Homebuyers, Here's What You Need Know in Today's Housing Market!
Knowing the principles of the housing market month to month can be a useful tool if you're searching for homes in the DC metro area. Today, we are going to find out how the housing market in December and the patterns we noticed over the previous 30 days.
When we analyze the housing market here in the DC Metro area, we like to look at 4 basic statistics. These are: The number of homes on the market, the average sold price, the number of homes sold, and the list price vs the sold price.
1. Number of homes on the market.
10,118 properties were listed for sale in the previous month. Thus, the total number of properties available this month is 502 units or 5.2% higher than it was last year. Comparing this to December of last year, there has been a 7.8% decrease.
Because of the MUCH larger inventory this year, customers who postponed purchases might have more options.
2. Average sold price.
The average price of a property sold in the DC Metro area in December was $647,994, up 2.8% from December 2021's $630,261 and down 1.1% from November 2022's $654,995. This indicates that sellers are still holding onto their negotiating position this month because the price is still rising.
There were 3622 properties under contract in November. This is unexpectedly 7.7% more than the 3361 under contract last month, although being down 43.78% from 6443 in November 2021. This makes using a professional team like ours, which will get your house in front of the RIGHT eyes who are wanting to buy NOW, all the more important if you are looking to sell because fewer homes selling means that buyers may be ready to wait for prices to drop.
3. Sold Price vs.Original List Price.
The difference between the sold price and the initial list price shows how much on average sellers are willing to lower their original list prices. More of a buyer's market occurs when the ratio is below 100%, and more of a seller's market is present when the ratio is at or over 100%. We have 93% of November 2022 covered.
In the DC Metro area, the average sales price of a property in November was $647,994, which was up 2.8% from $630,261 in November 2021 but down 1.1% from $654,995 in October 2022. As opposed to the Original List Price of $696,494, this is. Although up 11% from November of last year, this is down 2.7% from the previous month.
All of this data indicates that, although the market is still heavily in favor of sellers and sellers still hold the majority of the negotiating power, buyers are no longer rushing to submit offers, and it appears that patience is now the key for buyers seeking for a better market.
The Fine Living Group continues to be the top team in the DC Metro area, using cutting-edge marketing to help buyers find the best deals and sellers find the PERFECT purchasers who would pay TOP money for their properties.
If you are looking to buy or sell this winter, REACH OUT TO US. We love being the DC Metro area’s #1 real estate resource.