June is usually the top sales month of the year, but this year the close-in Metro area market was down from April and May in dollar volume of sales, at -6.6%, with a small increase of +2.2% in average price and a 29.6 fewer days-on-market from last June.
An average of the first six months of this year showed the same pattern, with a -2.9% average for dollar volume of sales, a +2.8% increase in average price and a -22.4% in days-on-market.
While we are looking at a stable market, with continuing lack of supply, which pushes prices and results in quick sales, the price increases are now more moderate, because we are reaching price levels that are getting closer to the top of affordability.
A word of caution: we have a very successful real estate market, but if you have a house or condo to sell and you will also be buying- you will do very well when you sell, but you will have to be super competitive when you buy. Remember that you are selling and buying in the same marketplace!
*Statistics are taken from Bright MLS for the District of Columbia, Montgomery County in Maryland and Arlington, Alexandria and Fairfax County in Northern Virginia.