In the briefest of sentences, this is where we are – low supply (inventory) with high demand (buyers who want to buy) leads to increasing prices.
As of 9/26, there was about 3.7 months of inventory in DC. The average list price was just under $1,000,000, which is up 7%.
There was 1.2 months of inventory in Montgomery County so much more of a seller’s market than DC. The average price is just over $1,000,000, up 19%.
Arlington is in the middle of the two with 2.1 months of inventory. The average price is just over $1.1M, up 24%.
Contracts are up in August 2023 compared to last year, but inventory is down. Across the board we are seeing smaller amounts of available inventory. The luxury market was slower in DC, Montgomery and Fauquier Counties, but had solid numbers everywhere else.
Look at Us – TTR Sotheby’s International Realty
The Fed & Mortgages
At the end of September, the Fed held the Federal Funds rate steady. We are expecting (as of right now) one more hike this year.
Recordation and Transfer Taxes – An Update
You may have heard that Montgomery Country increased their recordation taxes which went into effect October 1. Please see this breakdown of the changes: