September Marks the 8th Consecutive Month of Year-Over-Year Price Gains in DC Metro
OVERVIEW
Activity has cooled in the Washington DC metro housing market as we end September, following typical seasonal market patterns. Closed sales, new pending contracts, and median prices all declined from August, however these indicators remain above September 2011 levels, and in many cases are at multi-year September highs, providing evidence of a stronger market. The median price is the highest September median price in five years, and the number of new contracts in September is the highest in three years. The inventory of active and new listings continues to shrink, which will likely keep prices stable, even as demand slows. Persistent declines in the number of homes for sale despite a strengthening housing market underscore the significance of continued economic uncertainty. Tepid job growth and slow improvement of the unemployment picture are likely deterring many would-be sellers from entering the market. While the condo market growth has slowed somewhat, townhomes have inched ahead in year-over-year sales growth and median price gains.
Tiffany Jacobs
Advantage+ Real Estate Team
RE/MAX Olympic
9214 Center Street #100, Manassas, VA, 20110
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