December 14, 2015 | Isabella Schnider

The residential real estate market continues to follow the normal seasonal decline in demand in November. The median list price remained virtually the same, consistent with a seasonal decline in demand coupled with limited inventory.

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

Residential listings continue to decline from its yearly peak. Listing inventory trended down 2 percent over October, and continued to move slower per normal seasonal patterns, with most markets entering Christmas mode. However, inventory still ended up moving faster than this time last year. The median age of inventory ended at 84 days, which is up 4 percent from October but remains down 9 percent year-over-year.

In Arlington County, VA, the median sold price for detached properties for November was $850,000, compared to the median sold price for Condo & Coop properties, which was $375,000. The median sold price for single-family homes in Arlington County, VA, has increased 0.9% compared to last month and 13.3% since November 2014. The media sold price for Condo & Coop properties has decreased 4.6% compared to last month and 9.7% from November 2014.

In Fairfax County, VA, the median sold price for detached properties for November was $618,800, compared to the median sold price for Condo & Coop properties, which was $235,000. The median sold price for single-family homes in Fairfax County, VA, has decreased 0.2% compared to last month and increased 3.2% from November 2014. The median sold price for Condo & Coop properties has decreased 7.8% from last month and 8.4% since November 2014.

In Washington D.C., the median sold price for Detached properties for November was $825,000, 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. increased 17.9% compared to last month and 26.9% from November 2014. The median sold price for Condo & Coop properties decreased 0.7% from last month and 1.6% from November 2014.

The Conference Board Consumer Confidence Index, which had decreased moderately in October, declined further in November. The Index now stands at 90.4, down from 99.1 in October. Lynn Franco, Director of Economic Indicators at The Conference Board, stated, “The decline was mainly due to a less favorable view of the job market. Consumers’ appraisal of current business conditions, on the other hand, was mixed. Fewer consumers said conditions had improved, while the proportion saying conditions had deteriorated also declined. Heading into 2016, consumers are cautious about the labor market and expect little change in business conditions.”

Source: Realtor.com, RBI, Consumer Conference Board

Let’s Talk

Whether you’re interested in finding out more or how we can help you achieve your goals, we look forward to connecting.

Contact Us

Follow us on Facebook for the latest news & insights

Facebook