HOUSINGNEWS REPORT
WILL AMAZON SAVE THE SWAMP?
D.C. METRO HOME SALES PRICE TRENDS
MEDIAN SALES PRICE
$400,000
$450,000
$380,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
was primarily due to the dominance of the area’s three private sectors: professional and business services, education and health services, and leisure and hospitality services. It’s a job mix that favors lower value- added jobs, Fuller said. Housing Stretched Thin Like nearly everywhere else in the country, housing inventory is stretched thin while home prices continue to rise in the Washington, D.C. market. For March, the Greater Capital Area Association of Realtors reported a 1.6-month supply of inventory and a 9 percent decrease in the total number of homes for sale from a year ago. The median days on market was 13 days or less, four days quicker than a year ago. Median home prices in the metro area hit a new post-recession peak of $380,000 in Q2 2017 — although still 5 percent below the pre- recession peak of $400,00 in Q3 2005 according to ATTOM Data
“If the property is priced right and in a desirable area, it is not uncommon to have multiple offers. It’s overwhelming for a lot of buyers.”
KENT FOWLER SALES ASSOCIATE, LOGAN CIRCLE OFFICE OF COMPASS
Washington, D.C., covering the District, Northern Virginia and Montgomery County, Maryland. “If the property is priced right and in a desirable area, it is not uncommon to have multiple offers,” he said. “It’s overwhelming for a lot of buyers. I think D.C. has become a more desirable place to live in the past 12 to 15 years, but it’s also more expensive to live. We’re seeing people moving here who wouldn’t have considered it 15 years ago.”
Solutions, and median home prices increased 2.9 percent from a year ago in Q1 2018 — the eighth consecutive quarter with a year- over-year increase. The Northern Virginia Association of Realtors reported that days on market are down more than 19 percent to 42 days and the inventory level is down to a 1.64-month supply, an almost 21 percent decline from the year before. Low inventory translates into bidding wars on the best properties, despite the escalating prices, according to Kent Fowler, sales associate with the Logan Circle office of Compass in
Off-Market Condo Conversions Fowler said he is seeing a lot of
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MAY 2018 | ATTOM DATA SOLUTIONS
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