Inventory is Low, Prices are High!
Mid-Year Report for Chevy Chase DC: Prices Still on the Rise as Low Inventory Continues to Drive Market Conditions
The ongoing tight inventory situation in Chevy Chase DC has provided upward pressure on prices as well as impacted how houses are selling.
Median and Average Sales Prices each increased by about $100,000 or roughly 10%, while the number of transactions which went under contract during that January through June period dropped by 25%, with only 81 deals in the 1st half of 2018, compared to 107 during that timeframe in 2017.
Both the median and average “sales price as a percentage of list price” remained at around 101% - 102% (meaning a typical house sold for just slightly over the list price).
We have also found a noticeable rise in the number of pre/off market sales. This is a situation where properties sell prior to coming publicly available via the typical local MLS venue. The first 6 months this year have yielded 12 premarket sales, 15% of the 81 transactions since January, double the prior year’s rate.