Changing Tides: Northwest DC Market Update
We are in the midst of a market shift—the tides are changing earlier than predicted.
Home values in NWDC have climbed over the past few years. Due to multiple contributing factors, I had expected the market to “cap out” in July or so—but we are seeing signs this may already be happening.
In April, the market hit a “saturation point” of sorts. Buyers have started to become more cautious, causing “average” homes to take longer to sell, and at slightly lower prices than anticipated.
For example, in April of 2016, the average sale price-to-list price ratio was 104.4%. This year, it was only 96.5%.
Average days on market climbed from 21 in April last year to a whopping 81 this year.
➡︎ So, what does this mean for you and your property? – If you are thinking about selling, NOW is the time to start the process—and you can still sell high if you choose the right real estate agent.
With my tactical pre-listing marketing plan, my sellers are still seeing multiple offers…even when other homes are languishing on the market.
If you are thinking about selling your home in the next 12 months, call me today for your strategic marketing consultation ➡︎ 202-550-8380
We will cover your goals, and outline a strategic approach that fits your needs and timeline.