Here’s our February 2019 Real Estate Market update. As expected, DC Real Estate felt the effects of the historic 35-day government shutdown. January sales fell 6.2% compared to last year. Even more telling, the number of new pending sales dropped 10.41% for the month. The median sales price rose slightly to $537,000.
The good news is that the inventory of homes for sale is slowly continuing to build, which gives potential home buyers more options to choose from and makes for a healthier market.
So, what advice can we give based on the latest statistics?
Bottom Line Advice for DC Home Buyers
With mortgage interest rates stable, but expected to rise throughout the year, potential home buyers should be ready to make a move when opportunity presents itself. Rising inventory also means that homes that weren’t available last year might be on the market now. Evaluate your financing and be ready to strike.
Bottom Line Advice for DC Home Sellers
The shifting market is causing sellers to have to think hard. In a slowing market, it generally takes sellers six months or more to “get it”. The record sales activity that we saw last spring and summer may be gone for a while. Sellers almost have to go through the stages of mourning – Denial, Anger and Acceptance – before they are ready to come to terms with the changing reality.
Let’s skip that heartburn. I can help you devise a strategy that addresses your needs, and puts you in control of the home sales process, even in a changing market.
For an evaluation of your specific home’s value in this changing market, please contact me at 202-717-2276.
See you next month!