In DC, the median sale price of all properties increased in August to $649,250, up 0.5% from July but down 0.1% from August 2021. Listings dropped in August to 885 from the previous month high of 1,153, a 23.2% drop. There were a total of 1679 active listings in August. Pendings also dropped 14.8% from the previous month to 593, while closed sales were off 1.7% to 694. The total year to date for 2022 is 6499, a decrease of 13.8% from last year's total of 7,542. New listings and pendings plus closed sales all are below the five year August average for each category.
Demand for homes in August was strongest for higher-priced single-family homes and higher-priced condos each with an Index reading that remained in the High range. Buyer interest was Limited for lower-priced single-family homes and Steady for lower-priced condos and townhouses. Demand for all types of homes in the Washington Metro area was flat or fell over the month. The months supply of inventory fell for higher-priced condos and was flat or marginally higher for all other segments. Inventory levels ranged from a 1.7 months supply for mid-priced single-family homes to three months for higher-priced condos.
If all this sounds like a market in motion, it is. There is still a lot of demand in the DC market for new listings since many buyers are trying to stay ahead of the Fed's recent rate increases. The average sold to original list price ratio is coming down, making it a positive time for buyers, who can actually negotiate on price, closing concessions and home inspections.
As always in a market in motion, whether you are a buyer or a seller, you should navigate the changes with an experienced Realtor. If you are thinking of buying or selling, you should give the Lise Howe Group a call at 240-401-5577 or email us at lise@lisehowe.com to find out what the best strategy is to make your real estate dreams come true.
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