Prices Rise But Inventory Increases as Summer Market Slows

Prices Rise But Inventory Increases as Summer Market Slows 

 

* Stats and Information from GCAAR

Condo and Single-Family Inventory Up in Both Jurisdictions 

 

Prices rose for condos and single-family homes in the District of Columbia and Montgomery County in July even as inventory rose in both jurisdictions. Contract activity was mixed.

 

Washington, DC

The average days on market was down 8.5% compared to July 2013. The median price for condos rose 1.8%, with single-family homes receiving a 4.8% increase. Inventory increased 13.6% for condos, and 1.9%  for single-family homes. Condo contracts dropped 7.8%, but increased 2.7% for single-family homes. Settlements increased 5.5% for condos, and but decreased 9.4% for single-family homes compared to July 2013. 

 

Montgomery County

The average number of days on market was up 11.43% from July 2013. Median condo prices saw a 2.7% increase, and the price of single-family homes rose by 2.2%. The amount of available inventory increased in July, with a 32.4% increase for condos and a 38% increase for single-family homes. The number of contracts increased for condos by 4.7%, but decreased by 1.4% for single-family homes. Settlements dropped for condos and single-family homes: 21.9% and 16.2% respectively, compared to July 2013.   

Market Minute Report from Long and Foster for:

 

 

Bethesda / Cabin John Market Area

Active Inventory

Versus last year, the total number of homes available this month is higher by 60 units or 27%. The total number of active inventory this July was 284 compared to 224 in July 2013. This month's total of 284 is lower than the previous month's total supply of available inventory of 318, a decrease of 11%.

Months of Supply

In July, there was 2.4 months of supply available in Bethesda and Cabin John, compared to 1.6 in July 2013. That is an increase of 53% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

North Chevy Case

Versus last year, the total number of homes available this month is higher by 18 units or 23%. The total number of active inventory this July was 96 compared to 78 in July 2013. This month's total of 96 is lower than the previous month's total supply of available inventory of 111, a decrease of 14%.

 

 

Months of Supply

In July, there was 2.8 months of supply available in Chevy Chase North, compared to 1.6 in July 2013. That is an increase of 74% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

Nalls Home Partner's E-Newsletter for August 2014

 

 

Click Here to Read Our Entire Monthly E-Newsletter

This month we would like to feature some of our "Unsung Heroes", some  of the people behind the scenes who help us get your homes sold.   Eric Kittleson and Sean Sheppard are both photographers with Truplace, the company we use to photograph your homes and draw the floor plans.  These fine gentlemen come in and shoot your homes so that they shine in every photo.  Research shows that listings with good photos get far more internet views (and showings) than those without.. Eric has been with Trueplace for 3 years and Sean 8 years.

 

Thanks for a job well done.  

Luis is a sign installer for LJS signs, the company that places and removes the signposts with the Long & Foster panels that you see in your front yard.  Out from early in the morning to late in the evening rain or shine, Luis is a key component in getting your home sold.  

Please give credit to our unsung heroes, as they are an integral part of our team.

(Eric Kittleson with Truplace)  

  

 (Sean Sheppard with Truplace)

  

  

  (Luis with LJS)

Hope you are having a great summer!

  

Barbara, Tom, Marc and Susan

Nalls Home Partners