RBI: DC Metro Home Prices Up 6.5%

 

The latest Real Estate Business Intelligence (RBI) analysis of the DC Metro Area housing market -- with data through September 2012 -- was released October 10.

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 3,256 sales in September in the Washington DC Metro Area, a 4.7% increase from this time last year. Single-family home sales rose 1.9% from this time last year, and townhomes led all property segments with 8.0% sales growth from last year.

 

Prices

 

At $360,000, the median sale price in the DC Metro Area is 6.5% higher than September 2011. Most jurisdictions within the region continue to post year-over-year median price gains. Falls Church City leads the way with 12.7% growth. Washington, DC prices are up 9.9%.

 

• Townhomes are up 10.9%.
• Median prices of condos rose 8.0%.
• Single family detached homes are up 4.5%.

 

Contracts

 

There were 4,195 new contracts signed in August in the DC Metro Area, up 9.6% from the September 2011 level of 3,829.

 

• Condos led all property segments in new contract growth, up 18.1% from this time last year.
• New contracts on townhomes also rose, up 13.6% from September 2011, which is the strongest year-over-year growth the region has seen on townhome contracts in over a year.
• New contracts for single-family detached properties increased 3.0% from this time last year.

 

Inventory

 

Declines in active and new listings persist. The low inventory continues to drive down the median-days-on-market, which was 26 days in September -- down 18 days from this time last year. This is due to fast acting buyers competing for fewer available properties. The persistent decline in homes for sale will likely keep prices stable even as demand slows.

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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.