DC Metro Market Sees More Homes Under Contract in Over a Decade

The DC metro housing market showed positive year-over-year growth in most categories– closed sales, pending sales, and active listings — for its October statistics. In fact, it’s been one full year of consecutive year-over-year increases in pending sales (homes under contract!), which demonstrates how our market continues to strengthen and improve. Buyers and sellers can be pleased about this steady progress and continuous activity in the DC area.The DC metro housing market showed positive year-over-year growth in most categories– closed sales, pending sales, and active listings — for its October statistics.In fact, it’s been one full year of consecutive year-over-year increases in pending sales (homes under contract!), which demonstrates how our market continues to strengthen and improve. Buyers and sellers can be pleased about this steady progress and continuous activity in the DC area.There were a few slight dips in some categories when compared to the previous month, signifying some seasonal slackening of the market. Housing data analyzed by RealEstate Business Intelligence (RBI) includes these highlights:oct1

  • Highest October level of pending sales in at least a decade, up 7.8% from last year and from 0.3% from last month.
  • Highest October level of new listings since 2007.
  • Overall median sales price dipped $1,000 or 0.3% compared to last month and last year.
  • Inventories were up for 25th consecutive month, though growth rate has slowed.
  • Condos had the largest year-over-year (YoY) increase, up 12.8%.
  • Median days-on-market increased 3 days from last year to 27 days, same as last month.
  • Closed sales in the District had the lowest median days-on-market of 11 days.

Closed Sales – All jurisdictions show increases in the number of sales compared to last year.October was the 11th consecutive month of year-over-year increases in overall sales, beating out both the 5- and 10-year averages. Closed sales were up 9.5% across the region compared to last year. Single-family detached home and townhome sales bumped up 4.6% from last year, while condos fell 3.3%.New Contracts – This month marked a full year or 12 consecutive months of YoY increases.October was also the 9th consecutive month that all market segments had YoY increases. New contracts peaked at 4,794, up from 7.8% last year and at the best level in at least 10 years, exceeding the 5 average of 4,490 and 10 year average of 4,010 .Townhomes has the largest YoY increase at 14.6%, followed by single-family homes at 6.4%, then condos at 3.8%. All jurisdictions showed increases in the number of new contracts, except for Falls Church City.oct2Prices – Second best median price in October since 2006 at $399,000 — slight dip from last year.October prices were well above both the 5-year average of $372,305 and the 10-year average of $366,188. Compared to last year, condos were the only market segment to see a rise in prices, with a slight 0.5% increase to $305,000. Townhomes and single-family detached homes fell 0.2% ($397,250) and 1.6% ($472,500), respectively.Falls Church City continues to have the highest median sales price of $665,000. Arlington County, Washington, DC, Montgomery County and Prince George’s County all saw varying price increases compared to last year, with Prince George’s gaining the most in year-to-date prices at 6.8% or $15,000.Inventories — 25th consecutive month of YoY increases in the number of active listings. There were 12,676 active listings at the end of October, a 6.4% bump over last year. Condo inventory increased YoY the most at 12.8% to 3,247 active listings. Townhomes were up 6.3% to 2,533 active listings and single-family detached up 3.5% to 6,882 active listings. The number of new listings from the period of January through October is up by 5,218 or an 8.5% increase compared to last year, for a total of 66,458.Days on Market – Median days-on-market (DOM) is the same as the 5-year October average of 27 days but well below the 10-year average of 38 days.Townhomes had again the lowest median number of DOM with 20 days. Condos had a median DOM of 26 and single-family detached had median DOM of 34.

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