On The Belt Team, we take pride in being your local real estate “experts”! Part of that involves staying on top of market stats & trends. In this post, and on a monthly basis, we will share with you some of the home sale statistics we watch in our region and in our own backyard.
10,689 homes went under contract in the region. This is down 1.54% from the same time period in 2018.
16% of the homes that went to settlement in January 2019, sold in 10 days or less from when they hit the market.
Average sold price was $396,337 (up 6.69% from the same time period in 2018 when it was $371,497)
12,625 homes came on the market. That’s up 3.14% from January 2018.
Homes that sold (closed) averaged 78 days on market, 12 days slower than in January of 2018.
There is currently a 2.3 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 26,560 homes for sale (townhouse, condo and single family).
OVERALL: The Mid-Atlantic Region is still in a Seller’s Market. The inventory remains low…advantage Sellers!
However, as you dig deeper into the numbers of our local market areas, you will find segments that are experiencing somewhat different market conditions. The upper-end price points in some areas are experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer. Whereas the lower price points are seeing appreciation, there is less inventory and homes are selling much faster.
To see what the conditions are like in your community, click on the link to your desired city below!
And…if you are thinking of buying and/or selling, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why. If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.
BUYERS: Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.
SELLERS: Call The Belt Team at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings.