Let there be no mistake, the Washington DC real estate market is strong and area home prices are on the rise. This is great news for sellers who are finally able to regain some appreciation in their homes. Low home inventory across the region is driving home prices up. Multiple offers and escalating prices are becoming the norm this spring season. While this is great for sellers, it’s not so good for buyers wanting to take advantage of low interest rates. Nowadays buyers need to move quickly, have their financial ducks in a row, and, in most instances, be prepared to pay more than the list price.
Here are the February 2013 Washington DC area real estate market stats as compared to the same time last year:
- Average sold price is up more than 8% to 542,917.
- The average days on market is down more than 21%.
- The number of homes sold has increased nearly 20%.
- Active listings currently on the market is down 40%.
- The number of closings has increased more than 16%.
If you’d like more information on a specific neighborhood, please give me a call. I’m here to help.