Market Conditions for DC Metro Area, District of Columbia Reported by Barb Northam, Associate Broker, REALTORŪ, CRS, GRI, e-PRO Updated October 26, 2009.

Current Market Rating: 1 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 1 1 2 3 4 5 Falling Rising

OK--Someone did NOT get their immunization updated! DC may be the only 'market' in the DC/NoVa metro area that's moving down as opposed to up. Where the other jurisdictions are seeing stability and positive increases (albeit small increases), DC is moving in reverse. The average Sold Price is $457K, a 12% DECREASE over last year this time, and a decrease over last month. Ick. Sellers are receiving a paltry 92% of asking price, and homes are on the market an average of 94 days(SELLERS! Get real!). The total number of homes sold is 35% more than last year this time. The downturn is seemingly taking its toll (finally) on DC....once thought to be relatively recession-proof. There are few properties on the market: 31241, and they range in price from $30K to well over multiple millions. Her's the REAL DISCONNECT: The bare majority of homes on the market are priced WAY OVER $500K; the average sold price is $457K! HELLO???
Are there bargains? Sure! But, in such a diverse market, the buyer really really better know the market--and since no buyer can know the market like an experienced real estate agent, buyers should seek to work with only the best of agents(SHAMELESS PLUG---call me for a referral to a great agent in DC).


Approximate Location Boundaries: All of Our Nation's Capitol!! NW,SW, NE & SE

Location Characteristics: WOW! It IS the Nation's Capitol and this is pretty exciting!(Think terrifics locales suchas Rome, Paris, Berlin, London.....). Everything in housing from tenement townhomes waiting to be rehabbed to palatial embassy-style estates (bring the staff & multiple vacuum cleaners!), and it's STILL an exciting housing market.

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