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DC Metro Market Update: June 2017

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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 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

  • May’s regional median sales price rose to $460,000, the highest monthly level on record with data going back to 1997.  This was a 7% or $30,000 increase over last year and a 5.4% or $23,500 increase over last month.
  • Single-family detached homes increased 7.5% to $574,950, townhomes rose 4.9% to $435,250, and condos rose 0.2% to $311,000.
  • May prices are well above the 5-year average of $435,960, and the 10-year average of $400,191.
  • The overall regional price of $460,000 is 34.6% above the May 2010 low of $341,750, and 5.7% above the previous May 2015 high of $435,000.
  • Falls Church City is still the most expensive location in the region, with a median sales price of $829,010, up 32.6% from last year, which was the largest increase in the region.  Prince George’s County remains the most affordable area in the region, with a May median sales price of $275,000, up 10% from last year.  Only Alexandria City (-11.8% to $474,900) saw a decrease in median sales price compared to last year; all other jurisdictions saw increases.
  • For the year to date, the overall regional median sales price is up 5.4% to $425,000.

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Home Sales 

  • Closed sales of 5,620 were up 3.5% from last year and were up 22.2% from last month, and the highest May tally since 2005.
  • All property types saw increases in sales this month, with single-family detached and townhome sales both up 3.6% to 2,758 and 1,406, respectively, and condos up 2.9% to 1,455.
  • Sales remain above both the 5-year average of 5,105 and the 10-year average of 4,612.
  • May’s closed sales were up 56.3% above the market low of 3,596 seen in May 2008.
  • Sales activity across the region was mostly up, with the largest percentage increase in Fairfax City (+44.8% or 13 sales) and the largest percentage decrease in Montgomery County ( -7.5% or 101 sales).  For the year-to-date though, all jurisdictions continue to show gains in sales, with the largest in Falls Church City (+46.7 or +28 sales) and the smallest in Montgomery County (+4.4% or +208 sales).

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New Pending Sales 

  • New pending sales of 6,668 were up 4.4% compared to last year and up 9.4% from last month, marking the highest May level since 2004.
  • Townhome new pending sales showed the strongest gains, up 5.7% to 1,688.  Condos rose 5.3% to 1,676 and single-family detached were up 3.4% to 3,304.
  • Pending sales are above the 5-year average of 6,169 and the 10-year average of 5,437.
  • May’s new pending sales were 73.2% more than the May 2010 low of 3,849.
  • Pending sales activity across the region was mixed, with the largest percentage increase in Fairfax City, which was up from 35 pending sales to 53 (+51.4%).  The smallest increase was in Arlington County (+2.1 or 7 pending sales).  The only decrease in new pending sales was in Montgomery County, where they were down 4.8% to 1,537.Screen Shot 2017-06-20 at 3.12.22 PM

New Listings 

  • There were 8,085 new listings in May, up 8.7% from last year and up 5.5% compared to last month.
  • New single-family detached listings were up 9.9% to 4,055, new condo listings were up 7.7% to 2,115, and new townhome listings were up 7.6% to 1,914.
  • New listings are above both the 5-year average of 7,812 and the 10-year average of 7,235.
  • May new listings are 34.8% above the 10-year low of 5,996 seen in May 2010 and are 2.3% below the peak level of 8,275 seen in 2015.
  • Across the D.C. Metro, all jurisdictions saw an increase in new listings compared to last year, with the largest percentage increase of 33.3% in Falls Church City, where they increased from 27 to 36.  The smallest percentage increase was in Montgomery County, where new listings increased 3.8% to 1,931.Screen Shot 2017-06-20 at 3.13.34 PM

Inventory 

  • May active inventories of 9,865 decreased 10.9% compared to last year, but were up 3.3% compared to last month.
  • All property types showed decreases in inventory levels over last year, with townhome inventories down 13.8% to 1,714, condo inventories down 13.7% to 2,553, and single-family detached inventories down 8.6% to 5,589.
  • Inventories are below both the 5-year average of 10,296, and the 10-year average of 13,771.
  • May inventory levels exceed the 2013 low of 7,999 by 23.3%, but are down 61.9% from the peak of 25,872 seen in May 2008.
  • Across the region, inventory levels dropped everywhere except Washington, D.C, where they rose 7.4% to 1,376.  The largest decline was in Fairfax City, where they dropped 18.1% or 13 listings.Screen Shot 2017-06-20 at 3.14.34 PM

Days on Market

  • The median days-on-market (DOM) in May was 10 days, down from 13 days last year and the same as last month.
  • Condos have a median DOM of 13, single-family detached homes have a median DOM of 11, and townhomes have a median DOM of 7.
  • May’s median DOM was one day below the 5-year average of 11 days, and was 11 days below the 10-year average of 21 days.
  • This month’s median DOM of 10 is the second-lowest level in a decade (the lowest was 9 days in 2013).  The highest DOM of the last 10 years was 49 days in 2008.
  • The highest median DOM in the region in May was in Prince George’s County where it was 14 days, down from 19 days last year.
  • Alexandria City, Arlington County, Fairfax City, Falls Church City and Washington D.C. all have a median DOM of 8 days, and in each of those entities it is down from last May’s median DOM.Screen Shot 2017-06-20 at 3.15.52 PM

For a complimentary copy of the 3930 Group Home Buyer’s Guide, contact 3930 Group today!

Sam Wardle

Realtor

703-296-5255

703-533-0054

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