Washington, DC – Market Report 1/12/2011

12 Jan
January 12, 2011

Things are starting to SHINE in Washington D.C.

Washington D.C. – Did you know that the number of days on the market has dropped to an average of 78 days?  This is down 8.24% since last year; the reason is the number of homes on the market has decreased.  Less inventory means HIGHER PRICES.  We are not out of the woods yet but it is getting better.  Selling your house in today’s market can be difficult. It is for that reason that every seller should take advantage of each and every chance that appears.

The Average SOLD price of a home is up 8.96% over this time last year.  $558,797 can buy you A DECENT HOME in DC – Now we couldn’t have said that 4 years ago!  It is time to speak with your real estate agent and mortgage professional today and see whether it is the right time for you and your family to make a move.

Here are four reasons you should consider selling in the first 90 days of 2011.

1. Interest rates have spiked up.

Rates have jumped over 1/2 point in the last several weeks. The short term result of increasing rates is a surge of buyers jumping off the fence to purchase in fear that rates may continue climbing upward. This is a short window of opportunity. If rates fall again, buyers will jump back on the fence. If rates continue to rise, it limits the number of buyers who can qualify at each price point. Now is the best time to sell your house.

2. If you are moving up, you can save thousands.

If your family goal is to sell your current house and take advantage of the fabulous selection of properties currently available to buy the home of your dreams at a bargain basement price, DO IT NOW! Prices will continue to soften in most markets. However, if you are buying, COST should be more important than PRICE. Cost can be dramatically impacted by rising mortgage interest rates. Do the math and decide if now is the time.

3. During the winter months, the buyers are serious.

We all realize that buyers are not quick to pull the trigger on the purchase of a home today. There is no sense of urgency with the supply of eligible properties at all time highs. However, at this time of year, the ‘lookers’ are either staying warm (in the North) or just busy with other priorities. The home buyers left in the market are serious and are more apt to buy. Less showings – but to more motivated purchasers.

4. You have less ‘discounted’ inventory with which to compete.

This year, sellers of non-distressed properties have been given an early holiday present. With banks trying to rectify their foreclosure procedures, there has been a large supply of discounted properties removed from competition. No one knows how long it will take banks to return to the normal flow of foreclosed properties to the market. However, until they do, every homeowner has a better chance of selling their property.

Bottom Line

If you are looking to sell in 2011, there may not be a more opportune time than right now. Serious buyers, great move-up deals and less competition from super-motivated sellers and foreclosures creates the perfect selling situation. Don’t miss it!

Statistic Values YoY MoM
Total Sold Dollar Volume $255,370,165 -3.68% -2.95%
Closed Sales 457 -11.61% -1.93%
Median Sold Price $400,000 +0.63% -6.49%
Avg Sold Price $558,797 +8.96% -1.04%
Avg Days on Market 78 days -8.24% +30%
Avg Sold to Avg List Ratio 92.53% -0.15% -1.72%

Market data and commentary provided by Kathy Fleskes, Managing Broker, Rockville Regional Office.

Search for homes in Montgomery County, and all of the DC Metro: www.averyhess.com

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