DC Area Real Estate market gears up for fall season growth
Washington DC area real estate market is showing mix signals. While the market principal is strong as ever, the inventory of active listings which was on the rise in the March-May 2014 period is now balancing out per MRIS (Metropolitan Regional Information Systems, Inc.) statistics.
Despite higher than last year inventory, the statistic shows a net increase in median prices across the region with exception of Washington DC where median prices decreased from $529,000 in 2013 to $520,000 in 2014 (1.7 net loss) and Alexandria City with 3.9% net loss bringing down the average prices sold from $520,000 in 2014 to $499,900 in 2013.
Falls Church city had the highest gain (17%) from average prices sold of $637,000 in 2013 to $745,000 in 2014. That is mostly attributed to new homes sales in that jurisdiction.
The balanced inventory is now helping with the days in the market: when the listings are sold and the days properties stay in the market are short the inventory get tight and the prices will inch up.
Market is now showing a good healthy improvement. The new fall season starting after summer vacation season promises an increase in sale and activity for Realtors