October 14, 2015 | Isabella Schnider

In September, the residential real estate market experienced a normal seasonal decline in demand. Inventory has peaked for 2015 and buyers will see fewer choices through the end of the year as fewer new listings come on the market.

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

Listing inventory peaked early in September and ended the month down 0.7% from August. The median age of inventory is now 80 days, which is up 6.7% from August but remains down 5% year-over-year.

In Arlington County, VA, the median sold price for Detached properties for September was $752,500, compared to the median sold price for Condo & Coop properties for September, which was $365,000. The median sold price for single-family homes in Arlington County, VA, has decreased 5.5% compared to last month and increased 5.6% from Sep 2014. The median sold price for Condo & Coop properties has decreased 11% last month and 4.6% from Sep 2014.

In Fairfax County, VA, the median sold price for Detached properties for September was $620,000, compared to the median sold price for Condo & Coop properties for September, which was $260,000. The median sold price for single-family homes in Fairfax County, VA increased 0.8% compared to last month and 5.1% from Sep 2014. The median sold price for Condo & Coop decreased 3.5% compared to last month 2.2% from Sep 2014.

In Washington D.C., the median sold price for Detached properties for September was $693,000, compared to the median sold price for Condo & Coop properties for September, which was $422,750. The median sold price for single-family homes in Washington D.C. decreased 11.2% compared to last month and increased11.3% from Sep 2014. The median sold price for Condo & Coop properties increased 0.1% compared to last month and 5.7% from Sep 2014.

The Conference Board Consumer Confidence Index, which had increased in August, improved moderately in September. The Index now stands at 103.0, up from 101.3 in August. Lynn Franco, Director of Economic Indicators at The Conference Board stated, “Consumer confidence increased moderately in September, following August’s sharp rebound. Consumers’ expectations for the short-term outlook, however, remained relatively flat, although there was a modest improvement in income expectations. Thus, while consumers view current economic conditions more favorably, they do not foresee growth accelerating in the months ahead.”

Source: Realtor.com, RBI, Consumer Conference Board

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