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 January 2016 report. 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
- The region’s median price of $375,500 in January was 2.5% lower than last year, with single-family detached prices unchanged and townhomes and condo prices down. This marks the second month in a row that overall prices have declined year-over-year. However, prices still remain 5.3% above the 5-year average and 7.9% above the 10-year average.
- Regional pricing levels are now 29.5% above the $290,000 January trough of the market in 2010, and only 7.3% off the $405,000 January peak in 2007.
- Falls Church City remained the most expensive location in the region with a January median sales price of $747,000, a 31.2% increase over last year.
- There were 2,702 closed sales in January, up 5.8% compared to 2015. All types of properties saw increases in the number of sales. Closed sales exceeded both the 5 and 10-year averages.
- January’s closed sales total was up 46.1% compared to the market low of 1,849 seen in 2008, but was 20% below 2007’s peak level of 3,377.
- Fairfax County had the most closed sales in January with 743, which was an increase of 5.4% from last year.
New Pending Sales
- There were 3,423 new pending sales at the end of January 2016, down 8% compared to last year, 6.8% below the 5-year average and just slightly below the 10-year average.
- January 2016’s new pending sales total was up 41.8% compared to the January low of 2,414 seen in 2008, but was 17.6% below 2007’s peak level of 4,153.
- Fairfax County had the most new pending contracts sales in January with 951, which was a decrease of 6.2% from last year.
- All jurisdictions except Fairfax City and all property types saw decreases in the number of new contracts compared to last year.
- The 4,025 new listings in January 2016 was a 5.3% decline compared to last year, but probably attributable to the late January snowstorm.
- The January new listings are just slightly above the 10-year low of 4,004 seen in January 2013 and are a significant 43.5% below the January 2008 market peak of 7,120.
- New listings in January were 2% below the 5-year average and 18.8% below the 10-year average.
- All property types saw single-digit year-over-year decreases in the number of new listings.
- Only Washington D.C. saw an increase in the number of new listings, with an 11.9% increase to 761 new listings.
- Inventories increased to 8,277 at the end of January, a 4.1% increase compared to last year.
- Inventories are slightly above the 5-year average of 7,823 but substantially below the 10-year average of 12,330.
- Townhome inventories are down slightly, but single-family detached and condos are up.
- End of January inventories exceed the low of 6,049 seen in 2013, but are down 62.7% from the peak of 22,201 seen in January 2008.
- Washington D.C. had the largest percentage increase in year-end inventory with 1,114 active listings, an increase of 16.3% compared to last year. Regional supply growth was seen in Fairfax County (+8.9%), Prince George’s County (+2.6%), Washington D.C (+16.3%), Arlington County (+0.7%) and Alexandria City (+0.3). Montgomery County showed a decrease in the number of active listings (-2.7%), as did Fairfax City (-23.1%) and Falls Church City (-13.6%).
Days on Market
- The median days-on-market in January was 44 days, a one-day decrease from the median DOM of January 2015.
- The lowest January DOM level recorded in the past decade was 32 days in 2013 and 2014; the highest January median DOM was 85 days in 2008.
- The highest median DOM is in Falls Church City, where it is 92 days, a 52 day increase from last year. The lowest median DOM is in Washington D.C., where it is 26 days, a decline of 2 days from last year.