Real Estate Business Intelligence (RBI, Inc.) has released its May 2013 home sale statistics. It’s no surprise the Washington DC residential real estate market continues to post solid results. Here are highlights:
- The dollar volume of home sales increased more than 20% from the same time last year, with sales of $464,597,635.
- The average sold price was nearly $609,000.
- The median sold price increased nearly 9% to $490,000.
- The number of homes sold in May 2013 was 763 compared to just 645 in May 2012.
Homes continue to sell quickly. More than half of all homes sold in May did so in under 20 days, with most selling in 10 days or less. Buyers are giving up on FHA financing, which offers low down payment options but comes with hefty insurance premiums. Of all the homes sold in May, 86% (or 658 sales) involved cash transactions or Conventional financing.
Low home inventory continues to be a challenge for buyers across the region. Active listings in May were down more than 28%. However there’s a glimmer of hope: New listings were up 20%. (It seems sellers are taking notice of the hot DC market.)
If you’d like more information on home sales in your neighborhood. Give me a call at 703-963-0142 or 301-320-8349. I’m happy to answer your questions.