May was another record-breaking month in the DC Metro housing market. Prices ticked up to the highest in a decade, but not by much, rising just 1.1% $5,000 over May last year, but up a seasonal 3% or $15,000 over just last month. This is correlated with the lowest active inventory we have seen in May since 2013, despite new listings being up a seasonal 3% from last month, those new listings are being absorbed in record time. Median Days on Market (DOM) is down to just 9! Half of the homes that come on the market now are under contract in less than 9 days! This is 1 day fewer than last year and in line with the 9 day average we saw in 2013.
Interest rates bounced up and down over the past month, but have ended up back in the same starting point, which is good news for buyers still hoping to make their move by the end of summer. Despite the competitive market, our clients are still finding their home of choice and we are handing over keys all the time! Thinking of buying? Let us walk you through what this market means for your search strategy, or get started by attending our upcoming free webinar THIS WEDNESDAY, June 20th (registration details below). For many buyers, depending on your individual circumstance, we still think buying this year, even with all of the competition, will be better than waiting until next.
With the continued emphasis on inventory and seasonality in your favor, if you are thinking of selling, get in touch now to have us create the best strategy for you to sell for top dollar! The market is hot, but taking advantage of that competition requires the right marketing strategy and team to optimize your exposure to buyers. Check out our listing highlights below- 2 recent listings sold within days of hitting the market!
CLIENT APPRECIATION EVENTS
Baseball Game- Sunday, July 8th– Clients, it’s that time of year, you’ve received your invitation to our annual baseball game and you’ve responded! The event has proven so popular we are already on a waitlist for tickets, but we are determined to make sure we can get as many clients in a possible, so DO sign up for the waitlist if you are interested and root, root, root for the home team with us! If you haven’t received your invitation, please email us at email@example.com and we’ll get you sorted out.
First Time Home Buyer Webinar: THIS WEDNESDAY, June 20th at 7pm
Our popular First Time Home Buyer class covers deciding to buy, financing, your home search, trends in the local market, and even the implications of the new tax law! If you want a refresher before diving into the Spring market, join us for this free class and send your friends who are thinking of buying! Register here to join.
Senior Seminar: Downsizing and Preparing Your Home for Sale
We joined TAD relocation last Thursday at Grand Oaks Assisted Living for a special seminar for seniors preparing to downsize and thinking about selling their long-time home. We had a great response and would love to share this information with any groups who are interested! Let us know if you have a group (or individual) who would benefit from downsizing information. We’d be happy to reach out!
As always, if you or someone you know has a real estate need, please reach out. We are here to help!
The Wethman Group
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