Inventory Has Drastically Changed the Market
What is going on with the market in the D.C. metro area? Things have been changing a lot lately, so it can be hard to keep up. However, we are dedicated to staying on top of market trends and changes so that you don’t have to. We are excited to share this most recent update with you.
The DMV real estate market saw a 14.53% decrease in sales last month, while inventory levels increased by 56% in the last six months. This is huge because it means that there are many more homes on the market than there have been over the past year or two. Buyers have a lot more to choose from, which is good if you've been struggling to find that dream home.
The average sales price is also depreciating to $637,000 from last month’s $673,000. Prices are coming down now due to more inventory. Buyers now have the option to walk away and look at more homes, meaning sellers will have to work harder to close a deal. This trend will likely continue as more homes come on the market and sellers struggle to continue making top dollar.
Comparing the sold price and the original list price reveals the average amount that sellers are agreeing to come down. The more that this ratio is below 100%, the closer it is to a buyer's market. In the last few months, that ratio has been between 99% and 100%. However, it’s currently 97%, which means that sellers are having to come down more. This is just further evidence that we have begun to slightly shift toward a buyer's market for the first time in years.
"We can help you navigate the market as it starts to lean more toward buyers."
What should we do with all of these numbers and trends? The bottom line is, while the market is changing and we are starting to see a shift, know that it’s still very much a seller's market. Therefore, if you are thinking about selling your home, now is still a great time to make top dollar, but that window is closing quickly. If you’ve been patient and are now thinking about buying, it may be a good time to start negotiating and looking for a deal.
No matter what is happening with the market, the best way to ensure that you are getting the most accurate and up-to-date information is to consult with a real estate professional in your area, and we can help you with that. We have state-of-the-art marketing tools and technology, as well as a team of expert agents who know the market better than anyone.
If you are interested in buying or selling, get help from the best and contact us today. Also, if you have any questions about the market or what these changes mean for you, please call or email us. We would be happy to chat with you and help you navigate these ever-changing waters.