March 26, 2016 by Jeff Lowen
I’m always amazed when I speak with people that suggest the market is slow, or homes aren’t selling, or there’s not many homes for sale, etc… Etc… Etc… To empathize with them, I’d say that at any given moment, these above statements may surely ‘feel’ true. However, in an area where over two hundred and fifty homes are sold every day (Three months into the year), you be the judge…
Active Listings In The Washington, DC Metro Area
Represents the properties currently available for sale in the system, regardless of when they were entered into the system.
- Active Listings: 54,600
- Residential: 39,425
- Lot/Land: 12,043
- Commercial: 2,649
- Multi-Family: 483
Sold Listings In The Washington, DC Metro Area
- Sales YTD (2016): 23,057
- Daily Number of Homes Sold Average YTD: 253
- Sales Volume YTD (2016): $7,889,470,998
- Daily Sales Volume Average YTD (2016): $91,738,035
- Sales (2015): 139,975
- Sales Volume (2015): $51,171,447,586
- Daily Sales Volume Average (2015): $140,195,747
- Sales Total Since Jan 96*: 2,614,527
- Sales Volume Total Since Jan 96*: $785,448,723,324
Money In The Washington, DC Metro Area
Represents the percentage of the type of financing by purchasers of sold homes.
- Assuming the existing loan: Virtually non-existent, 0.0002%
- No financing, all cash purchase: 22%
- Conventional financing: 39%
- FHA financing: 18%
- Other: 12%
- Owner financing: Virtually non-existent, 0.002%
- VA financing: 9%
Good To Know
- Homeowners are getting 94+% of what they are asking for their properties.
- It is taking 3 months to sell it.*
*Three months is Days on the Market (DOM). For example: If you put a sign in your yard today, you will get your money in 4 to 5 months (3 months DOM + 30 to 60 days closing period).
Important Note: Based on all the above information, every home that’s been marked as sold today; has been on the market since November~ish.
So now, you’re armed with some great information to share with your friends, family and work associates. Go forth and be the life of the party!
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