Here is your March 2019 Real Estate Market update. The Washington, D.C. Real Estate market was still a bit hungover in February from the long government shutdown. February sales in DC fell a remarkable 15.1% compared to last year. The number of new pending sales slid just 4.4% for the month. The median sales price rose to $589,000.
The inventory of homes for sale continued on a positive trend, with both the number of active listings and number of Months of Supply exceeding their five-year averages.
So, what advice can we give based on the latest statistics?
Bottom Line Advice for DC Home Buyers
DC home buyers still have the green light on well-priced deals. Multiple-bid situations are more rare than they were last year, so buyers are regaining some measure of control. As always, buyers should get pre-approved for a mortgage and be ready to act when the time is right.
Bottom Line Advice for DC Home Sellers
Smart sellers are learning how to price their homes so they are attractive the largest possible pool of potential buyers. Aggressive pricing and flexibility are key tools for maneuvering in this shifting market. I can help you devise a strategy that addresses your needs, and puts you in control of the home sales process.
For an evaluation of your specific home’s value in this changing market, contact me at 202-717-2276.
See you next month!