The Real Estate market seemed to hit a rather large bump in the road. Overall, the market in DC has avoided any real downturns this year; until September.
Washington DC Real Estate sales slowed in September after a pretty fair run. Below is the year in Summary:
| MONTH | AV sold $ | Ave Sold v. Lst YR | Homes Sold | # Sold v LST YR | DOM | DOM v. Lst YR. | % Sales Price |
| Jan-07 | $499,302 | -3.94% | 505 | 18.27% | 81 | 80.00% | 93.88% |
| Feb-07 | $490,276 | -2.47% | 561 | 15.20% | 81 | 50.00% | 93.92% |
| Mar-07 | $561,789 | 14.65% | 653 | 31.00% | 84 | 64.71% | 94.92% |
| Apr-07 | $545,333 | 2.67% | 646 | -0.92% | 73 | 37.74% | 95.74% |
| May-07 | $528,113 | -7.08% | 691 | -4.69% | 61 | 22.00% | 97.59% |
| Jun-07 | $540,486 | -6.84% | 684 | -10.47% | 63 | 28.57% | 96.99% |
| Jul-07 | $565,194 | 6.61% | 740 | 10.61% | 60 | 17.65% | 96.39% |
| Aug-07 | $516,708 | 0.42% | 657 | -1.05% | 59 | 3.51% | 95.62% |
| Sep-07 | $543,608 | -3.65% | 410 | -34.61% | 69 | 4.55% | 93.97% |
While the Average Price Sold is was only down 3.65% from 2007; The number of homes sold took a significant hit. The % Sales Price - shows at what % of LIST price, homes were actually sold for. This number lower than most of the year; shows sellers were accepting lower offers to get their homes sold and off the market.
Myself and most agents I have spoken to in the market; believe this downturn was due mostly to the recent mortgage crisis that hit at the end of July and August. Now that things are somewhat settling down and the FED has cut the FED Funds rate twice; it is believed that things will pick up slightly for the balance of the year.
My advice: It is STILL a GREAT time to buy. There is much inventory and sellers who are truly motivated and want to sell - are waiting for any (reasonable) offer. Remember; while there are deals - they are still not giving homes away!
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I was just noticing the September numbers for Montgomery County as well. Prices for solds did't really drop, but the number of sales is about half of what it was last year. Very interesting. I agree it's a great time to buy, especially if you don't have anything to sell.