The long, hot days of summer are coming to an end. To celebrate this event, my dog Frankie got a bath thereby signifying the end of the Dirty Dog Days of Summer! As we move into September, let's take a look at the market activity in Washington DC for the month of August.
In Washington DC for the month of August we saw 6,481 sales. This is a decrease of 4.9% from last year at this time. Additionally, this is a 9% decrease from July. The median home price for August was $433,000, a 3.1% increase from August of 2017. This means we saw less properties sold this August compared to last August, BUT the houses sold were for a higher median price than last year. There was a 1.6% decrease in median sale price from July to August of this year. The median sales price may have been $433,000, but we saw a 4.5% increase in Average sale price to $522,931 from August of 2017. This is a small 0.1% decrease from last month’s average home price.
Here’s why we have been in the Dirty Dog Days of Summer. Low Inventory. This month there were 13,039 units on the market. This is a 13.7% decrease from last August and a 5.6% decrease from last month where we were already experiencing Low Inventory. The Days on Market are holding pretty true from last year to this year with a nominal decrease from 36 to 33 days on market: a rapid processing time. Our current 33 days is up from 28 last month.
Our year to year data shows that September is the kick-off for the Fall Market. If you are a Seller, now is the time to get your property listed so you have time for buyers to find you before the winter lull sets in around Thanksgiving. If you are a Buyer get ready to see an increase in your options and ready to move quickly when you find something of interest because you will be facing competition. Be sure you are pre-approved with your qualification letter.
Please give me a call if you are ready to list, would like to see a new property or would like to know the value of your current property.
Enjoy these last days of summer until September 22 when Fall officially begins.
Head on over to my YouTube channel to watch my video: August 2018 Market Report