DC area hits highest monthly tally in a decade with over 6,000 homes sold in June

Washington D.C. Metro home prices at June high of $455,000; June closed sales at highest monthly level since 2005; inventories decline for 14^th month in a row

Rockville, MD – (July 12, 2017) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on June 2017 Bright MLS housing data.

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OVERVIEW

• The Washington D.C. Metro median sales price dropped slightly to $455,000 from last month’s record-setting $460,000 and ranks as the second-highest monthly price of the last twenty years.  It was a 2% or $9,000 increase over last year. 
• Sales volume across the DC Metro area was over $3.4 billion, up 5.8% from last year.
• Closed sales of 6,142 were up 3.4% compared to last year and set an all-time high for the decade.
• New contract activity of 5,961 dropped 0.3% compared to last year and 10.6% compared to last month’s record level of 6,668.
• New listings of 7,802 were up 4.0% compared to last year but were down 3.5% compared to last month.  This was the highest June level of the decade.
• Active listings of 10,481 are down 7.3% compared to last year, but are up 6.2% compared to last month. This is the 14th consecutive month of declines in year-over-year inventory levels.
• The average percent of original list price received at sale in June was 98.5%.
• The median days-on-market for June 2017 was 12 days, two days lower than last year.

• June’s regional median sales price dropped slightly to $455,000 from last month’s record high of $460,000.  It is the second-highest monthly price of the last 20 years, and was a 2% or $9,000 increase over last year. 
• Compared to last year, single-family detached homes increased 3.6% to $575,000 and townhomes rose 2.4% to $425,000.  Condo prices slipped 1.3% to $300,000.    
• June prices remain above the 5-year average of $442,600, and the 10-year average of $410,599.
• The overall regional price of $455,000 is 28.5% above the June 2010 low of $354,000, and 2.0% above last June’s record level of $446,000.
• Falls Church City is still the most expensive location in the region, with a median sales price of $726,000, down 1.6%.  All other jurisdictions saw increases in year-over-year prices, with the largest in Alexandria City (+13.9% to $569,950) and the smallest in Arlington County (+0.2 to $625,000).  With a median sales price of $280,000 (up 7.7% from last year), Prince George’s County remains the most affordable area in the region. 
• For the year to date, the regional median sales price is up 3.6% to $430,000 compared to the first half of 2016.

• Closed sales of 6,142 were at the highest monthly level of the last decade.  Sales were up 3.4% from last year and up 9.3% from last month.
• All property types saw increases in sales this month, with condos up 6.7% to 1,548, townhomes up 4.8% to 1,522 and single-family detached up 1.3% to 3,072.
• Sales remain above both the 5-year average of 5,594 and the 10-year average of 5,119.
• June’s closed sales were up 52.1% above the market low of 4,039 seen in June 2008.
• Sales activity across the region was mostly up, with the largest percentage increase in Fairfax City (+43.2% or 16 sales) and the largest percentage decrease in Montgomery County ( -0.9% or 13 sales).  For the year-to-date though, all jurisdictions continue to show gains in sales, with the largest in Falls Church City (+39.5% or 34 sales) and the smallest in Montgomery County (+3.1% or 197 sales).  Across the region, YTD sales are up 6.3% to 27,802.

• New pending sales of 5,961 were down 0.3% compared to last year.  They were down 10.6% from last month’s decade high of 6,668.
• Townhome new pending sales showed the strongest gains, up 3.3% to 1,586.  Condos rose 0.6% to 1,559, while single-family detached were down 2.6% to 2,816.
• Pending sales remain above the 5-year average of 5,657 and the 10-year average of 5,081.
• June’s new pending sales were 61.2% more than the June 2008 low of 3,697.
• Pending sales activity across the region was mixed, with the largest percentage increase in Falls Church City, which was up from 21 pending sales to 25 (+19.1%).  The largest decrease was in Alexandria City, where they dropped 7.0% to 254.
• For the year-to-date, regional new pending sales of 34,117 are up 1.3% compared to last year.

