May 2007: Market for DC Condos, Single-Family Homes

The Story:




Link: Greater Capital Area Assn. of Realtors

The Dish:
--- Condos: Invetory is down. Contracts up over last year. Prices are flat. No bubble bursting. Neither buyers, nor seller have an advantage, but this could turn into a sellers market.
----Single Family Homes: Supply of new homes to the market is down. No real direction in prices, but they are higher than last year. Again no real advantage for buyers or seller.
---Buyers and sellers should remember the Mantra: "A well priced property will move in this market."

Mixed Bag for Market for DC Houses

Prices for Single-Family homes in DC have pretty flat over the past 12 months. The median price in April was 505k, up 1.3 percent from a month ago.

But sales are down and inventory is growing. In April there were 362 sales, down 14%, over the same period last year. And total market inventory grew to 1334, up 9.25% from the year ago period.

Bottom line: Prices are hold their own so sellers should be pleased, but there are warning signs that should give buyers some hope for better days ahead. See March numbers.

Greater Capital Area of Realtors