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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.
