The Real Estate market in Washington DC is Unique with a Capital “U”. It is different than Denver and Houston. This is not Chicago or St Louis. We are a far cry from Detroit or Miami or Las Vegas. This is Washington DC.
That being said; as a Real Estate Professional – I don’t control the market. So don’t be mad at me.
Often; and recently; we have had clients (both sellers and buyers) who are annoyed, frustrated, even angry at the Real Estate market. Those frustrations often get lashed out to those around them.. and when it comes to Real Estate – it is often the Real Estate agent who takes it on the chin.
The Washington DC real estate market is HOT. Prices are going UP. Inventory is low.
I had a client this week who didn’t want to hear this. They didn’t agree with me. I told this person they didn’t have to agree with ME; but look at the facts and the data.
FACT: There are 25% LESS homes for sale now; than the same-time last year
FACT: There are 9.45% MORE homes under contract; than the same-time last year.
FACT: The Average SOLD price is up 7.87%; than the same-time last year.
FACT: OVER 2 times as many homes sell in the first 30 days than they do in 31-60 days.
FACT: An average SOLD price for a 3 bedroom detached home in the DC area is $456,000.
These are the hard facts for the DC Metro area from March data; not something made up or unsubstantiated. More importantly; this has been a trend for several months; not just a fluke.
The heating up of the real estate market should not scare buyers into buying this very second. Nor should sellers think they can up their asking price by 10%. There is still a good balance.
Buyers are still able to be fussy. They don’t HAVE to buy and WON’T; if they think the property is over-priced or needs too much work. We gave feedback to a seller recently who was also annoyed/angry. We got the offer; but it was LOW. Yes; it was a bit too low; but at 3 weeks on the market – it was the 1st offer. Remember: more homes sell in the 1st month (2 times as many) than the 2nd month.
The market controls the prices – not Realtors – not Buyers – not Sellers – Many things go into the real estate market to make it work. And as soon as someone has it all figured out – it will change.