February 10, 2016 | Isabella Schnider

The residential real estate market is following a typical January pattern, with cooler demand, reduced inventory and slower market velocity in most markets.

Washington D.C. Metro Area closed sales over the last six-months.

The median list price in January is down slightly from December, largely consistent with the seasonal shift that favors buyers. At the same time, inventory continues to move down from its yearly peak, so buyers see fewer total choices but face less competition for the supply on the market. The median age of inventory is now 100 days, which is up 6 percent from December but still down 4 percent year-over-year.

In Arlington County, VA, the median sold price for detached properties for January was $799,900, compared to the median sold price for Condo & Coop properties, which was $398,700. The median sold price for single-family homes in Arlington County, VA, increased 1.9% compared to last month and decreased 0% from Jan 2015. The median sold price for Condo & Coop properties increased 10.8% compared to last month and 6.3% from Jan 2015.

In Fairfax County, VA, the median sold price for detached properties for January was $600,000, compared to the median sold price for Condo & Coop properties, which was $263,000. The median sold price for single-family homes in Fairfax County, VA, has decreased 0.8% compared to last month and no change from Jan 2015. The median sold price for Condo & Coop properties has increased 2.3% compared to last month and 1.9% from Jan 2015.

In Washington D.C., the median sold price for Detached properties for January was $672,500, compared to the median sold price for Condo & Coop properties, which was $435,000. The median sold price for single-family homes in Washington D.C. decreased 3.9% compared to last month and increased of 12.3% from Jan 2015. The median sold price for Condo & Coop properties has not changed from last month and decreased 1.1% from Jan 2015.

Consumer confidence which had increased in December, improved moderately in January. The Index now stands at 98.1, up from 96.3 in December. Consumers’ assessment of current conditions held steady, while their expectations for the next six months improved moderately. For now, consumers do not foresee the volatility in financial markets as having a negative impact on the economy.

Source: Realtor.com, RBI, Consumer Conference Board

 

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