The total inventory of active listings is the lowest of any month since August 2005. The limited quantity of homes for sale is causing the median days-on-market to decrease (currently at 23 days, lowest July-level since 2005), and the sale-to-list price ratio to rise (currently at 96.3%, highest July-level since 2006).
Sales and median price growth have slowed from the spring; however both are higher than this time last year. The condo market continues to strengthen, posting the highest year-over-year increases of all residential property segments in sales, new contracts, and median sale price.
Sales
There were 4,164 sales in July in the DC Metro Area, a 5.1% increase from July 2011, and the fourth consecutive year-over-year gain. All property segments recorded their highest July sales level in three years.
- Detached Homes: up 3.4%
- Townhouses: rose 1.9%
- Condos: jumped 12.7%
Prices
The median sale price for the entire DC Metro Area is the highest July-level in five years. At $385,050, the median sale price rose 4.1% from this time last year, the sixth consecutive month of year-over-year price gains. Year-to-date median sale prices are up in all jurisdictions and rose 7.4% for the metro area from the same period last year. For the second month in a row, the condo segment posted the highest median price growth.
- Condos: Prices rose 4.4% from last year, an $11,750 increase.
- Detached Homes: At $485,000, the median sale price for detached homes rose 4.3% from July 2011, a $20,050 increase.
- Townhouses: The median sale price for townhomes edged up 0.6% to $357,000.
Contracts
There were 4,569 contracts signed in July in the DC Metro Area, up 0.1% from July 2011, but down 10.2% from last month. Historically, new contract activity has slowed between June and July in the region.
- Townhomes: contracts increased 4.0% over last year
- Condos: pending sales rose 6.0%
- Detached Homes: contracts were down by 4.4%
Inventory
Active listings are at their lowest level in seven years; back-to-back months of historic lows for new listings. There were 9,650 active listings in the DC Metro area at the end of July, which represents the lowest level of inventory for any month since August 2005.
The year-over-year decline in active listings was 35.4% in July, the fourth consecutive inventory reduction exceeding 30%.
The shrinking inventory of homes for sale is having an impact on the market as evidenced by the lowest July-level median days-on-market since 2005 (23 days), and the highest July-level sale-to-list-price ratio since 2006 (96.3%).
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As you review these statistics it is important to keep in mind that RBI’s methodology defines the DC Metro housing market as encompassing a vast area including:
- Washington, DC
- Montgomery County and Prince George’s County in Maryland
- Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia
More detail on a specific area can be found by searching RBI housing statistics by zip code.
Real Estate Business Intelligence (RBI) is the research component of local multiple listing service MRIS. RBI provides the most recent and accurate housing market statistics to the public based on actual sales recorded in MRIS. At RBI you can search sales statistics by your local zip code, county, or region.
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