Today, Real Estate Business Intelligence (RBI) and the GMU Center for Regional Analysis released statistics for the Washington DC Housing Market showing an increase in the median sales price and contract activity for the month of November. This is good news for home sellers and buyers alike, because the market continues to trend towards a healthy one with Average Days on Market (DOM) for properties of 28 days and a relatively stable market with a healthy increase of 3.6% YOY in median sales price, which is about average for a good year in real estate.
Perhaps the most interesting statistic to come out of the study was the dramatic reduction in inventory throughout the fall, as some sellers “abandoned” the market because their house wasn’t selling, which now presents a great opportunity for anyone who has been considering putting their house on the market in the Late Winter/Early Spring. With the current inventory situation leading to a Days on Market (DOM) number that is a full 10 days below the ten year average, a well priced and staged property can expect a sale within 45 days!
If you are considering selling, wouldn’t you want to be one of those homes that sells before the inventory comes back to the market in the Spring?
If you are, Contact Me Today for a No-Obligation Competitive Market Analysis. In addition, ask for your free copy of my Homebuyers Guide to Selling or Buying a Home!