DC Metro seller's market remains tight in August as prices continue to gain over 2016 levels

Washington D.C. Metro median price of $430,000 at August decade high; pending and closed sales are at or near August decade highs; inventories decline for 16^th consecutive month

OVERVIEW

• The Washington D.C. Metro median sales price of $430,000 was up 2.2% or $9,250 compared to last year but was down 2.3% or $9,900 compared to last month.  This is the highest August price of the decade.
• Sales volume across the DC Metro area was over $2.6 billion, up a slight 0.1% from last year.
• Closed sales of 5,073 were down 0.3% compared to last year and down 1.6% compared to last month.
• New contract activity of 4,965 was up 1.2% compared to last year.
• New listings of 5,894 were up 7.2% compared to last year but were down 6.2% from last month.
• Active listings of 9,855 are down 4.4% compared to last year and down 4.1% compared to last month. This is the 16th consecutive month of declines in year-over-year inventory levels.
• The average percent of original list price received at sale in August was 97.8%.
• The median days-on-market for August 2017 was 18 days, four days lower than last year.

• August’s regional median sales price rose 2.2% to $430,000, an increase of $9,250 compared to last year, but down 2.3% or $9,900 compared to last month.  This is the 11^th consecutive month of year-over-year price increases.
• Compared to last year, townhome prices increased 2.6% to $414,250, single-family detached home prices increased 2.1% to $539,900 and condo prices rose 1.0% to $295,000. 
• August prices are above the 5-year average of $418,350, and the 10-year average of $389,975.
• The overall regional price of $430,000 is 25.7% above the August 2009 low of $342,000.
• Falls Church City remains the most expensive location in the region, with a median sales price of $807,750, up 1.1% from last year. 
• Prince George’s County is still the most affordable area in the region, with a median sales price of $275,000, a 6.9% increase over 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.  Prince George’s County has the highest year-to-date price appreciation, up 10.0%.

• Closed sales of 5,073 were down 0.3% from last year and down 1.6% from last month.
• Compared to last year, condo sales were up 3.3% to 1,365 and single-family detached sales were up 1.3% to 2,447.  Townhome sales were down 6.7% to 1,260.
• Sales remain above both the 5-year average of 4,697 and the 10-year average of 4,324.
• August’s closed sales were 34.3% above the market low of 3,776 seen in August 2008, but were down 0.3% from last year’s peak of 5,089.
• Sales activity across the region was mixed, with the largest gain in Fairfax City (+26.5% or 9 sales) and the largest decline in Montgomery County ( -6.9% or 88 sales). 
• For the year-to-date, most jurisdictions still show gains in sales, with the largest percentage gain in Fairfax City (+35.4% or 79 sales).  Only Montgomery County saw a decline in closed sales of 3.  Across the region, year-to-date sales are up 4.8% to 38,491.

• New pending sales of 4,965 were up 1.2% compared to last year’s previous August high of 4,907, but were down 3.0% compared to last month.
• Condo pending sales increased 5.9% to 1,364 and townhome pending sales increased 3.4% to 1,337.  New pending sales of single-family detached homes were down 2.6% to 2,263.
• Pending sales remain above the 5-year average of 4,677 and the 10-year average of 4,295.
• August’s new pending sales were 46.9% more than the August 2008 low of 3,381.
• Pending sales activity across the region was also mixed, with the largest percentage increase in Fairfax City, which was up from 43 new pending sales to 72 (+67.4%).  The largest decrease was in Arlington County, where they dropped 2.1% to 236.
• For the year-to-date, regional new pending sales of 44,482 are up 0.9% compared to last year.

• August’s 5,894 new listings were up 7.2% from last year but down 6.2% from last month.     
• Compared to last year, new townhome listings were up 12.1% to 1,519, new condo listings were up 10.3% to 1,592 and single-family listings were up 3.0% to 2,781.
• New listings are slightly above both the 5-year average of 5,589 and the 10-year average of 5,448. 
• August new listings are 23.6% above the 10-year low of 4,769 seen in August 2012, and are just 2.5% below the 2008 high of 6,044.
• Across the region, Falls Church City saw the only percentage decrease in new listings (-4.8% to 20).  The largest percentage increase was in Fairfax City (+83.7% to 79 listings).
• For the year to date, new listings across the entire DC Metro of 54,452 are up 2.1% compared to last year.

• There were 9,855 active listings at the end of August, down 4.4% compared to last year and down 4.1% compared to last month.  Inventory levels have declined for 16 consecutive months.
• All property types showed decreases in inventory levels over last year, with condo inventories down 8.9% to 2,413, single-family detached inventories down 3.2% to 5,555, and townhome inventories down 1.4% to 1,879.
• Inventories are below both the 5-year average of 10,393, and the 10-year average of 13,085.
• August inventory levels exceed the 2013 low of 8,301 by 18.7%, but are down 58.6% from the peak of 23,819 seen in August 2008.
• Across the region, inventory levels showed the largest gain in Prince George’s County, increasing 4.6% to 1,947.  The largest percentage decline was in Fairfax County (-9.5% to 3,106).

• The regional average sales price to original listing price ratio (SP to OLP ratio) for August was 97.8%, up from last year’s 97.5%, but down from last month’s 98.3%. 
• Townhomes have the highest August SP to OLP ratio of 98.5%.  Condos have a SP to OLP ratio of 97.6 and single-family detached homes have a SP to OLP ratio of 97.5%.
• August’s SP to OLP ratio exceeds the 5-year average of 97.6% and the 10-year average of 95.9%.
• Over the last decade, the lowest August average sales price to original listing price ratio was in 2008, where it was 93.0%, and the decade’s high was August 2013, where it was 98.2%.
• Fairfax City had the highest regional SP to OLP ratio of 99.6%, up from last year’s 98.1%.
• The largest gap between original listing price and sales price was in Montgomery County, where the average ratio was 97.3%, up from last year’s 97.0%.
• For the year-to-date, the regional SP to OLP ratio is 98.2%, higher than last year’s 97.6%.

• The median days-on-market (DOM) in August was 18 days, down from 22 days last year but up four days from last month.
• Townhomes have a median DOM of 12, while condos have a median DOM of 18, and single-family detached homes have a median DOM of 22.
• August’s median DOM was two days below the 5-year average of 20 days and 11 days below the 10-year average of 29 days.
• This month’s median DOM of 18 is the second-lowest August level in a decade (the lowest was 14 days in 2013).  The highest August median DOM of the last 10 years was 59 days in 2008.
• The highest median DOM in the region in August was in Arlington County where it was 22 days, the same as last year. 
• Fairfax City has the lowest median DOM of 8 days, down from 18 days last year.
• For the year-to-date, the overall regional median DOM is 14 days, down from 20 days last year.

 Written for RBIntel by Corey Hart