DC Metro housing supply growth continues
Posted on August 10, 2014 by Corey Hart
Aug

10

2014

Sales down from July 2013; Listing Activity up

OVERVIEW

The Washington, DC Metro Area continues to have lower levels of buyer activity than in 2013.  Closed sales have now decreased from their prior year during every month in 2014, and decreased 8.4 percent from last July.  New pending contracts have had year-over-year decreases for eight consecutive months.  In July, new pending contracts fell 4.8 percent, with decreases in each property segment.   Despite the lower buyer activity relative to 2013, closed sales and new pending contracts continue to be higher than in 2010, 2011 and 2012.  The median sales price increased modestly from last year, rising 0.7 percent.  This increase was driven by townhomes and condo properties, with condos reaching their highest July-level since 2007, and townhomes reaching their highest level on record, with data starting in 1997. 

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dc metro, market analysis, press release
DC Metro home sales, prices down from last year, but above five-year June average
Posted on July 10, 2014 by Corey Hart
Jul

10

2014

Median sales price falls for the first time in over two years; Sixth month of year-over-year decreases for closed sales

OVERVIEW

Buyer activity remained below year-ago levels in the Washington, DC Metro Area.  Closed sales declined by 4.5 percent and have now been below their 2013-level every month this year.  New pending contracts also fell from this time last year and have done so for seven consecutive months.  While buyer activity is lower than last year, both closed sales and pending sales continue to outpace 2011 and 2012 levels.  The median sales price decreased from the prior year for the first time since January 2012, possibly tempered by the slowing pace of sales.  All property segments had a decline in median sales price, but only three of the jurisdictions did: the city of Alexandria, Montgomery County, and Washington, DC.  But at $433,000, the median sales price for the region was higher than any month except June 2013 since July 2007. 

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dc metro, market analysis
DC Metro hits highest May-level median sales price on record
Posted on June 10, 2014 by Corey Hart
Jun

10

2014

Closed sales decrease from the prior year for fifth consecutive month

OVERVIEW

The Washington, DC Metro Area continued the pattern of low buyer activity in May.  Closed sales and new pending contracts decreased from last May by 10.6 percent and 4.5 percent, respectively.  But both were above their May-levels in 2011 and 2012 with new pending contracts above their May-levels for all years from 2006 to 2012.  As in recent months, bank-mediated sales decreased at a faster rate than non-bank-mediated sales and contributed to the overall decline in closed sales.  The median sales price continues to rise, likely due to both the decline in bank-mediated sales and tight inventory.  The median sales price increased 1.2 percent and reached the highest May-level on record with data going back to 1997.  Seller participation continues to increase and both active listings and new listings rose. 

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dc metro, market analysis, press release
DC Metro home sales pace remains down from 2013 level
Posted on May 12, 2014 by Corey Hart
May

12

2014

Highest April-level median sales price in seven years

OVERVIEW

In April, buyer activity remained lower than the previous year in the Washington DC Metro Area. Both closed sales and new pending sales were below their levels from this time last year, with all property segments posting declines in each category.  However, some of the decline in closed and pending sales was due to a decrease in short sales and foreclosures.  After 2008, like the nation, the DC metro region had an increasing number of bank-mediated sales.  The number of bank-mediated sales peaked in 2010 and has since been declining, falling from 15.1 percent of total sales in April 2013 to 10.7 percent of all sales in April 2014.  While this decline is a result of fewer distressed properties in the market, it has also depressed the total number of sales.  Closed sales decreased 8.3 percent, or by 350 sales, but non-bank mediated sales only fell by 3.5 percent, or by 127 sales.  Bank mediated sales declined 35.0 percent, or by 223 sales, and accounted for 63.7 percent of the decline in total sales.  Bank mediated sales had a similar role in new pending contracts, accounting for 42.5 percent of the decline in new contracts, despite being a smaller share of the market.

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dc metro, market analysis
DC Metro sales down - Prices climb for 26th consecutive month
Posted on April 10, 2014 by Corey Hart
Apr

10

2014

Highest March-level median sales price in seven years; Inventory up 21 percent

OVERVIEW

The Washington DC Metro Area continued to see winter weather well into March.  As in the previous months, the cold weather may have impacted buyer activity in the housing market.  Both closed sales and new contract activity decreased from last March, declining 11.2 percent and 6.8 percent, respectively.  While all property segments had a decline in closed sales, only single-family detached homes and townhomes had fewer new contracts than last year.  Seller activity jumped compared to last year as both active listings and new listings had year-over-year increases.  Active listings increased by 20.9 percent, with both condo properties and townhomes increasing by over 30 percent.  New listings increased 3.9 percent and were driven by new listings for condo properties, which increased 18.6 percent.  Even with the increases, inventory remains low and is just 29.4 percent of its peak-level. 

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dc metro, market analysis, press release

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