Washington, D.C. Real Estate Market Update – September 2009
The numbers and statistics below are courtesy of the Greater Capital Area Association of Realtors. Interesting trends for the District of Columbia:
Condos and Coops
Average Sales Price Year-to-Date: $412,367
**Thus far, highest since 2005.
Inventory: Total at 1,229 listings
**2nd lowest since September 2008
Single Family Homes
Average Sales Price Year-to-Date: $557,725
**Lowest, by about $60k since 2005 (prices peaked in 2007)
Inventory: Total of 1,464 Listings
*2nd lowest in the last calendar year (August 2009 was the lowest)
Obviously the D.C. market is more complex than this overall picture paints. The 4 quadrants – SW, SE, NE, and NW – all have mini markets within themselves. But the bigger story is the LOW level of inventory throughout the District. While some areas have a HUGE supply, others have nothing. There’s also been recent additions of brand new construction in the District.
Please ask for more specific numbers.