Home sales and prices remain strong in DC Metro in November
Washington D.C. Metro median price of $425,000 at highest November level in decade; closed sales and pending contracts at November highs; inventory levels decline for 19th consecutive month.
OVERVIEW
- The Washington D.C. Metro median sales price of $425,000 was up 4.4% or $18,000 compared to last year and up 2.9% or $11,875 compared to last month. This is the highest November price of the decade and the 14th consecutive month of year-over-year price increases.
- Sales volume across the DC Metro area was more than $2.15 billion, up 11.5% from last year.
- Closed sales of 4,082 were up 4.7% compared to last year but were 5.5% below last month.
- New contracts of 4,248 were up 2.2% compared to last year, the highest November level of the last 10 years.
- New listings of 4,308 were up 1.0% compared to last year but down 25.3% below last month.
- Active listings of 8,629 are down 5.7% compared to last year and down 14.6% compared to last month. This is the 19th consecutive month of declines in year-over-year inventory levels.
- The average percent of original list price received at sale in November was 97.4%.
- The median days-on-market for November 2017 was 21 days, two days lower than last year.
- November’s regional median sales price of $425,000 was an increase of 4.4% or $18,000 compared to last year, and was up 2.9% or $11,875 compared to last month. This is the 14th consecutive month of year-over-year price increases and was the highest November level of the last 10 years.
- Compared to last year, townhome prices rose 2.5% to $410,000, condo prices rose 6.2% to $304,000, and single-family detached home prices increased 6.3% to $520,000.
- November prices are above the 5-year average of $408,390 and the 10-year average of $373,380.
- The overall regional price of $425,000 is 32.6% higher than the market low of $320,500 seen in 2009.
- Falls Church City remains the most expensive location in the region, with a median sales price of $799,900, up 45.8% from last year.
- Prince George’s County remains the most affordable area in the region, with a median sales price of $272,000, a 4.6% increase over last year.
- For the year to date, the overall regional median sales price of $425,500 is up 2.5%.
- Closed sales of 4,082 were up 4.7% from last year but down 5.5% from last month.
- Compared to last year, townhome sales were up 2.7% to 1,095, condo sales were up 3.8% to 1,104, and single-family detached sales were up 6.3% to 1,880.
- Sales remain well above both the 5-year average of 3,486 and the 10-year average of 3,351.
- November’s closed sales were 69.7% above the market low of 2,406 seen in November 2008 and were 1.0% above the decade’s previous high of 4,040 seen in 2009.
- Sales activity across the region was mostly up, with the largest gain in Falls Church City (+36.4% or 4 sales), the smallest gain in Fairfax County (+4.0% or 43 sales), and the largest decline in Fairfax City ( -7.7% or 2 sales).
- Year-to-date closed sales across the region are up 4.7% to 51,584.
- New pending sales of 4,248 were up 2.2% compared to last year, but were down a seasonal 14.5% compared to last month. This was the highest November level of the last decade
- Condo pending sales increased 12.0% to 1,135 and townhome pending sales increased 0.2% to 1,152, while pending sales of single-family detached homes were down 1.7% to 1,960.
- Pending sales are above the 5-year average of 4,069 and the 10-year average of 3,699.
- November’s new pending sales were 69.4% more than the November 2008 low of 2,507.
- Pending sales activity across the region was mostly up, with the largest percentage increase in Fairfax City, which was up from 22 new pending sales to 30 or 36.4%, and the smallest increase in Prince Georges County, where new pending sales were up 2.4% to 1,022. Arlington County saw a 10.5% decrease to 188 and Falls Church City fell from 22 new pending sales to nine.
- November’s 4,308 new listings were up 1.0% from last year, but were down a seasonal 25.3% from last month. This was the highest November level of new listings since 2008.
- Compared to last year, new townhome listings were up 12.6% to 1,192 and new condo listings were up 1.8% to 1,216. New single-family listings were down 5.5% to 1,899.
- New listings are above both the 5-year average of 4,029 and the 10-year average of 4,031.
- November new listings are 25.7% above the 10-year low of 3,428 seen in November 2012, and are 8.2% below the peak of 4,756 seen in 2008.
- Across the region, Falls Church City saw the largest percentage decline in new listings (-50.0% to 6). The largest percentage increase was in Fairfax City (+56.5% to 36).
- For the year-to-date, new listings across the entire DC Metro area are up 2.6% compared to last year to 71,731.
- There were 8,629 active listings at the end of November, down 5.7% compared to last year and down 14.6% compared to last month. Inventory levels have declined for 19 consecutive months.
- Townhome inventories were up 4.2% to 1,728, while condo inventories were down 5.8% to 2,384 and single-family detached inventories were down 8.9% to 4,508.
- Inventories are below both the 5-year average of 9,350 and the 10-year average of 11,866.
- November inventory levels exceed the 2012 low of 7,830 by 10.2%, but are down 61.7% from the peak of 22,552 seen in November 2008.
- Across the region, inventory levels showed the largest gain in Fairfax City, where they increased 11.1% to 70. The largest percentage decline was in Falls Church City (-54.2% to 11).
- The regional average sales price to original listing price ratio (SP to OLP ratio) for November was 97.4%, up from last year’s 97.2% but down from last month’s 98.0%.
- Townhomes have the highest November SP to OLP ratio of 98.6%. Condos have a SP to OLP ratio of 97.4% and single-family detached homes have a SP to OLP ratio of 96.8%.
- November’s SP to OLP ratio exceeds the 5-year average of 97.1% and the 10-year average of 95.6%.
- Over the last decade, the lowest November average sales price to original listing price ratio was in 2008, when it was 90.9%. The highest November SP to OLP ratio was the 97.5% seen in 2013.
- Washington D.C. had the highest regional SP to OLP ratio of 98.5%, up from last year’s 98.4%.
- Arlington County had the lowest SP to OLP ratio of 97.0%, down from last year’s 97.3%.
- For the year-to-date, the regional SP to OLP ratio is 98.1%, up from last year’s 97.6%.
- The median days-on-market (DOM) in November was 21 days, down two days from last year but up four days from last month.
- Townhomes have a median DOM of 15, while condos have a median DOM of 22, and single-family detached homes have a median DOM of 25.
- November’s median DOM was two days below the 5-year average of 23 days and 10 days below the 10-year average of 31 days.
- This month’s median DOM of 21 is the second-lowest November level in a decade (the lowest was 20 days in 2013). The highest November median DOM of the last 10 years was 65 days in 2008.
- The highest median DOM in the region in November was in Fairfax County, where it was 28 days, down from 29 days last year.
- Washington D.C. has the lowest median DOM of 13 days, down from 14 days last year.
- For the year-to-date, the overall regional median DOM is 16 days, down from 21 days last year.
For RBIntel by Corey Hart