The Capital Core Market Update March 2023

Active listings reversed course and added needed inventory to the market (15.84) from last month’s report. These active listings prices continued their upward movement (2.04%) and the days on market for these listings continued decreasing dramatically since last month (-13.79%).

Pending contracts kept their upward trend (17.65%) while their prices trended slightly up (0.84%) and their days on the market shrank (-19.57%) to a tight 37-day average..

Our lagging indicator portion of the report, the February 2023 sales when compared with those from January’s sales, reversed course and increased in volume dramatically (39.4%), sold prices switched back to the positive (3.58%), while days on market continued increasing (5%), and now for the 7th month in a row, sellers are averaging less than 100%+ of their asking price (98.45%).

Our take: The Spring Market is shaping up to be a very competitive and efficient one. Properties priced correctly and presented well are positioned to take advantage of the limited supplied market. We are experiencing multiple bids scenarios in some markets and expect seasoned buyers to be the likely winners as buyers entering the market are more likely to be following the national news and burdened with the wrong market expectations.

Matt Cheney

Washington Fine Properties

M: 202-465-0707

e: [email protected]