Like most places in the tri-state area (DC, MD, VA), the city of Washington DC saw some monthly declines in the real estate market from the previous month. This is a typical trend as summer vacation are in full swing. There were 779 homes sold in July, which is an impressive 23% increase from the previous year and a 1.4% decline from June. Despite the seemingly low number of sales, the total value of the homes sold was $492,029,773, a 37% increase from July of 2012 but a 2.5% decrease from June.
The median value of the homes sold in July for Washington, DC was $520,000, marking a 14% increase from 2012 but a 2% decrease from the previous month. The average value of a sold home was over $100,000 higher than the median at $631,617, an 11% increase from July of last year but a 1% decrease from June. Despite these monthly decreases, sellers are still receiving nearly all of their original asking price, 99.2% on average. This constitutes a 2.5% increase from 2012, but a 1% decrease from June.
At the end of July, there were a total of 1,212 active listings on the market. This is about a 19% decrease from 2012. Of those active listings, 897 of them were new listings for the month, a 29% increase from the year prior. Judging by the 790 units sold in June, the 1,212 current listings comprises slightly over a month's supply of homes, meaning that the housing market is well sustained right now, in a full-blown sellers market. A good sign for the market, though, is that houses stayed available for an average of 35 days, which compared to 52 days last year is a 33% decrease. There's no guarantee, however, that the waiting period to sell will continue to drop. If you want to sell your home fast in Washington DC, MD, or VA, then contact Express Homebuyers to get an initial offer in just one phone call!
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