As active members of the Greater Capital Area Association of Realtors (GCAAR), we have access to the latest market trends and data. Here are some of the highlights from September's closed sales and overall market conditions. 

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Washington, D.C. -- Competition continues to be fierce!

While the September median sales price dropped 6.4 percent in D.C., they are still near record high! Even with the median sales price at record highs (third highest September since 1997), supply is scarce -- with only 2.2 months of supply on hand. Half the homes sold in September were on the market for 15 days or less. Due to the competition among buyers, the median percent of asking price was kept at 99.2 percent.


Montgomery County: According to the September 2017 Montgomery County trends report, the median sales price for MoCo homes is the highest since September 2007! 

Even with the median sales price at record highs (third highest September since 1997), supply is scarce with only 2.2 months of supply on hand. There was a bump up in contract activity compared to last September and the overall new pending sales topped the five-year September average by 10 percent. But closed sales decreased when compared to last September across every housing segment. However, half the homes sold in September were on the market for 15 days or less and the competition among buyers kept the median percent of asking price at 99.2 percent.



Neighborhood Insight: Chevy Chase

Median Sales Price by Month - Prices of houses sold in September dipped to their lowest point in the last year. However, of the 73 newly listed properties in September, the median price was $1.1M, signaling that low prices won't necessarily continue to be the norm moving forward.

Average Sold Price / SQFT - Properties that were sold in September tended to be significantly smaller in square footage, largely explaining the decline in median and average sold prices for September.

Supply - Inventory in Chevy Chase continues to be more plentiful than what we saw in the spring market when supply was very tight. Average DOM is currently at 52, while months of supply is 5.0.

See the below chart for a breakdown of the current market trends in Chevy Chase!

*data courtesy of BrightMLS BrokerMetrics


Active

Under Contract
Sold





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