June 2018 Housing Market Report
Arlington County & the Greater Washington DC Metro Area
The arrival of the latest market report no doubt roused up some alarm bells for some. Whereas the common thread over the past year plus has put sellers in prime position, the market is tightening up now increasingly all around. No doubt the most impactful news item this month is that new listings are way down – by upwards of 15% since last month! But there's a lot more to extract from these stats - with Arlington County seeing a sharp decline in sold price in spite of the tightening inventory; and the DC metro area as a whole selling on average in just 30 days - well below the norm!
Presented by Buyer Advocate Specialist Kyle Russell of the Keri Shull Team.
Arlington County Housing Rundown
- New listings down 15.4% from May 2018 to 402
- Closed sales up 3.4% from May 2018
- Median sold price down 16% from June 2017 to $525,000
- Average sold to list price ratio -> 99%!
These four figures paint a clear picture - the market is really tight! Less houses are going on the market, yet at the same time the median sold price is way down.
Seller's Market in Greater DC
- New Listings are down 11.8% from May 2018 to 7,346
- Median sold price is up 3.5% from June 2017 to $471,000
- Active listings are at a 5 year low with just 9,805 (down from 10,481 last June)
- 30 average days on market
With the sale price rising and new listings falling, the Greater DC is on the whole in the midst of a major seller's market. Homes are flying off the market, and at just barely under the starting asking price!
So what to do when looking to sell or buy?
For sellers - in a tight market like this, you need all the momentum you can get. With the Keri Shull Team, not only will you have a full 360º service behind you, but you will also be dealing with Realtors® who routinely crush real estate averages.
For buyers - the best way to beat the competition is to get there first, and there's no better way to do that than through the off-market listings. That is – homes that are not actively listed on the market, but which are available exclusively through the Keri Shull Team.