Each month Real Estate Business Intelligence looks at key real estate statistics for the DC Metro Region from the previous month. Below you will find the highlights of the most recent report for March 2017. For a detailed look at the market as it specifically relates to your home or the market where you are looking to buy, contact 3930 Group today for a complimentary market analysis.
Median Sales Price
- March’s regional median sales price rose to $420,000, the highest March level on record with data going back to 1997, with a 5.3% or $21,000 increase over last year and a 5.1% increase over last month.
- Single-family detached homes increased 7.8% to $525,000, townhomes rose 3.8% to 415,000, and condos rose 2.0% to $299,900. March prices are above the 5-year average of $396,280 and the 10-year average of $366,040.
- The overall regional price of $420,000 is 35.5% above the March 2010 low of $310,000, and 5.0% above the previous March high of $400,000 seen in 2015.
- Falls Church City is still the most expensive location in the region, with a median sales price of $605,000, down 24.9% from last year. Prince George’s County remains the most affordable area in the region, with a March median sales price of $268,500, up 14.3% from last year.
- For the first quarter of 2017, Prince George’s County shows the highest percentage price increases of 14.0%. Falls Church City shows the largest quarterly decline of -24.1%.
- This month, closed sales of 4,450 set a decade high, were up 18.5% from last year, and were up 43.6% from last month.
- All property types saw double-digit increases in sales this month, with single-family detached sales up 20.0% to 2,001, condos up 17.6% to 1,271, and townhome sales up 17.1% to 1,177.
- Sales were well above both the 5-year average of 3,721 and the 10-year average of 3,492.
- March’s closed sales were up 62.8% compared to the market low of 2,734 seen in March 2008.
- All jurisdictions in the region showed increases in March sales except for Falls Church City which declined by two sales or 13.3%. The largest percentage gain was in Fairfax City, which was up 73.9% compared to last year (although the actual increase was only 17 sales), and the smallest increase was in Alexandria City, where sales rose 4.8% to 218.
New Pending Sales
- New pending sales of 6,254 were up a slight 1.4% compared to last year, but are still at the highest March level in a decade. They were up 34.3% compared to last month.
- Single-family detached new pending sales were down a trivial 0.3% to 2,968, but condos were up 1.1% to 1,672 and townhomes were up 5.2% to 1,613.
- Pending sales were above both the 5-year average of 5,672 and the 10-year average of 5,189.
- March 2017’s new pending sales were nearly double the March 2008 low of 3,160.
- Pending sales activity across the region was mixed, with the largest percentage increase in Falls Church City, which was up from 20 units to 23 (+15%). The largest decrease in new pending sales was in Prince George’s County, where they were down 5.6% to 1,239.
- The 8,210 new listings in March were down a slight 1.7% from last year but up 47.7% compared to last month.
- New condo listings were down 8.1% to 2,055, but both townhomes and single-family detached listings saw slight 0.6% increases, to 1,913 and 4,240 listings, respectively.
- New listings are well above both the 5-year average of 7,076 and the 10-year average of 7,216.
- March new listings are 41.1% above the 10-year low of 5,817 seen in March 2013.
- Across the D.C. Metro, only Falls Church City (+33.3%) and Fairfax City (+22.6%) saw significant percentage increases in new listings. All other jurisdictions saw flat or slightly lower new listings compared to last year, with the largest percentage decline of 4.3% in Alexandria City, where they fell by 18 to 398.
- March active inventories of 8,648 decreased 11.5% compared to last year, but were up 15.3% compared to last month.
- All property types showed decreases in inventory levels over last year, with condo inventories down 16.5% to 2,238, townhome inventories down 13.1% to 1,476, and single-family detached inventories down 8.5% to 4,926.
- Inventories are above the 5-year average of 8,266, but well below the 10-year average of 12,513.
- March inventory levels exceed the 2013 low of 6,289 by 37.5%, but are down 65.2% from the peak of 24,855 seen in March 2008.
- Across the region, inventory levels dropped everywhere except Fairfax City (+17.9%). The largest decline was in Fairfax County, where they dropped 17.5%, followed closely by Montgomery County, where they decreased by 14.8%.
Days on Market
- The median days-on-market (DOM) in March was 15 days, down 12 days from last year and down 13 days from last month.
- Single-family detached homes and condos both had median DOM of 18, while townhomes had a median DOM of 10.
- March’s median DOM was five days below the 5-year average of 20 days, and was 22 days below the 10-year average of 37 days.
- This month’s median DOM of 15 matches the March 2013 record low. The highest DOM of the last 10 years was 77 days in 2008.
- The highest median DOM in the region in March was in Falls Church City where it was 39 days, up from 7 days last year.
- The lowest median DOM is in Fairfax County, where it is 11 days, down from 27 days last year.
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