The desire to own a home is still strong today. In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the
Market Monday Real Estate Statistics For Washington DC Region August 2019
Dated: September 12 2019
Every Monday, The Hybrid Agent examines local real estate market statistics. This week, the focus is on the Washington DC Region for August 2019. For these purposes, the Washington DC Region includes Washington DC & the following counties - Arlington, Fairfax, Prince William, Montgomery & Prince Georges.
Market Activity is a good place to start as it captures several key metrics - New Listings, Active Listings, New Pendings, All Pendings & Closed Sales. In August 2019, there were 886 New Listings, up 3.6% from August 2018 and a total of 1,317 Active Listings. Additionally, there were 715 New Pendings, representing a 1.4% decrease from August 2018 and a total of 1003 Pendings.
The next statistic we like to look at is Pricing Trends across the different Home Types - Detached, Townhome & Condo. For August 2019, the Median Sale Price for All Detached was $792,000 which is surprisingly a 1.5% decrease from August 2018. The Median Sale Price for All Townhomes in August 2019 was $735,750, a 6.4% increase over the same time last year! The gap between Detached homes and Townhomes continues to shrink in the Washington DC Region as inventory and buyer preferences change. Lastly, Condo pricing continues to outpace last year with a Median Sale Price of $461,000, a 2.4% increase over August 2018.
Days on Market is a good indicator of Supply and Demand within a market and Washington DC is no different. There is a lot of similarity across the different Home Types when it comes to the Average Days on Market. Detached homes have the highest Average Days on Market with 60 days in August 2019, 14.3% below the August 2018 average. Townhomes came in at 39 days and Condos at 40 Average Days on Market, 4.9% and 25.9% below August 2018, respectively.
Finally, we like to look at the Average Sold Price to List Price ratios across the various home types. As you can see, these are tightly bunched between 98.4% for Townhomes and 97.4% for Detached homes for August 2019. Condos came in at 98.7%, exactly the same as the August 2018 number.
As one can see from the data, the August 2019 Washington DC Region Real Estate Market gave us mixed results. There is good data for both Pricing Trends and Average Days on Market, but there is conflicting data for Inventory and Average Sold to List Price Ratios. Some experts point directly to the drop in interest rates as the primary trigger for these numbers while other experts point to changes in the Washington DC Region Labor Force. Regardless of their reasons, we enter Fall of 2019 with renewed energy and hope that the real estate market will continue its strong trend coming out of the Summer and we experience our traditional Fall boost in the Washington DC Region Real Estate Market.
If you are thinking of buying or selling in 2019, give The Hybrid Agent a call. We specialize in helping buyers and sellers maximize their real estate investments through our revolutionary Hybrid Real Estate Model and would love to help you with your next move!
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