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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 July 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

  • July’s regional median sales price rose 1.1% to $439,900, an increase of $4,900 compared to last year, but down 3.3% or $15,100 compared to last month.
  • Compared to last year, townhome prices increased 3.1% to $420,000, single-family detached home prices increased 2.8% to $560,000 and condo prices rose 2.7% to $310,000.
  • July prices remain above the 5-year average of $432,080, and the 10-year average of $402,590.
  • The overall regional price of $439,900 is 23.9% above the July 2009 low of $355,000.
  • Falls Church City remains the most expensive location in the region, with a median sales price of $830,000, up 17.2%.
  • Prince George’s County remains the most affordable area in the region, with a median sales price of $281,980, a 4.4% increase over last year.  Prince George’s County also has the highest year to date price appreciation, up 10.0% compared to last year.
  • For the year to date, the regional median sales price is up 3.1% to $430,000 compared to the same period of 2016.Screen Shot 2017-08-22 at 4.16.53 PM

Home Sales 

  • Closed sales of 5,157 were up 2.2% from last year but down 16.0% from last month.
  • Compared to last year, townhome sales were up 5.4% to 1,353 and condo sales were up 5.3% to 1,381.  Single-family detached sales were down 1.1% to 2,423.
  • Sales remain above both the 5-year average of 4,984 and the 10-year average of 4,573.
  • July’s closed sales were 32.8% above the market low of 3,881 seen in July 2008, but were down 1.3% from the peak of 5,225 seen in 2015.
  • Sales activity across the region was mostly up, with the largest gain in Falls Church City (+26.3% or 5 sales) and the largest decline in Montgomery County ( -7.2% or 90 sales).
  • For the year-to-date, all jurisdictions to show gains in sales, with the largest in Falls Church City (+35.9% or 38 sales) and the smallest in Montgomery County (+1.2% or 90 sales).  Across the region, YTD sales are up 5.5% to 33,195.Screen Shot 2017-08-22 at 4.20.36 PM

New Pending Sales 

  • New pending sales of 5,116 were down 2.9% compared to last year’s record July level of 5,267 and down 14.2% compared to last month.
  • Only condos saw an increase in new pending sales, up 2.1% to 1,416.  New pending sales of single-family detached were down 3.4% to 2,366 and townhomes were down 6.6% to 1,334.
  • Pending sales remain above the 5-year average of 5,078 and the 10-year average of 4,611.
  • July’s new pending sales were 44.9% more than the July 2010 low of 3,530.
  • Pending sales activity across the region was mixed, with the largest percentage increase in Falls Church City, which was up from 14 new pending sales to 19 (+35.7%).  The largest decrease was in Montgomery County, where they dropped 8.0% to 1,156.
  • For the year-to-date, regional new pending sales of 39,370 are up 0.8% compared to last yearScreen Shot 2017-08-22 at 4.22.45 PM

New Listings 

  • The 6,282 new listings in July were up 0.9% from last year but down 19.5% from last month.
  • New single-family listings were up 3.5% to 3,073 compared to last year, but new condo listings were down 0.4% to 1,628 and townhome listings were down 2.4% to 1,580.
  • New listings nearly equal the 5-year average of 6,283 and are just slightly above the 10-year average of 6,070.
  • July new listings are 37.2% above the 10-year low of 4,579 seen in July 2012, but are 11.7% below the 2008 high of 7,115.
  • Across the region, Falls Church City saw the largest percentage decrease in new listings (-10.7% to 25) while the largest percentage increase was in Fairfax City (+26.4% to 67 listings).
  • For the year to date, new listings across the entire DC Metro are up 1.5% compared to last year to 48,479.Screen Shot 2017-08-22 at 4.29.52 PM

Inventory 

  • The 10,276 active listings at the end of July were down 6.1% compared to last year and down 2.0% compared to last month.
  • All property types showed decreases in inventory levels over last year, with condo inventories down 9.8% to 2,538, townhome inventories down 5.3% to 1,967, and single-family detached inventories down 4.7% to 5,761.
  • Inventories are below both the 5-year average of 10,675, and the 10-year average of 13,601.
  • July inventory levels exceed the 2013 low of 8,391 by 22.5%, but are down 58.9% from the peak of 24,994 seen in July 2008.
  • Across the region, inventory levels rose only in Washington, D.C. (+7.9% to 1,363), and in Prince George’s County, (+3.4% to 1,869).  The largest percentage decline was in Fairfax County (-13.2% to 3,253).Screen Shot 2017-08-22 at 4.33.47 PM

Days on Market

  • The median days-on-market (DOM) in July was 14 days, down from 17 days last year but up two days from last month.
  • Townhomes have a median DOM of 11, while condos have a median DOM of 15 and single-family detached homes have a median DOM of 16.
  • July’s median DOM was two days below the 5-year average of 16 days and 12 days below the 10-year average of 26 days.
  • This month’s median DOM of 14 is the second-lowest July level in a decade (the lowest was 12 days in 2013).  The highest July median DOM of the last 10 years was 56 days in 2008.
  • The highest median DOM in the region in July was in Montgomery County where it was 16 days, down from 22 days last year.
  • Falls Church City has the lowest median DOM of 4 days, down from 8 days last year.
  • For the year-to-date, the overall regional median DOM is 14 days, down from 19 days last year.Screen Shot 2017-08-22 at 4.37.01 PM

For a complimentary copy of the 3930 Group Home Buyer’s Guide or to schedule a home valuation, contact 3930 Group today!

Linda Wardle

Realtor

703-598-7943

703-533-0054

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