The Capital Core Market Update January 2023

The Capital Core Market Update January 2023:

Active listings contracted again this month (-6.9) from last month’s report. These active listings prices have increased ever so slightly (0.36%) and the days on market for these listings decreased in the past month (-7.07%).

Pending contracts have seen a positive jump (35.48%) while their prices trended down slightly (-6.21%) and their days on the market increased (4.26%) to a 49-day average..

Our lagging indicator portion of the report, the December 2022 sales when compared with those from November’s sales, continued to decrease in volume (-17.34%), sold prices stayed on trend and increased (1.48%), while days on market decreased nominally (-0.1%), and now for the 5th month in a row, sellers are averaging less than 100%+ of their asking price (98.0%).

Our take: Improving mortgage rates are getting more buyers off the sidelines and into the market while would be sellers continue to delay putting their homes on the market leaving the supply demand equation favoring sellers.

Matt Cheney

Washington Fine Properties

M: 202-465-0707

e: [email protected]