• The 7,802 new listings in June were up 4.0% from last year but down 3.5% from last month.  This is the highest level of new listings in June since 2006.    
• New townhome listings were up 7.0% to 1,976, while new condo listings were up 6.0% to 2,021, and new single-family listings were up 1.5% to 3,803.
• New listings are above both the 5-year average of 7,113 and the 10-year average of 6,717. 
• June new listings are 39.6% above the 10-year low of 5,588 seen in June 2012.
• Across the region, Falls Church City saw the largest percentage increase in new listings (+57.7% to 41) and the largest percentage decrease was in Montgomery County, where new listings decreased 5.2% to 1,781.
• For the year to date, new listings across the entire DC Metro are up 1.5% compared to last year to 42,123.

• The 10,481 active listings at the end of June were up 6.2% compared to last month but were down 7.3% compared to last year. 
• All property types showed decreases in inventory levels over last year, with condo inventories down 9.3% to 2,702, townhome inventories down 9.0% to 1,917, and single-family detached inventories down 5.7% to 5,852.
• Inventories are below both the 5-year average of 10,694, and the 10-year average of 13,875.
• June inventory levels exceed the 2013 low of 8,281 by 26.6%, but are down 59.1% from the peak of 25,618 seen in June 2008.
• Across the region, inventory levels dropped everywhere except Washington, D.C. (+16.9% to 1,505), and in Falls Church City, (+2.9% or 1).  The largest decline was in Fairfax County (-15.2% to 3,332).

• The regional average sales price to original listing price ratio (SP to OLP ratio) for June was 98.5%, up from last year’s 98.1%, but down from last month’s 98.8%. 
• Townhomes have the highest June SP to OLP ratio of 99.6%.  Single-family detached homes have a SP to OLP ratio of 98.3% and condos have a ratio of 98.0%.
• June’s SP to OLP ratio exceeds the 5-year average of 98.4% and the 10-year average of 96.5%.
• Over the last decade, the region’s June average sales price to original listing price ratio ranged from a low of 92.9% in 2009 to a high of 99.1% in June 2013. 
• The largest gap between original listing price and sales price was in Montgomery County, where the average ratio was 98.1%, up from last year’s 97.4%.
• Washington D.C. had the highest regional SP to OLP ratio, at 100% of original listing price, up from last year’s 99.1%.
• For the year-to-date, the regional SP to OLP ratio is 98.3%, higher than last year’s 97.6%.

• The median days-on-market (DOM) in June was 12 days, down from 14 days last year but up two days from last month.
• Condos and single-family detached homes both have a median DOM of 13, while townhomes have a median DOM of 8.
• June’s median DOM was one day below the 5-year average of 13 days, and was ten days below the 10-year average of 22 days.
• This month’s median DOM of 12 is the second-lowest level in a decade (the lowest was 9 days in 2013).  The highest DOM of the last 10 years was 47 days in 2008.
• The highest median DOM in the region in June was in Prince George’s County where it was 17 days, down from 18 days last year. 
• Falls Church City has the lowest median DOM of 6 days, down from 7 days last year.
• For the year-to-date, the overall regional median DOM is 14 days, down from 20 days last year.

About the DC Metro Housing Market Update

The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.

About Bright MLS

The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 85,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.

About Elliot Eisenberg

Elliot Eisenberg, Ph.D. is the Chief Economist of GraphsandLaughs, LLC, a firm specializing in economic consulting and data analysis.  He is a frequent speaker on topics including: economic forecasts, economic impact of industries such as homebuilding and tourism, consequences of government regulation, economic development and other current economic issues. Dr. Eisenberg earned a B.A. in economics with first class honors from McGill University in Montreal, as well as a Masters and Ph.D. in public administration from Syracuse University. Eisenberg was formerly a Senior Economist with the National Association of Home Builders in Washington, D.C.   He is a regularly featured guest on cable news programs, talk and public radio, writes a syndicated column and authors a daily 70 word commentary on the economy that is available atwww.econ70.com.