The DC real estate market is a little bit of the tale of 2 markets. A total of 763 properties were sold in June – of which 84 were bank owned and 25 were short sales – accounting for 14.3% of the sales. The Condo/Coop market appears to be rebounding nicely with prices and inventory both well above levels from 2009. The single family/rowhouse market appears to slowly be recovering. Average prices are still down while inventory is slow to rebound in numbers. Here’s the breakdown:
Condo/Coop
Average Sale Price: $414,612 (highest average over the past 5 years)
Closed Transactions: June 2010 v June 2009: Up 7.5%
Closed Transactions: Year to Date: Up 34.1%
Inventory: June 2010 v June 2009: Up 0.1%
Inventory: Year to date: Up 12.7%
Single Family/Rowhouse
Average Sale Price; $541,307 (lowest average over the last 5 years)
Closed Transactions: June 2010 v June 2009: Up 2.8%
Closed Transactions: Year to Date: Up 38.1%
Inventory: June 2010 v June 2009: Up 16.3%
Inventory: Year to date: Down 14.6%
Numbers are courtesy of GCAAR.com