How’s the DC Metro Market? Here’s the update! 2016 year end sales held strong. The market pace of 2017 is still figuring it’s way as we get back to the grind after the holidays and the new administration gets underway. Home prices have remained strong overall but started to flatten out and the amount of inventory holds the key as to how much. Interest rates are most certainly heading upward. Buyers are out and about looking but have a specific agenda. So far, year to date our inventory is down so buyers are still competing with each other and bidding up prices for a quality home. It seems as though there aren’t enough ‘quality’ homes to go around – quality meaning well cared for, renovations have already
been completed for big ticket items such as windows, roof, HVAC and kitchen and baths. Most buyers don’t want to deal with the hassle nor cost of executing remodeling. Move-in ready homes are selling at a premium and buyers are willing to pay.
Arlington County, Alexandria City and Washington DC are up in listings and pending contracts but down overall in closed sales as is typical for the winter months