The Greater Capital Area Association of Realtors (GCAAR) released its monthly Home Sales Statistics -- with data for June 2012 -- on July 9. In the past few months condo and coop sales have been strong in both Washington, DC and in Montgomery County.
The number of active listings for both single-family homes and condos/coops remains low. Generally, when housing inventory declines buyers must compete for fewer available properties leading to an increase in prices and shorter days on market. In June this occurred with condos/coops in both the District and Montgomery County, and for single-family homes in Montgomery County.
The GCAAR methodology includes sales as of the last day of the previous month and no later, in this case May 31. Properties that sold but were not yet recorded in the MRIS database are not reflected in the data set. As a result these statistics may be incomplete or have the potential to reflect a degree of inaccuracy.
Condos & Coops: As inventory dropped 31.5% sales increased 12.7% over June 2011. Pending sales, or properties under contract, increased 17.5%.
Single-Family Homes: Sales decreased 4.8% compared to June 2011 even as inventory fell 35.1%. Pending home sales decreased 1.9% from one year ago.
Single-Family Homes: Sales increased 3.7% compared to June 2011, inventory is down 22%. Pending home sales, or contracts, increased 5.1%.
Condos & Coops: Sales decreased 0.9% compared to June 2011, inventory dropped 38.9%. Pending sales, or contracts, are up 5.7%.
The stronger figures for condos and coops in GCAAR's report were also seen in Delta Associates Washington Condominium Market Overview for mid-year 2012 -- released Thursday, July 5. The DC metro area condo market continues to show increased sales volume and prices. As inventory remains low, condo resale prices increased 8.5% over last May while sales are 36% above the mid-year 2011 average. It is expected prices will continue their upward movement over the next 18 to 24 months; sales pace should continue to increase as well.
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