The number of properties on the market has taken a large drop; which is typical for the summer season in the DC Metro area. Sales and inventory tend to be at one of it's lowest points in the month of August. We should see things pick up again in September and October. Condos: Actives: 1266 (Down 70 from last week) Expired: 54 Under Contract: 512 (Down 25)
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800 Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
Current Number of Homes Active and Under Contract in the Washington DC area:
Here is the breakdown as of August 4th, 2009
Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.
Washington DC
Single Family: Actives: 1651 (Down 72 from last week) Expired: 70 Under Contract: 657 (Down 28)
Arlington County
Single Family: Actives: 433 (Up 2 from last week) Expired: 6 Under Contract: 195 (Down 18)
Condos: Actives: 486 (Down 4 from last week) Expired: 12 Under Contract: 176 (Down 14)
Prince Georges County
Single Family: Actives: 5063 (Down 150 from last week) Expired: 179 Under Contract: 2102 (Down 36)
Condos: Actives: 775 (Down 29 from last week) Expired: 32 Under Contract: 147 (Down 1)
Montgomery County
Single Family: Actives: 3083 (Down 80 from last week) Expired: 66 Under Contract: 1982 (Down 117)
Condos: Actives: 1167 (Down 36 from last week) Expired: 29 Under Contract: 480 (Down 8)
It is important to see the number of homes taken "Off" the market. While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
Here are the Properties that sold in this Washington DC Neighborhood: July 2009 Type #Bedrooms/Baths List Price Sold Price Days on Market Condo 2/2 $739,000 $705,000 234 Co-op 0/1 $189,000 $177,000 245 Co-op 0/1 $179,000 $174,000 110 Co-op 1/1 $289,000 $285,000 108 RowHouse 5/4 $1,195,000 $1,850,000 332 Condo 2/2 $750,000 $730,000 82 RowHouse 2/2 $675,000 $679,000 76 Condo 1/1 $385,000 $380,000 95 Condo 2/2 $499,000 $480,000 89 Condo 1/1 $399,900 $385,000 53 Condo 4/4 $1,100,000 $1,050,000 53 RowHouse 3/2.5 $689,900 $595,000 55 Condo 2/2 $649,000 $630,000 38 Condo 2/1.5 $429,000 $420,000 31 Condo 1/1 $424,900 $420,000 17 Condo 1/1 $349,000 $342,000 29 RowHouse 8/4 $1,375,000 $1,300,000 11 RowHouse 4/3.5 $1,138,000 $1,100,000 6 RowHouse 3/3.5 $1,199,000 $1,095,000 96 Condo 1/1 $274,000 $279,000 12 Co-Op 0/1 $225,000 $215,000 11 Condo 0/1 $259,900 $249,000 13 Condo 1/1.5 $499,000 $495,000 9 Condo 2/2 $1,500,000 $1,500,000 0* Condo 1/1 $369,900 $365,000 6 Condo 2/3 $1,778,500 $1,778,500 14* Condo 2/2 $475,000 $472,500 6 Condo 1/1 $380,000 $365,000 4 Condo 1/1 $399,900 $454,000 3 Condo 1/1 $274,900 $315,000 5 *This area includes parts of NW DC, Between K and U Street/Florida Ave and 16th to 23rd Street. ** Unit part of new building with multiple units for sale. Days on Market may not be accurate.
What's Selling - Washington DC - Dupont Circle Neighborhood
The House Appropriations Committee approved a bill to extend the temporary conforming loan limits in high-cost housing markets through the end of September 2010. A conforming loan is one that meets the standards of loan guidelines of Freddie Mac and Fannie Mae. Right now the conforming loan limit in certain high-cost areas of the U.S. have a cap of $729,750, depending on location. The cap is 125% of the area median home price. This is great news for the DC Metro area; as this keeps many home buyers from needing to take out a Jumbo mortgages; which typically has a much higher interest rate than a conforming loan.
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800 Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
As my last post said - the Real Estate market is go
ing strong in Washington DC. Now I don't want people who read this think it's all roses here - or that anything will sell - that is simply NOT true.
But what the data shows is that the market in DC - is going pretty darn good.
