Even with double-digit gains in new listings, overall inventory remains low
Demand remained strong in the Washington DC Metro Region in August. The number of sales and pending contracts increased. Inventories continue to decline, but the pace has slowed to a single digit year-over year decrease. New listings continue to increase and mitigate the decline of inventories. Demand for smaller units in the market continues to drive much of the overall sales. Sales of units smaller than 800 square feet increased by 35.6 percent from last August, which is over double the 13.8 percent increase for all units. Condo sales drove the majority of the increases in both sales and new contracts. Units between 800 and 1,000 square feet had a median sales price increase of 21.7 percent, or nearly three times the 7.8 percent increase for all units. The overall high demand and low supply contributed to median sale price gains within the region and resulted in the highest August-level median sales price in eight years. The median days-on-market continues to be historically low, and is now at its lowest August-level since 2005. Rising prices and strong demand may encourage new sellers to enter the market, increasing new listings and helping to meet pent up demand.
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