The spring market is heating up in the D.C. Metro Area

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Welcome to our video blog. Today we’re talking about the current state of the market in the capital area today.

One question we get all the time is, “Are we in a buyer’s market or a seller’s market?” The truth is, we have many different markets in our area, and whether conditions are advantageous to buyers or sellers depends on the location.

Let’s start by talking about the city of Washington D.C. In this area, we are currently in a strong seller’s market. There are currently 1,200 properties available for sale and we’re selling about 950 properties a month. That gives us less than a 2-month supply.

Last year,  prices in the city went up by about 5%. The average days on market was also very short. All of these trends are likely to continue in 2016, and we intend to keep you up-to-date on the market as things change over time.

Now let’s talk about Montgomery County, MD, where we do about 50% of our business. This is a slightly different market. There are currently 220 properties available for sale and about 1500 are selling each month. Based on what happened last year, we expect the inventory here to increase to about 3,000 properties for sale by the time the spring market really kicks off. This will give us more of a balanced market, where neither buyer nor seller has an advantage.

If you have any questions for us at all or are thinking about buying or selling this spring, give us a call or send us an email. We’d love to hear from you!