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%.Pending 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.
Price 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.
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