DC Metro continues to see strong sales and contract activity; Slow but steady appreciation pushes median sales prices to near record highs
Rockville, MD – (July 10, 2015) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of RealEstate Business Intelligence (RBI) and is based on June 2015 MRIS housing data.
The Washington, D.C. Metro housing market enjoyed strong sales in June, with sales at the highest monthly level in nine years and pending sales at the highest June level in a decade. Median days-on-market remain very low while median sales prices continue their slow but steady rise. With closed sales of 5,652, this was the single highest monthly sales level since June 2006. Sales increased by 13% from June 2014 and by 16.9% from May 2015. The number of new contracts increased by 11.6% from June 2014 to 5,755, although new contracts have dropped slightly from April’s 6,203, which was the highest number of pending sales since July 2005. All market segments experienced year-over-year increases in both closed sales and new contracts. Year-over-year, median sales prices rose by 1.4% to $439,000, which is nearly equal to the record highs of $440,000 seen in June 2013 and June 2007. The median sales price for condos rose 4.2% to $312,500, single-family detached prices remained flat at $550,000 and townhomes increased 1.9% to $415,000.
Compared to June 2014, inventories increased by 11.5% to 12,341 total active listings, with the number of condos increasing by the largest percentage at 19% to 3,157, townhome listings increasing by 11.4% to 2,225 and single-family detached listings increasing by 11.5% to 6,942. New listings compared to June 2014 increased by 6.4% to 7,259 and median days-on-market (DOM) rose by three days to 15 days, up from 13 days last year.
Click here to view PDF version of this report