The facts (June 2009 vs June 2008):
In Washington DC as a whole:
- The total homes sold was up 11.27%
- Median Sold Price was down only a small bit -1.67%
Now some areas are of DC are seeing much larger gains.
Georgetown area (zip code 20007):
- The total homes sold was up 15.56%
- Median Sold Price was UP 5.92%
and other areas are selling - just at lower prices.
NE DC- Trinidad/Brentwood (20002):
- The total homes sold UP 72.73%
- Median Price way down -18.73%
The other important fact: The Inventory of homes on the market has fallen to a 5.7 month inventory. What the summer will bring is yet to be seen; but as long as sellers keep their prices in line - the buyers are willing to buy.
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800 Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
I have mentioned this before - and it is still happening. Now don't get me wrong - not every home has multiple offers; nor do I ever want to see that again!
Just yesterday my team had an offer which we lost in multiple offers. Ours was a full-price, all cash offer. The other two - fought to OVER list price.
Now this was a lovely single family home in NW DC; not a perfect home; but a well-priced - in good condition home that was in a popular neighborhood and close to Metro. Lot's of positives with this home. Sadly; it won't be out clients who get to live there.
It just goes to show - in the right neighborhoods, at the right price, in good condition - homes sell and sell FAST (this was on less than a week).
Happy Home Buying !!
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800 Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
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Licensed in DC, Maryland & Virginia. James is a Graduate of the Realtor Institute and has completed training as Accredited Buyers Representative. He's better qualified to assist buyers and sellers.
I specialize in Relocations into the DC Metro area as well as 1st Time buyers and will be able to answer as many questions about home buying as you can ask! As an Accredited Buyers Representative (ABR); I have additional training and experience to represent buyers in their Real Estate purchase.
I maintain three Real Estate Licenses to serve you all around the beltway; in Virginia, Maryland and the District of Columbia.
Follow this link to Search for homes in the DC Metro area : HOME SEARCH
Washington DC has many wonderful sights and Neighborhoods. Where else can you live blocks from the White House or look out the window and see the Washington Monument?
We have a great subway system to carry you from the suburbs of Virginia or Maryland into the heart of the District.
Whatever you questions; I will be happy to help and guide you. Visit my blog for information about the DC Real Estate market and questions about the Washington DC area.
I have helped Buyers and Sellers throughout the Washington DC Metro area. No matter if it's your First Home, next home or vacation home - I can help and guide you through the entire process.
My experience includes working with Buyers, Sellers AND Renters in Washington DC, Virginia and Maryland.
* Selling or Buying
* First Time Home Buyers
* Condos or Co ops
* Military Relocations including civilian Personnel for the following DC area Military Bases:
It was very comforting to work with you and that meant a lot to me. Thanks for all your help and the priority you must have given to selling the apartment. I will certainly consult with you for any future real estate needs and recommend you to people I know. Again, thank for your professional, customer oriented services. -Ernest
This was the first home buying experience for both of us and James walked us through the entire process from start to finish. To ensure that we understood every aspect of the home buying experience, James took the time to learn more about us as individuals so that he could mold his search qeuery specifically to our needs/wants. James helped ease many of the questions and uncertainties we had as first time home buyers and remained professional throughout. We truly felt like more than just a client with James. To this day we drop his name to all friends and family searching in the capital region. -Michael Johnson
Thank you for your hard work and dedication. I will call you again and sent any friends I have your way. -SJ
Jim-- a huge thank you for being a terrific realtor and guiding us so well. The whole experience was a pleasure and we enjoyed our time together. We raise our glasses to you and again say thank you for everything. -Jill and Steve
I am so so glad you were my Realtor. You helped me every step of the way. I had no idea how many details there were to the whole process. Thanks again! -Eric
Thanks again for getting my condo sold so fast, especially since the market was so bad right now, I feel lucky to have found you to help me! -Brandon
I Love my place. The neighborhood is great! I'm happy to do anything just yet. I'm very happy and blessed about my purchase. Thanks again for all your hard work. -JJ
It was a pleasure working on this transaction with you. You were so organized and prompt with everything. Thank you and we hope to do business with you again. -Pat; Coldwell Banker
Thank you for everything. I knew I could count on you for your professionalism, quick resolutions and to go out of your way to get things done. It really meant a lot to me. Thanks so much! -Lise
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