RBI: DC Metro Home Prices Up 13.3% in October

 

The latest Real Estate Business Intelligence (RBI) analysis of the DC Metro Area housing market -- with data through October 2012 -- was released November 12.

Closed sales, new pending contracts, and median prices all remain above September 2011 levels, and in many cases are at multi-year September highs, providing evidence of a stronger market. The median price is the highest September median price in five years, and the number of new contracts in September is the highest in three years.

Sales
There were 3,269 sales in October in the Washington DC Metro Area, a 16.1% jump from last October.  Sales are steady from last month, up a modest 0.4%, which indicates demand could be enduring into the historically slow fall season.

Prices

Median price gains continue for most of the region. Highest year-over-year increase for the DC Metro Area in nearly 7 years.  At $362,500, the median home price in the DC Metro Area is 13.3% higher than in October 2011.  This represents the highest year-over-year increase for any month since December 2005.

Townhomes had the highest median price growth of all property segments, up 14.2% from October 2011.  Median prices of single-family homes and condos rose 11.8 and 10.2%, respectively.

Contracts

New contracts are at the highest October level in seven years, townhomes lead in growth.  There were 4,459 new contracts signed in October in the region, up 5.8 percent from this time last year, and the highest October total in 7 years.  Demand is gravitating toward townhomes and condos, which tend to have lower price points.

Inventory

Active listings are roughly half of what they were in October 2010.  New listings for October are the lowest in over a decade.  There were 8,766 active listings in the Washington DC Metro Area at the end of October, 37.2% lower than this time last year. This is the first time the number of active listings has dropped below 9,000 since July 2005. 

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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.