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© 2010 CB Blog Estate
Darrin Friedman is an employee of NRT, LLC inc however, all comments made on this site are his opinions and his alone and not a reflection on the company.
Washington DC Market Statistics for February 2010
Someone somewhere said that supply rules everything. Boy, they weren’t kidding. In February the Washington D.C. Housing market was dictated by the fact that the inventory is slim pickings and the well priced home moves fast. In fact, if you were to look at 2007 numbers of inventory, this last month comes very close in comparison.
Just take a look at this graph of inventory levels below:
It’s pretty obvious by the graph that the Seller is able to be a tad more aggressive in pricing considering that compared to the market last year (or even 6 months ago) there are 2/3 less homes in the marketplace. And in my office in particular that is translating in a huge spike in sales, with newly ratified deals going through the roof at a much higher price.
In the real estate market of Washington D.C proper …
… there were -30% less listings on the market while we had 23.7% more contracts. What does this mean? More money for seller in Washington D.C.
Condo and Coop – Washington. D.C.
In terms of pricing indicators we are seeing something consistent. If a home is priced between $200,000-600,000 there are plenty of buyers for that marketplace.
When priced above that the buyer pool is less. See below:
Condo and Coop – Washington. D.C.
Anyway, if you need any more information, please do not hesitate to call me! I want you to consider me your resource.
Today my office launched a new program for it’s agents called Business Development Groups, or “Hot Groups”. These groups are aimed to help the agents in the group gain market share through a strategically focused effort that will hopefully enable our Agents to have a tremendous boost to their existing business.
The point of the exercise is that is will help the office and our associates really go after a specific geographical farm where no one agent, or company for that matter, controls the market share. Now that’s the business element of it. But the coolest part is the accountability side. Guess who the group members are accountable to? You guessed it; each other!
This morning, I have 8 agents who volunteered to be separated into 2 groups. And I am so proud of them for undertaking something that will be so different than anything else going on out there.
You are all innovators!
Congratulations to:
Mandy Hursen, Richard Dubeshter, Charles Angelo, Chris Suranna, Tim Woody, Janet Rushford, Ellie Shorb, and Lise Howe.
Way to go all of you.
Property Sales
December Property sales were 463, up 3.8% from 446 in December of 2008 and -27.8% lower than the 641 sales last month. December 2009 sales were at a mid level compared to December of 2008 and 2007. December YTD sales of 6,247 are running 13.8% ahead of last year’s year-to-date sales of 5,488.
Prices
The Median Sales Price in December was $405,000, up 16.0% from $349,000 in December of 2008 and up 15.4% from $351,000 last month. The Average Sales Price in December was $517,769, up 16.5% from $444,434 in December of 2008 and up 11.2% from $465,606 last month. December 2009 ASP was at a mid range compared to December of 2008 and 2007.
Inventory & MSI
The Total Inventory of Properties available for sale as of December was 2,327, down -10.8% from 2,608 last month and down -29.4% from 3,296 in December of last year. December 2009 Inventory was at its lowest level compared with December of 2008 and 2007.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2009 MSI of 5.0 months was at its lowest level compared with December of 2008 and 2007.
Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio 93% at or above 100% indicates more of a Seller’s market. The December 2009 Selling Price vs Original List Price of 93.3% was down from 93.8% last month and equal to 93.3% in December of last year.
October came and went quickly. The Washington DC Real Estate market continues to be strong and show improvement, especially when compared to last year’s recessions terrifying beginning.
Inventory activity in Washington DC Real Estate regardless of type is as follows:
985 new properties were listed
758 properties went under contract
684 properties were adjusted for price
450 listings expired
94 were placed back on the market
When you compare this to the month to month activity you can see how October is the year’s best in terms of Under Contract. What does that mean? THINGS ARE SELLING!!! Now with the extension of the tax credit, Washington DC Real Estate continues to rebound ahead of other like markets.
In terms of some more specific information, I have attached some graphs for your perusal.
Single Family Housing Report for Washington DC breaks down like this:
DC Sales Trend
DC Inventory Trend
DC Average and Median Sales Price
DC Market by Price Range
Condos and Coops Report for Washington DC, also shows tremendous momentum. The breakdown can be seen like this:
DC Condo and Coop Inventory
Sales Trend
DC Condo and Coop Median Sales Price
Market by price range
Anyway, all and all it was a great month for the DC Real Estate market and the home buyers and sellers taking advantage what is turning out to be a revitalized marketplace. I for one am thrilled by what I am seeing because I am a believer that the worst of last year is behind us and that savvy buyers and sellers who are willing to be well informed can have the kind of results they require in a transaction.
Remember! Be aware, have the right information, and ask questions!!!! Only then will you have the confidence to make the right decisions when you are placed in a position to do so. So, as you go out this weekend looking for that tremendous buy – take a print out of this blog with you. Because having it close might just make the difference.
