Metro DC’s September Housing Market: “Steady As She Goes”

The DC market was neither the tortoise nor the hare but somewhere in between this September. It was a more predictable “steady as she goes” market for both buyers and sellers, according to data from RealEstate Business Intelligence (RBI).The DC market was neither the tortoise nor the hare but somewhere in between this September. It was a more predictable “steady as she goes” market for both buyers and sellers, according to data from RealEstate Business Intelligence (RBI). Not an exciting pace but no dramatic highs or lows, which can be typical for this time of year.The region’s activity in September 2014 didn’t fluctuate too much from September 2013 (and even from August 2014) but it did post gains when comparing this September to the same month in 2010, 2011, and 2012. More active listings, more inventory, and just a slight increase in the region’s median price from last year are some of the highlights of this month.Active Listings Are Way Up!Active listings reached their highest total (12,164) of any month since November 2011, but inventory is still less than half of its peak-level of 25,000 in 2007.Number of Closed Sales DownThere were 3,569 closed sales in the Washington, DC region in September, making it the ninth month in a row of year-over-year declines. However, closed sales remained higher than what was reported in September 2010, 2011, and 2012. Townhomes was the only segment to post an increase from this time last year. Sales decreased 14.8% from August 2014, which is less than the 10-year average August-to-September change.Prices IncreasedThe median sales price increased slightly (0.8%) from last September to $390,000. This is the highest September-level prices since 2007. This was driven by townhomes, which marked its highest September level since data was collected in 1997. Condos prices remained steady and single detached homes saw a slight decrease in median price. Falls Church City and Prince George’s County reported the largest increases in price since last year.Inventory UpDC region saw its highest inventory in any month for nearly three years this September. New listings increased 11.7% from last year to 6,6667 listings. This is the most new listings in the month of September since 2008. All segments of the market – condos, single-family detached homes and townhomes — posted increases. This available inventory is due to the increase in active listings and slower sales activity versus last year.Days on Market IncreasingThe median days-on-market increased 9 days from September 2013 to 26 days, but that number is still lower than the 10-year average of 37 days. Half of the detached homes sold in less than a month.