Whether it is the weather, or stabilized interest rates, the 2017 DC Metro housing market is off to a roaring start! January closed sales in our area were up 11.5% over last year, to the highest volume in a decade and median sales prices was up 3.9% over last year.
Inventory remains low, which means we are seeing new listings move FAST! We had two of our listings go under contract the first week this month- one in just 2 days! Overall in our area, Median Days on Market for January was down 10 days from January last year. New listings saw an increase of 12.8% over January of last year, but active listings (those remaining available on the market) were down 12.7% compared to last year and 3.1% from last month, meaning those new listings were gobbled up quickly. January inventory levels reached the lowest since 2014.
I know we have been saying this for months now, but if you are considering selling this year and have some flexibility in your move plans, now is a GREAT time! Buyers are looking and inventory is low. We are seeing big turn outs at our open houses and fast offers on our listings. Start the conversation with our listing team to decide on the best time to list given your goals and circumstances.
Buyers, over the next month or so we are expecting a seasonal uptick in inventory (though based on data we’re seeing, you should still expect the market to move quickly), which means the property you’ve been waiting for could come on the market. Get ready by learning about the home buying process ahead of time, and getting pre-approved with a lender. We are hosting our popular First Time Home Buyer Class in a few weeks, details below, and work with some fantastic lenders, so ask us for recommendations. If you can’t make the class, reach out with your questions- we are here to help!
Past clients, the best thanks we can get is your reviews and referrals! Leave us a review on zillow, yelp, or facebook to be entered into a drawing for two free Caps tickets (they’re doing great, by the way)!
Client Appreciation Event: Afternoon at the Winery
Wine Tasting and Picnic for Wethman Group clients!
Saturday, April 1st 12pm-3pm
Join us for an afternoon at a local winery to sip and learn about a variety of wines and enjoy our warm spring weather. Clients, watch for your invitation this week or contact us for your free tickets.
Upcoming First Time Home Buyer Class
Tuesday, March 21st, Capitol City Brewery Register Here
As always, if you or someone you know has a real estate need please reach out. We’re here to help.
The Wethman Group