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DC Metro housing market goes from torrid to merely hot in July

Casey O'Neal

Casey believes that educating a client and building trust is the best way to overcome fears and apprehension...

Casey believes that educating a client and building trust is the best way to overcome fears and apprehension...

Oct 24 8 minutes read

Washington D.C. Metro home prices at July high of $439,900; July closed and pending sales both near record July levels; inventories decline for 15th month in a row.

OVERVIEW

  • The Washington D.C. Metro median sales price of $439,900 was up 1.1% or $4,900 compared to last year but was down 3.3% or $15,100 compared to last month.  This is the highest July price of the decade.
  • Sales volume across the DC Metro area was over $2.8 billion, up 6.8% from last year.
  • Closed sales of 5,157 were up 2.2% compared to last year but were down 16.0% compared to last month.
  • New contract activity of 5,116 dropped 2.9% compared to last year and 14.2% compared to last month.
  • New listings of 6,282 were up 0.9% compared to last year.
  • Active listings of 10,276 are down 6.1% compared to last year and down 2.0% compared to last month. This is the 15th consecutive month of declines in year-over-year inventory levels.
  • The average percent of original list price received at sale in July was 98.3%.
  • The median days-on-market for July 2017 was 14 days, three days lower than last year.

 

  • July’s regional median sales price rose 1.1% to $439,900, an increase of $4,900 compared to last year, but down 3.3% or $15,100 compared to last month.
  • Compared to last year, townhome prices increased 3.1% to $420,000, single-family detached home prices increased 2.8% to $560,000 and condo prices rose 2.7% to $310,000. 
  • July prices remain above the 5-year average of $432,080, and the 10-year average of $402,590.
  • The overall regional price of $439,900 is 23.9% above the July 2009 low of $355,000.
  • Falls Church City remains the most expensive location in the region, with a median sales price of $830,000, up 17.2%. 
  • Prince George’s County remains the most affordable area in the region, with a median sales price of $281,980, a 4.4% increase over last year.  Prince George’s County also has the highest year to date price appreciation, up 10.0% compared to last year.
  • For the year to date, the regional median sales price is up 3.1% to $430,000 compared to the same period of 2016.

 

  • Closed sales of 5,157 were up 2.2% from last year but down 16.0% from last month.
  • Compared to last year, townhome sales were up 5.4% to 1,353 and condo sales were up 5.3% to 1,381.  Single-family detached sales were down 1.1% to 2,423.
  • Sales remain above both the 5-year average of 4,984 and the 10-year average of 4,573.
  • July’s closed sales were 32.8% above the market low of 3,881 seen in July 2008, but were down 1.3% from the peak of 5,225 seen in 2015.
  • Sales activity across the region was mostly up, with the largest gain in Falls Church City (+26.3% or 5 sales) and the largest decline in Montgomery County ( -7.2% or 90 sales). 
  • For the year-to-date, all jurisdictions to show gains in sales, with the largest in Falls Church City (+35.9% or 38 sales) and the smallest in Montgomery County (+1.2% or 90 sales).  Across the region, YTD sales are up 5.5% to 33,195.

 

  • New pending sales of 5,116 were down 2.9% compared to last year’s record July level of 5,267 and down 14.2% compared to last month.
  • Only condos saw an increase in new pending sales, up 2.1% to 1,416.  New pending sales of single-family detached were down 3.4% to 2,366 and townhomes were down 6.6% to 1,334.
  • Pending sales remain above the 5-year average of 5,078 and the 10-year average of 4,611.
  • July’s new pending sales were 44.9% more than the July 2010 low of 3,530.
  • Pending sales activity across the region was mixed, with the largest percentage increase in Falls Church City, which was up from 14 new pending sales to 19 (+35.7%).  The largest decrease was in Montgomery County, where they dropped 8.0% to 1,156.
  • For the year-to-date, regional new pending sales of 39,370 are up 0.8% compared to last year.

 

  • The 6,282 new listings in July were up 0.9% from last year but down 19.5% from last month.     
  • New single-family listings were up 3.5% to 3,073 compared to last year, but new condo listings were down 0.4% to 1,628 and townhome listings were down 2.4% to 1,580.
  • New listings nearly equal the 5-year average of 6,283 and are just slightly above the 10-year average of 6,070. 
  • July new listings are 37.2% above the 10-year low of 4,579 seen in July 2012, but are 11.7% below the 2008 high of 7,115.
  • Across the region, Falls Church City saw the largest percentage decrease in new listings (-10.7% to 25) while the largest percentage increase was in Fairfax City (+26.4% to 67 listings).
  • For the year to date, new listings across the entire DC Metro are up 1.5% compared to last year to 48,479.

 

  • The 10,276 active listings at the end of July were down 6.1% compared to last year and down 2.0% compared to last month.   
  • All property types showed decreases in inventory levels over last year, with condo inventories down 9.8% to 2,538, townhome inventories down 5.3% to 1,967, and single-family detached inventories down 4.7% to 5,761.
  • Inventories are below both the 5-year average of 10,675, and the 10-year average of 13,601.
  • July inventory levels exceed the 2013 low of 8,391 by 22.5%, but are down 58.9% from the peak of 24,994 seen in July 2008.
  • Across the region, inventory levels rose only in Washington, D.C. (+7.9% to 1,363), and in Prince George’s County, (+3.4% to 1,869).  The largest percentage decline was in Fairfax County (-13.2% to 3,253).

 

  • The regional average sales price to original listing price ratio (SP to OLP ratio) for July was 98.3%, up from last year’s 97.9%, but down from last month’s 98.5%. 
  • Townhomes have the highest July SP to OLP ratio of 99.1%.  Single-family detached homes and condos both have a SP to OLP ratio of 98.0%.
  • July’s SP to OLP ratio exceeds the 5-year average of 98.1% and the 10-year average of 96.3%.
  • Over the last decade, the region’s July average sales price to original listing price ratio ranged from a low of 93.1% in 2008 to a high of 98.5% in July 2013. 
  • Falls Church City had the highest regional SP to OLP ratio at 99.5% of original listing price, up from last year’s 99.1%.
  • The largest gap between original listing price and sales price was in Fairfax City, where the average ratio was 97.5%, up from last year’s 97.2%.
  • For the year-to-date, the regional SP to OLP ratio is 98.3%, higher than last year’s 97.6%.

 

  • The median days-on-market (DOM) in July was 14 days, down from 17 days last year but up two days from last month.
  • Townhomes have a median DOM of 11, while condos have a median DOM of 15 and single-family detached homes have a median DOM of 16.
  • July’s median DOM was two days below the 5-year average of 16 days and 12 days below the 10-year average of 26 days.
  • This month’s median DOM of 14 is the second-lowest July level in a decade (the lowest was 12 days in 2013).  The highest July median DOM of the last 10 years was 56 days in 2008.
  • The highest median DOM in the region in July was in Montgomery County where it was 16 days, down from 22 days last year. 
  • Falls Church City has the lowest median DOM of 4 days, down from 8 days last year.
  • For the year-to-date, the overall regional median DOM is 14 days, down from 19 days last year.

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