The number of active listings for both single-family homes and condos/coops remains remarkably low. As a result sales in the condo and coop sector have been strong in both Washington, DC and in Montgomery County.
Generally, when housing inventory declines buyers must compete for fewer available properties leading to an increase in sales, prices and shorter days on market. In July 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 recorded as of the last day of the previous month and no later, in this case July 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:
- Housing Inventory - down 29.4%
- Contracts - up 16.8%
- Closed Sales - up 11.8%
- Housing Inventory - down 34.8%
- Contracts - down 1.4%
- Closed Sales - down 4.1%
- Housing Inventory - down 35.0%
- Contracts - up 4.0%
- Closed Sales - up 0.8%
- Housing Inventory - down 26%
- Contracts - up 4.8%
- Closed Sales - up 3.6%
As inventory remains low, condo resale prices increased 8.5% 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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