Reishman Report: DC Median Sold Prices Up, Inventory Stable

The Washington region’s housing market performed well in October, according to the latest data.

In the District, the median sold price in October hit $500,000 – that’s a jump of 9.9 percent over last October and the highest median home price in an October in the District ever, and it’s just $30,000 less than the high in July 2014.

DC real estate October 2014 inventory Average days on market, at 35 days, is still lengthy but is a 2.8 percent drop from last October and the fewest days on market for sold properties in an October in the past several years. This means homes are moving relatively quickly and for a good price.

One of the main factors we look at is housing inventory. That’s something we’ve been tracking very closely over the past several months. Housing inventory tells us a lot about how consumers are feeling about the market. While some people move because they have to (a job change, for example), a lot of people move when they believe the time is right – and it looks like more people think the time may be right.

Although new listings were down in October in the District of Columbia, inventory in October was virtually unchanged from September (from 1,469 active listings in September to 1,459 active listings in October).

Housing inventory had been declining from June through August before bouncing back up in September. Still, October’s housing inventory was 7.6 percent higher than the October before, and the highest it has been since October 2010.

For buyers, some advice: Make sure your financing is in order before you go home shopping, and be prepared to make a solid offer on the property you want when you see it.