Half of May sales were on market less than two weeks; Closed sales up 6 percent from last year
Rockville, MD – (June 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 May 2015 MRIS housing data.
The Washington DC Metro housing market enjoyed a strong May with sales at the highest monthly level since June 2014, pending sales and prices at the highest May level in a decade, while median days-on-market remain exceptionally low. Closed sales of 4,835 increased by 6.2% from May 2014 and by 13.3% from April 2015. The number of new contracts increased by 8.4% from May 2014 to 6,158, although new contracts did drop slightly from last month’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, with townhomes having the strongest increases of 15.3% and 10.2% respectively. Year-over-year, overall median sales prices rose by 1.2% to $435,000, with the median sales price for townhomes rising to $427,000 and single-family detached and condos declining to $540,000 and $307,000 respectively.
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