Here’s our January 2019 Real Estate Market update. Who knew that this month’s report would give me the chance to use the Bird Box meme, and you’ll see why in a moment…
DC Real Estate last month was like eating a chocolate covered cherry candy; the record-setting home prices were like sweet chocolate, but the disappointing number of closed sales were that icky filling inside. In DC, December sales fell a whopping 16.4% compared to last year. On the other hand, the median sales price hit $599,000, a December record.
We’ve been watching the number of Active Listings since last year. The number of homes on the market has increased substantially. Since January 2018, the inventory of homes for sales has increased or stayed flat each month, year-over-year. That means that home sellers now have more competition and home buyers have more choices. We still have a while to go before there is balance between buyers and sellers, but we are steadily moving in that direction.
Uptown DC Real Estate Market Stats
December Market Data for Zip Code 20011 (Takoma, Brightwood, Manor Park)
December Market Data for Zip Code 20012 (Shepherd Park & Takoma)
As usual, Zip Code 20011 including Brightwood, 16th Street Heights and Crestwood was quite a bit busier, while Zip Code 20012, including Colonial Village and Shepherd Park nabbed the higher average sales price.
So, what advice can we give based on the latest statistics?
Bottom Line Advice for Uptown Home Buyers
Home buyers in the Washington, DC and throughout the country have been moving toward the sidelines as the price of available homes keeps moving higher and higher. We simply haven’t had a favorable market for home buyers in a long, long time.
If your new year’s resolution including buying a new home, consider doing it sooner rather than later, as mortgage interest rates are expected to keep rising throughout the year.
Bottom Line Advice for Uptown Home Sellers
Home sellers have every right to start feeling concerned about the state of the market at this point. As we’ve said recently, well-priced and positioned homes will still sell quickly, but the days of putting any ol’ thing for sale and getting top dollar for it are coming to an end.
Real estate and mortgage experts also predict that we’ll see a gradual increase in mortgage interest rates throughout this year.
For an evaluation of your specific home’s value in this changing market, please contact me at 202-717-2276.
See you next month!