DC Metro Home Sales Soar with 7-Year High

November is traditionally the month where we all give thanks, and it didn’t disappoint when it came to recent housing stats! Buyers and sellers in the DC metro have lots to be “thankful” for with last month’s robust and busy housing market. Despite lower inventory levels, increasing home prices and a record-number of closed sales top the list of positive signs November’s housing market.  Buyers were quick to make offers and the month kept a steady pace of activity throughout.dc-metro-home-sales-soar-with-7-year-high-300x300November is traditionally the month where we all give thanks, and it didn’t disappoint when it came to recent housing stats!Buyers and sellers in the DC metro have lots to be “thankful” for with last month’s robust and busy housing market.Despite lower inventory levels, increasing home prices and a record-number of closed sales top the list of positive signs November’s housing market.  Buyers were quick to make offers and the month kept a steady pace of activity throughout. 1-768x396Below is a recap of the analysis of the MRIS housing data for the DC Metro area in November 2016 by MarketStats:

  • The median sales price of $407,000 was up $2,000 compared to last year.
  • This is the highest November median sales price since 2005.
  • Sales volume across the DC Metro area was nearly $2 billion, up 14.4% from last November.
  • Closed sales were up 16.5% compared to last year, the highest November since 2009.
  • New listings increased 7.1% year-over-year, up for the first time in five months.
  • Active listings are down 14.4% compared to last year and down 12.0% compared to last month.
  • This is the seventh consecutive month of declines in year-over-year inventory levels.
  • The average percent of original list price received at sale in November was 97.2%, up from last year’s 96.9% but down from last month’s 97.4%.
  • The median days-on-market was 23 days, two days lower than last year.

2-768x374Sale Prices – Median sales price of $407,000 was the highest November level this decade.Prices were 1.8% higher than last month.Only single-family detached prices rose, increasing 0.8% to $489,000.  Prices for townhomes decreased 1.7% to $400,000 and condos decreased 1.6% to $286,375.Prices are above the 5-year average of $397,390 and the 10-year November average of $369,880.The District had the highest median sales price of $549,000. Prince George’s County remains the most affordable area in the region, with a November median sales price of $260,000, up 8.4% from last November.Arlington County (-1.9%) and Alexandria City (-1.0%) are the only jurisdictions to see declines in year-to-date prices versus 2015.3-768x429Closed Sales – All property types saw double-digit increases in sales, with condos up 19.4%, townhomes up 17.0%, and single-family detached homes up 14.6%.Closed sales of 3,899 were up 16.5% from last year, but down 1.8% from last month.  Sales were above the 5-year average of 3,381 and above the 10-year average of 3,217.November was the fourth consecutive month of increases in year-over-year salesNovember’s closed sales were up 62.1% compared to the market low of 2,406 seen in November 2008 and 3.5% less than the previous November 2009 high of 4,040.Across the region, year-to-date sales of 49,287 in the D.C. Metro area are up 6.9%.4-768x429Pending Sales – November 2016’s new pending sales were 72.3 % above the November 2007 low of 2,413 and just slightly below the peak of 4,186 seen last year.The 4,157 new pending sales were down 0.7% compared to last year and down 14.5% from last month.Condos saw a 9.1% decline in pending sales to 1,013.Townhome pending sales increased 5.1% to 1,150.Single-family detached homes were up 0.9% to 1,994.Pending contracts were above both the 5-year average of 3,966 and the 10-year average of 3,516.Pending sales activity across the region is mixed, with Montgomery County (-7.5%) and Washington D.C. (-7.8%) seeing declines in pending sales.5-768x328New Listings – This was the first time in five months that year-over-year new listings increased.There were 4,264 new listings in November, a 7.1% increase over last year.  Compared to last month, new listings saw a normal seasonal decline of 21.0%.All property types saw increases in the number of new listings, with townhomes up 8.7% to 1,059, single-family detached up 7.1% to 2,009, and condos up 5.7% to 1,195.New listings are above both the 5-year average of 3,853 and the 10-year average of 4,171.6-768x328Active Listings/Inventory –  Slightly below the 5-year average of 9,190, but well below the 10-year average of 13,427.Active inventories decreased 14.4% versus last year to 9,147, which was also down 12.0% from last month.All property types show double-digit decreases in inventory levels over last year, with townhome inventories down 20.5% to 1,659, single-family detached inventories down 13.6% to 4,949 and condos down 11.2% to 2,531.November inventories exceed the 2012 low of 7,830 by 16.8%, but are down 62.3% from the peak of 24,237 seen in November 2007.Falls Church City (+33.3%) and Washington D.C (+3.0) saw increases in inventory levels, while all other jurisdictions saw declines, with the largest in Fairfax County (-20.1%).7-768x284SP to OLP Ratio — The regional SP to OLP ratio was 97.2%, up from last year’s 96.9% but down from last month’s 97.4%.November’s SP to OLP ratio exceeds the 5-year average of 97.0% and the 10-year average of 95.2%Over the last decade, the region’s November average sales price to original listing price ratio ranged from a low of 90.9% in 2008 to a high of 97.5% in 2013.The largest gap between original listing price and sales price was in Fairfax City, where the average ratio was 94.7%, down from last year’s 95.7%Year-to-date, the SP to OLP ratio for the region is 97.6%, up slightly from the cumulative SP to OLP of 97.3% through November last year.8-768x328Days on Market – Single-family detached homes had the highest median DOM of 26, while condos had a median DOM of 24 and townhomes had a median DOM of 18.The median days-on-market in November was 23 days, down two days from last year and the same as last month.November’s median DOM was one day below the 5-year average of 24 days, but was well below the 10-year average of 35 days.The lowest November DOM recorded in the past decade was 20 days in 2013; the highest was 65 days in 2008.The highest median DOM in November was recorded in Fairfax City at 32 days, down from 52 last year. Next highest, Fairfax County at 29 days, down from 2015’s 38.The lowest median DOM is in Falls Church City at 9 days, down from 14 days last year. The District had the next lowest DOM at 14 days, up one day from last year.For the year-to-date, the regional median DOM is 21 days, the same as last year.

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