GCAAR has published the May 2011 Housing Report for Washington DC. The condo and coop market inventory had increased each month of 2011, with the exception of April and there currently over 1,200 condos or co-ops on the market in Washington DC. So far year-to-date the total number of contracts on condos and coops are down almost 12% from 2010 but each month, except April 2011, there has been increase in the number of contracts. The total number of settlements year-to-date is down 9% from the number of properties that settled a year ago. The average sales price for a condo/coop in DC is about $407,000. The largest section of the market is condo/coops priced under $500,000.
The single family home report for DC has the total inventory for homes decreasing each month in 2011, except April and May, where the number of active listings increased from the March and continued the trend in April and May. Year-to-date there are fewer listings in 2011 than there were in 2010, down overall by about 8% of the total inventory. The year-to-date numbers are down for the number of contracts from the 2010 mark by 4%, but the number of settlements is even with the 2010 numbers. Overall the average sales price for a home in Washington DC is $561,000.
The spring market has been a little slower than in years past, the inventory might be up slightly, but sales are not on the as the same pace that we have seen in previous years. If a property is price correctly, it will still move in a short period of time since there are buyers out there looking to purchase. Mortgage rates are still at near record lows for 15 and 30 year fixed rate mortgages, if you are considering buying, it is not a bad time to get out and start looking, or making sure your credit and everything else is in order to buy a home later this year or next.
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