Capital Core Market Update

The Capital Core Market Update February 2023:

Active listings continued their contraction again this month (-3.06) from last month’s report. These active listings prices have also continued their climb (5.4%) and the days on market for these listings decreased again this past month (-5.43%).

Pending contracts keep their upward trend (14.25%) while their prices trended up as well (3.22%) and their days on the market shrank (-6.12%) to a 46-day average..

Our lagging indicator portion of the report, the January 2023 sales when compared with those from December’s sales, continued to decrease in volume dramatically (-21.64%), sold prices interestingly decreased (16.83%), while days on market increased (2.56%), and now for the 6th month in a row, sellers are averaging less than 100%+ of their asking price (97.1%).

Our take: The real estate market is experiencing an inventory crunch. To get back to a more balanced market an additional 1,000 units of inventory need to be on the market at a given time. That is a 71% jump from were we are currently. Until then we will experience a bit of logjam in the housing market.

Who will benefit from the current market? Sellers who have a well-thought-out strategy.

Matt Cheney

Washington Fine Properties

M: 202-465-0707

e: [email protected]