Good afternoon! How are you? My name is Lanre Folayan-Real Estate Professional with Exit Premier Realty reporting the Washington DC Real Estate Market Report for August 2008.

Even though it is still a buyers market,some people are calling it a bargains market. According to the Metropolitian Regional Information Systems,Inc.,home sales were down again in Washington DC. Most of the home sales in Washington DC came from zipcodes such as:

• Zip code 20001 (Old City,Logan ).
• Zip code 20002(Capitol Hill).
• Zip code 20007 (Georgetown).
• Zip code 20008(Woodley Park,Cleveland Park,Van Ness).
• Zip code 20009 (Adams Morgan/Mount Pleasant).
• Zip code 20010(Columbia Heights).
• Zip code 20011(Petworth).
• Zipcode 20016 (Wesley Heights)

Average price of a home that sold in Washington DC in August was $557,709 compared to $516,708 same time last year a 7.81% increase.

Total houses that sold were 501 compared to 657 houses this same time last year a 23.74% drop.

Average days of houses for sale in Washington DC on the market in August 2008 was 80 days compared to 59 days in August 2007.

Total sold dollar volume in August 2008 was $279,096,458 compared to $339,474,414 the same time last year a 17.79% drop.

Out of the 501 houses that were sold in Washington DC:

• 204 of them were on the market within 1-30 days before the house finally sold.
• 82 of them were on the market within 31-60 days before the house finally sold.
• 71 of them were on the market within 61-90 days before the house finally sold.
• 40 of them were on the market within 91-120 days before the house finally sold.
• And 104 of them were on the market over 120 days before the house finally sold.

                                             Types of financing of units sold:

• 317 of the houses were conventional loans.
• 69 of the houses were FHA loans.
• 9 of the houses were VA loans.
• 26 of the houses were Assumption.
• 61 of the houses were Cash.
• 1 of the house was Owner finance.
• 18 of the houses used all other types of loans.

So what can you as a home buyer or home owner get from this Washington DC Market Report? Even though home sales are down,this is still a great opportunity to buy a house even though the market has not bottomed out yet. Though some areas in Washington DC such as Deanwood (zip code 20020),Anacostia (Zipcode 20019)and Congress Heights (Zip code 20032) have seen appreciation in the value of the houses from last year. And even though conventional loans are still the number one product for home buyers,FHA are becoming popular with some home buyers. One reason can be due to the downpayment programs such as Nehemiah,Ameridream,Genesis and Hart going away by the end of this month.

And please review these market reports to help you make a decision on whether to buy or sell your house right now.

Washington DC Real Estate Market Report July 2008

Washington DC Housing Market Report Statistics for June 2008

This is Lanre Folayan-Real Estate Professional with Exit Premier Realty reporting the Washington DC Real Estate Market Report. Have a great day.

To receive your free Real Estate Market Reports and free list of "Houses for sale in Washington DC",please visit my website Houses for sale in Washington,DC.. I can be reached at (202) 378-0283 (Direct) and (301) 560-6700 x1154 (Office). I can also be reached online at Lanre Folayan "Buy Washington DC Real Estate" (EXIT PREMIER REALTY ... and Washington DC,Maryland and Virginia Houses for Sale.  . Thank you very much. Looking forward to working with you and helping you make your home purchase a stress free and very happy one. Have a great day. Lanre Folayan- Real Estate Professional with Exit Premier Realty. "Buy a home with Washington DC".