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DC Metro Market Update: March 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 February 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

  • February’s regional median sales price rose to $399,700, the highest February level in a decade, and was a 5.2% or $19,700 increase over last year, and a 2.5% increase over last month.
  • All property types saw increases in price, with condos up 10.3% to $300,000, single-family detached up 5.5% to $480,000, and townhomes up 5.2% to $399,700.
  • February prices are above the 5-year average of $379,940 and the 10-year average of $351,160.
  • The February overall regional price of $399,700 is 33.2% above the February low of $300,000 seen in 2011 and 2009, and 2.5% above the prior February high of $390,000 seen in 2015.
  • Falls Church City remains the most expensive location in the region, with a median sales price of $615,000, which is down 28.9% from last year. Prince George’s County is still the most affordable area in the region, with a February median sales price of $265,000, up 19.0% from last February.

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Home Sales 

  • February’s closed sales of 3,098 were up 7.8% from last year and up 2.8% from last month.
  • All property types had increases in year-over-year sales this month, with condos up 18.0% to 931, single-family detached sales up 4.3% to 1,342, and townhome sales up 3.4% to 824.
  • Sales were well above both the 5-year average of 2,771 and the 10-year average of 2,589.
  • February’s closed sales were up 36.1% compared to the market low of 2,277 seen in February 2009.
  • Across the region, all jurisdictions showed increases in February sales, with the largest percentage gain in Falls Church City, which was up 366.7% compared to last year (although the actual increase was only 11 sales), and the smallest increase in Fairfax County, where sales rose 1.4% to 846.

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New Pending Sales 

  • New pending sales of 4,656 were up 2.7% compared to last year, the highest February level in a decade and were also up 17.8% compared to last month.
  • Single-family detached new pending sales were flat at 2,150, while condos were up 4.1% to 1,280, and townhomes saw a 6.3% increase to 1,224.
  • Pending contracts were above both the 5-year average of 4,269 and the 10-year average of 3,883.
  • February 2017’s new pending sales were 67.1% above the February 2008 low of 2,786 and were 3.4% above the prior high of 4,501 seen in February 2012.
  • Pending sales activity across the region is mixed, with the largest percentage increase in Fairfax City (+105.3%) and the largest percentage decrease in Falls Church City (-14.3%).

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New Listings 

  • The 5,560 new listings in February demonstrated a 7.5% increase over last year and a 22.4% increase compared to last month.
  • All property types saw increases in new listings, with townhomes up 14.4% to 1,367, single-family detached up 6.8% to 2,655, and condos up 3.4% to 1,536.
  • New listings are above the 5-year average of 4,917 and the 10-year average of 5,164.
  • February new listings are 26.6% above the 10-year low of 4,393 seen in February 2014, and 23.0% below the February 2008 high of 7,221.
  • Falls Church City had the only year-over-year decline in new listings of 50.0%, a decline of 10 units while Fairfax City had the largest percentage increase in new listings (+41.4% or 12 units).

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Inventory 

  • February active inventories of 7,503 decreased 9.5% compared to last year, but were up 3.9% compared to last month.
  • All property types showed decreases in inventory levels over last year, with townhome inventories down 10.5% to 1,280, condo inventories down 10.1% to 2,102, and single-family detached inventories down 8.9% to 4,111.
  • Inventories are barely above the 5-year average of 7,415, but are well below the 10-year average of 11,692.
  • February inventory levels exceed the 2013 low of 6,092 by 23.2%, but are down 67.8% from the peak of 23,282 seen in February 2008.
  • In Washington D.C. (+7.9%) and Alexandria City (+4.8%), inventory levels rose, elsewhere they declined.

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Days on Market

  • The median days-on-market (DOM) in February was 28 days, down 16 days from last year and six days from last month.
  • Townhomes had a median DOM of 19, while condos had a median DOM of 32 and single-family detached homes had a median DOM of 35.
  • February’s median DOM was five days below the 5-year average of 33 days, and was 20 days below the 10-year average of 48 days.
  • The lowest February DOM recorded in the past decade was 24 days in 2013, and the highest was 91 days in 2008.
  • All jurisdictions saw declines in median days-on-market.  Regionally, the highest median DOM in February was recorded in Fairfax City at 55 days, down from 59 days last year.
  • This month, the lowest median DOM was in Falls Church City, where it was six days, down from 107 days last year, but since that is based only on 14 sales, the data are highly subject to variation.

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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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