Here are the highlights for the week ending August 6, 2023:
Time to contract is tightening. During the late summer and early fall there is typically an increase in median time to contract, but the pattern could be different this year. For homes that went under contract during the week ending August 6th, the median days to contract was 17, down 1 day from a week ago. Sustained competition in a market with scarce inventory is leading to this uncharacteristic tightening of time to contract.
New listings are decreasing. The number of new listings coming on to the market has been going up and down for the last 3 weeks. During the week ending August 6th, there were 1,152 new listings, a decline of 4.7% from last week. Typically, new listings begin trending down in the late summer and early in the fall.
Prices remained the same. At $550,00, the median list price in the D.C Metro Area remained the same as last year’s records. This week there was a slight (3.5%) decrease from the week prior. Coupled with the decrease in time to contract, the decrease in median list price is another sign that the competitive market is not easing.
