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Near record setting numbers was the name of the game in the DC Metro housing market last month. The region experienced a strong June market with sales, pending sales, and median sale prices soaring to their highest levels in nearly a decade.

According to Real Estate Business Intelligence, June’s closed sales volume increased 13% over 2014 and was the seventh consecutive month of year-over-year increases. As the highest monthly sales tally since June 2006, it also exceeded the 10-year average by 12.7%. Year-over-year growth was seen in all housing segments for the fourth consecutive month, with townhome sales up 15.2%, followed by single-family detached home sales up 15.1%, and condo sales up 7%.Key Housing Trends - June 2015.jpgPending sales – sales that are under contract but not yet closed – also increased 11.6% from June 2014. Pending sales/contracts are good indicators of the direction of future buying activity, and June marked the fifth consecutive month of year-over-year increases across all housing segments. June contracts exceeded both the 5-year and 10-year average, with year-over-year increases in single-family detached homes up 14.1%, townhomes up 13.4%, and condos up 5.9%.

Meanwhile, inventory continues to rise for the 21st consecutive month. The region experienced an 11.5% increase in inventory over last year, with condos leading the way up 19%, followed by townhomes up 11.4%, and single-family detached up 11.5%.

However, increasing inventory doesn’t seem to be slowing buyer demand. Median days-on-market (DOM) remained low at 15 days. While DOM did increase by two days from June 2014, it remains lower than the 5-year average of 17 days and well below the 10-year average of 25 days. Townhomes moved quickest with a median DOM of 11 days, followed by single-family detached homes at 15 days, and condos at 18 days.

Median Sales Price - June 2015Price growth continues to be the trend across the DC Metro region in 2015 with 12 consecutive months of increase. At $439,000, the June median sales price was just $1,000 short of the $440,000 record set in June of 2007 and a 1.4% increase over 2014. Single-family detached homes led the way with a median sales price of $550,000, followed by townhomes at $415,000 and condos increasing to $312,000. Overall sales volume in the region fell just shy of $3 billion, up 12.2% compared to June 2014.

To receive a complimentary market update for your specific area or to get more analysis on the DC Metro housing market, contact us today!

Sam Wardle

Realtor

703-296-5255

703-533-0054

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