2017 Year To Date Real Estate Market Report
It’s hard to believe, but we are three quarters of the way through 2017. We thought we’d take a look at how the local real estate market is faring so far this year and how it compared to the same period in 2016.
The good news? The market is performing quite well across the board in both the District and Northern Virginia.
- Volume (both dollar and units) is UP in both jurisdictions. The District saw a 10% increase in sold dollar volume in the first three quarter of 2017 as compared to the same time period in 2016. Northern Virginia also enjoyed a healthy, 8% increase.
- Average Sold Price is also UP in both The District and Northern Virginia. Both areas saw increases near 4% in average sale prices.
- Sold to Original List Price ratios were also higher in both jurisdictions. Virginia saw a greater increase in this ratio (.62%), with homes now selling at 98.1% of their original list price.
- The only thing that went down? Days on market (DOM), which is excellent news for local homeowners. DOM improved significantly in Northern Virginia, down nearly 18% to 42 days. In the District, DOM also decreased significantly (more than 10%) to 34.
The Bottom Line
From this quick look, we can say that the local real estate market has fared very well thus far in 2017. While the October stats are not yet available, anecdotally, we can say that sales continue to be brisk (click here for September’s market report). Homes that are priced competitively and show well are selling much faster than the average days on market. Properties in hot, walkable areas near Metro are selling even faster, sometimes with multiple offers.
If you are thinking of a move, please reach out. Even if you’re not quite ready, it’s never too early to start planning.
For more market insights, be sure to sign on for our weekly blog roundup.