Recent Real Estate Market Trends
In December 2008, the real estate market remained slow. The average days to sell a property remained high, while the average sales price and buyer demand (or absorption rate) remained low. The good news is that the number of sales in December increased about 10%! This is good news because we currently have an abundance of homes for sale in the D.C. Metro area.
Attention Buyers and Real Estate Investors! I now believe that we are entering the strongest buyers market that we have seen in a long time. I believe that sales prices will remain flat for the entire year, while the number of sales will steadily increase. Once the foreclosure/short sale listings are sold we will start to return back to a balanced real estate market.
Absorption Rate - 1 out of every 10 homes for sale sold last month
The average absorption rate remained the same in December, changing only slightly from 10.5% in November to 10.45% in December. We are now in the Winter 2009 real estate market. It is an excellent time to buy a home! The inventory is high and demand is low. I now expect these market conditions to remain for the entire 2009!
Days on Market - The homes that sold last month were on the market for 103 days
The average time to sell a home remained the same in December, changing slightly to 103 days from 99 days in November. It still takes over three months to sell a property in the current market.
Sales Price - The average home sold for $9,000 less last month
The average sales prices in the region decreased (2.2%) last month. Note the drop in the D.C. area last month. I now expect to see property values remain flat for the entire 2009 year!
Montgomery County ($431,397; 1.33% jump)
Fairfax County ($403,380; 1.39% drop)
Arlington County ($522,657; 1.87% jump)
Washington D.C. ($446,852; 12.49% drop)
Baltimore County ($284,627; 2.17% jump)
Price Georges County ($261,422; 1.13% drop)
Number of Sales - The average number of sales increased last month
The number of sales increased 9.82% in December. I expect to see the number of sales increase steadily through the 2009 year.
By: Adam Iobst A-Team Realty, LLC
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