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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 April 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 

  • April’s regional median sales price rose to $419,250, a slight 0.5% over last year’s $417,000.  Single-family detached prices rose 0.8% to $524,000, townhome prices rose 1.2% to $410,000, but condo prices were down 0.8% to $302,500.  This is the first time in six months that year-over-year prices increased.
  • Prices are 3.8% above the 5-year average of $404,050 and 9.4% above the 10-year average of $383,125.
  • The regional price of $419,250 set a new 10-year peak for April prices and is 26.3% above the April 2009 low of $332,000.
  • Falls Church City remains the most expensive location in the region with an April median sales price of $707,460, (down 9.3% from last year).

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Home Sales

  • The 4,678 closed sales in April were up 9.6% compared to last year’s 4,268 and up 24.6% compared to last month’s 3,755, marking the 17th month in a row of increased Y-o-Y sales.
  • Single-family detached sales were up 13.9% to 2,206, while condo sales were up 10% to 1,315 and townhome sales were up 1.8% to 1,155.
  • Closed sales are 12.3% above the 5-year average of 4,166 and 18.2% above the 10-year average of 3,958.
  • For the year-to-date, total sales of 14,400 are up 6.9% compared to January-April of last year.
  • April’s closed sales of 4,678 set a new April decade high, exceeding the previous 2010 high of 4,561 by 2.6%.  Sales were up 49.1% compared to the market low of 3,138 seen in 2008.

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New Pending Sales 

  • There were 6,647 new pending sales at the end of April 2016, up 7.2% compared to last year.
  • All property types again saw increases in the number of new contracts compared to last year, with single-family detached up 9.3% to 3,327, condos up 8.9% to 1,646 and townhomes up 1.5% to 1,673.
  • Pending contracts were above both the 5-year average of 6,066 and the 10-year average of 5,448.
  • April 2016’s new pending sales number of 6,647 surpassed the April 2015 high of 6,203 by 7.2% and was 70.6% above the April 2008 low of 3,896.
  • For the entire metro, the new pending contracts for January-April are up 6.1% to 21,037.

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New Listings 

  • The number of new listings in April rose to 8,809, a 1.1% gain compared to last year.  New listings for townhomes rose 3.7% to 2,071, single-family detached rose 0.4% to 4,583 and condos rose 0.2% to 2,150.
  • The April new listing total was the highest monthly listing total since April of 2010.
  • New listings in April were above the 5-year average of 7,677 and the 10-year average of 7,933.
  • The April new listings are 40.3% above the 10-year low of 6,280 seen in April 2012 and are only 7% off the April 2007 market peak of 9,477.
  • Across the DC Metro area, total new listings of 26,451 for the year-to-date are up by 6.1%.

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Inventory 

  • Inventories increased 2.3% to 11,113 at the end of April.  They were up 13.7% or 1,339 from last month.
  • All property types show an increase over last year, with townhome inventories up 5.8% to 1,978, condos up 2.3% to 2,926 and single-family detached up 1.3% to 6,198.
  • Inventories are 14.3% above the 5-year average of 9,725, but 23.7% below the 10-year average of 14,573.
  • End of April inventories exceed the April 2013 low of 7,123 by 56%, but are down 57% from the peak of 25,847 seen in April 2008.

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Days on Market 

  • The median days-on-market in April was 14 days, the same as last year, but almost half of last month’s 27.
  • This month, both condos and single-family detached homes had a median DOM of 16, while townhomes had a median DOM of 10.
  • DOM are below the 5-year average of 15 days and the 10-year average of 28 days.
  • The lowest April DOM level recorded in the past decade was 11 days in 2013; the highest was 60 days in 2008.

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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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