DC Metro seller's market strengthens in April

Posted on May 10, 2018 by Corey Hart
10

May

2018

Washington D.C. Metro median price of $450,000 at highest April level in decade; sales at April record high; median days-on-market at nine, lowest level since June 2013

Rockville, MD – (May 10, 2018) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on April 2018 Bright MLS housing data.

Click here to view PDF version of this report

OVERVIEW

  • The Washington D.C. Metro April median sales price of $450,000 was up 3.1% or $13,500 compared to last year and was up 3.4% or $15,000 compared to last month.
  • Sales volume across the DC Metro area was over $2.6 billion, up 9.5% from last year.
  • Compared to last year, closed sales were up 5.2% to 4,837, a reversal of the prior four months of declines in year-over-year sales and at the highest April level of the decade.
  • New contracts of 6,443 were up 5.7% compared to last year.
  • There were 8,319 new listings in April up 8.5% compared to last year.
  • Active listings of 8,655 are down 9.4% compared to last year but are up 14.9% compared to last month. This is the 24th consecutive month of declines in year-over-year inventory.
  • The average percent of original list price received at sale in April was 99.0%, up from last year’s 98.7% and at the highest April level of the past decade.
  • The median days-on-market this month was nine days, down one day from last year and down four days from last month.  This was the lowest April DOM of the last ten years.


 

  • April’s regional median sales price of $450,000 increased 3.1% or $13,500 compared to last year and rose 3.4% or $15,000 compared to last month.  This is the 19th consecutive month of year-over-year price increases and was easily the highest April level of the last 10 years.
  • Compared to last year, single-family detached home prices increased 4.0% to $572,071, townhome prices rose 3.8% to $435,994, and condo prices increased 3.3% to $315,000.
  • April prices are above the 5-year average of $427,050 and the 10-year average of $390,775.
  • The regional median sales price of $450,000 is 34.3% higher than the market low of $332,000 seen in 2009.  Prior to this year, the highest April price of the last ten years was last year's $436,500.
  • This month, Falls Church City regained its standing as the most expensive location in the region, with a median sales price of $745,000, which is down 7.7% from last year.
  • The most affordable area is still Prince George’s County, with a median sales price of $285,000, a 3.6% increase over last year. 
  • For the year-to-date, prices are up 3.0% across the DC metro area to $425,000.


 

  • There were 4,837 closed sales in April, up 5.2% from last year and up 14.1% from last month. 
  • All property types saw increases in closed sales.  Townhome sales were up 11.0% to 1,276, condos were up 6.0% to 1,323 and single-family detached were up 1.8% to 2,238.
  • Sales were well above both the 5-year average of 4,453 and the 10-year average of 4,176.
  • April’s closed sales were 42.1% above the April 2009 market low of 3,403.  The prior April high was in 2016, when it was 4,678.
  • Across the region, most jurisdictions saw increases in closed sales, with Falls Church City up the largest percentage (+25.0% to 20) and Montgomery County up the smallest percentage (+1.8% to 1,137).  Only Alexandria City saw a decline in closed sales, (-6.1% to 232). 
  • For the DC metro area for the year-to-date, sales of 15,507 are down 0.9%.  


 

  • The 6,443 new pending sales in April were up 5.7% from last year and up 9.9% from last month.
  • Pending sales of townhomes were up 15.7% to 1,722, while new pending condo sales were up 7.3% to 1,636.  New pending sales of single-family detached homes were flat at 3,082.   
  • Pending sales are above the 5-year average of 6,207 and the 10-year average of 5,883.
  • New pending sales this month were 38.9% more than the April 2009 low of 4,639 and were 3.1% below the 2016 peak of 6,647.
  • Pending sales activity across the region was generally higher than last year, with Fairfax City having the largest percentage increase (+15.2% to 53) and Montgomery County (+1.7 to 1,451) having the smallest percentage increases in new pending sales.  Arlington County (-3.7% to 338) and Falls Church City (-28.6% to 20) saw the only declines.    


