.C. Region Increased Slightly in September 2016, but Remain Lower than September 2015’s Numbers. According to figures published by RBIntel.com: On-sale housing inventory was up almost 8% in September, compared with August figures, but the total number of properties on the market was more than 14% lower than inventory available for sale in September 2015. New sales listings increased in September, with 6,779 new properties on the market – more than a 23% increaseover August’s new listing numbers. Single-family houses saw a slight decline in new listings (off 1.3% from August) and new townhouse listings also declined, but almost 3% more condominiums went on the market in September than in August. Average “Days on Market” Increased Slightly in September 2016. The median days-on-market for listed properties in Washington D.C. and the surrounding counties in September 2016 was 24 days –two dayshigher than August 2016, but three days lower than the average DOM in September of 2015. Falls Church City was the slowest regional market in September (median days-on-market: 33), and Washington D.C. became the fastest-moving area, with amedian DOM of 16. Sales numbers vary from county to county, and even among neighborhoods. 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.