July 2013 continued to be a very strong real estate market in the DC Metro Area. There were a total of 4,953 houses sold, a 19% increase from July of 2012 but a 5.4% decrease from June. The decrease from June to July is fairly normal as summer vacations peak. The total value of the homes sold was $2,531,984,711 - over 2 billiion dollars sold in just one month in the metro area - a whopping 30% increase from 2012, but an 8% decrease from the previous month.
The median value of a home sold in the Metro DC area in July was $425,000, up 10% from the previous July but down about 3.5% from June. The average value of those homes was significantly higher at $511,202, a 10% increase from 2012 - this a significant increase. Even more impressive, or scary depending on how you look at it, is that since July 2009 average sales prices have increased about 20% from $425,000. Not only are sellers getting more for their homes, they are receiving about 98.5% of their original asking price. So, if their home was listed for $500,000, they would receive $492,500 on average.
As of the end of July, there were 8,391 active listings in the area. This marks a 13% decrease from 2012. Of those listings, over half of them were new, 5,812 to be exact. So, while active listings declined, the amount of new listings increased by 27%. Since there were nearly 5,000 homes sold in July, the 8,391 listings constitutes slightly less than a 2 month supply of homes, indicating that the real estate market in the Metro DC area is very healthy. The houses that were sold stayed on the market an average of 33 days, and compared to 54 days for July of 2012, this is a 39% decrease. If you don't have a month to wait, though, then Express Homebuyerswill buy your house in the DC Metro area in just 7 days! Give us a call to get started: 877-804-5252!