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Homes Prices in Washington, DC for September 2016

By John Coleman

Real Estate Agent with Jason Martin Group

October 11, 2016 06:26 AM

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Homes Prices in Washington, DC for September 2016

Real estate market data for Washington DC provided by John Coleman of Jason Martin Group.

Median Sale Prices Were Down from August, but Up from This time Last Year

What we saw in September was pretty interesting. The median sales price actually dropped pretty substantially from August, but still saw an increase in a year-over-year comparison with 2015. As you may remember, August was a very interesting month, because we felt that a lack of supply kept pushing prices up. Could it be that as more inventory came onto the market it relieved a little bit of that stress? We certainly think so, but prices still grew at a healthy pace.

Breaking Down the Inventory

Although inventory has been strained over the past couple of months, September was intent on giving buyers tons of options. In fact, there was a 61% increase over what we saw the previous month. However, it's interesting to note that while there was more product on the market, the new pending sales did not see quite the same uptick. It was still up 7.1% from the previous month, but overall it's down from last year. This will likely start to show more of an upward trend in the coming months as these properties start to close.

Find out the amount of current inventory on the market in Washington, DC by clicking on the link.

Other Numbers to Consider

All in all, the average listings and average sold price remained, well, average. The days on market continue to be low, but it's my suspicion that as the new listings continue to pop out, we could see that number start to climb over the next few months.

What's John's Take?

We're still waiting to see our shift. That shift usually happens when inventory goes up and sits on the market for longer periods of time, so it will be interesting to see if these charts are the beginning of that trend. It was generally thought that the Shift was already here the last couple of months, but held at bay a little bit with inventory being at record low numbers. Now it's popping back up again, so if the charts in next month's report continue to see a decrease in the "pending sales," and the "days on market" figure starts to creep up, then that will certainly begin to tell the story.

In another few weeks, we should start to feel the Fall market creeping away and the Winter market coming in. Generally, it's a slower month, but in 2015 it was our best quarter and we even helped some clients land some properties, with some being well below market values. Want a present for the holidays? Then it might be time to start shopping the housing market!