 

  • There were 8,319 new listings added this month, up 8.5% from last year and up 9.7% from last month. 
  • Compared to last year, new townhome listings were up 16.1% to 2,037, new condo listings were up 12.0% to 2,128 and new single-family listings were up 3.6% to 4,151.
  • New listings are slightly above the 5-year average of 8,170 and the 10-year average of 7,724. 
  • April new listings are 32.5% above the 10-year low of 6,280 seen in April 2012 and are 6.1% below the peak of 8,860 seen in April 2010.
  • The largest percentage increase in new listings was in Falls Church City (+21.4% to 34) and the smallest was in Fairfax County (+1.7% to 2,569). 
  • For the year to date, new listings of 25,574 are down 2.0% compared to last year.


 

  • There were 8,655 active listings at the end of April, down 9.4% compared to last year but up 14.9% compared to last month.  
  • Compared to last year, single-family detached inventories were down 11.8% to 4,797, condo inventories were down 7.3% to 2,243, and townhome inventories were down 4.9% to 1,602.
  • Inventories are well below both the 5-year average of 9,812 and the 10-year average of 11,720.
  • April inventory levels exceed the 2013 low of 7,123 by 21.5% and are down 54.9% from the peak of 19,207 seen in April 2009.
  • Across the region, inventory levels increased only in Falls Church City, (+20.0% to 30), in Fairfax City (+4% to 79), and in Prince George’s County (+2.2% to 1,696).  The smallest percentage decline was in Washington D.C. (-3.2% to 1,285) and the largest was in Fairfax County (-20.2% to 2,398).


 

  • The regional average sales price to original listing price ratio (SP to OLP ratio) for April was 99.0%, up from last year’s 98.7%, and also up from last month’s 98.4%. 
  • Townhomes have the highest April SP to OLP ratio of 99.5%.  Condos and single-family detached homes both have a SP to OLP ratio of 98.8%.
  • April’s SP to OLP ratio exceeds the 5-year average of 98.4% and the 10-year average of 96.7%.
  • Over the last decade, the lowest April average sales price to original listing price ratio was in 2009, when it was 91.3%.  Prior to this year, the highest April level of the last ten years was last year’s 98.7%.
  • Washington D.C. and Fairfax City both had SP to OLP ratios of 99.9%, up from last year’s 99.3% and 97.8%, respectively.
  • Prince George’s County had the lowest regional SP to OLP ratio of 98.5%, up from last year’s 98.4%.
  • For the year to date, the regional SP to OLP ratio of 98.1% is up just slightly from last year’s 98.0%.


 

  • April’s median days-on-market (DOM) was 9 days, down one day from last year and down four days from last month.
  • Townhomes have a median DOM of seven, while single-family detached homes have a median DOM of nine and condos have a median DOM of ten.
  • April’s median DOM was three days below the 5-year average of 12 days and 12 days below the 10-year average of 21 days.
  • Before this year, the lowest April DOM of the decade was last year’s ten days.  The highest April median DOM of the last 10 years was 57 days in 2009.
  • The highest median DOM in the region in April was in Prince George’s County, where it was 16 days, down from 20 days last year. 
  • The lowest median DOM in the region was six days in both in Falls Church City (up from four days last year) and in Fairfax County (down from 7 days last year).
  • For the year-to-date and across the entire D.C. metro, median DOM is down to 15 days from 18.


 

About the DC Metro Housing Market Update

The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.

  

About Bright MLS

The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 85,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.

 

About Elliot Eisenberg

Elliot Eisenberg, Ph.D. is the Chief Economist of GraphsandLaughs, LLC, a firm specializing in economic consulting and data analysis.  He is a frequent speaker on topics including: economic forecasts, economic impact of industries such as homebuilding and tourism, consequences of government regulation, economic development and other current economic issues. Dr. Eisenberg earned a B.A. in economics with first class honors from McGill University in Montreal, as well as a Masters and Ph.D. in public administration from Syracuse University. Eisenberg was formerly a Senior Economist with the National Association of Home Builders in Washington, D.C.   He is a regularly featured guest on cable news programs, talk and public radio, writes a syndicated column and authors a daily 70 word commentary on the economy that is available at www.econ70.com.

dc metro, market analysis, press release
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