DC area home prices hit highest monthly level on record in June

Washington D.C. Metro median price of $471,000 at all-time high; market activity slows while inventory levels remain tight

Rockville, MD – (July 11, 2018) – 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 2018 Bright MLS housing data.

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OVERVIEW

• The Washington D.C. Metro June median sales price rose to an all-time, record-setting $471,000, up 3.5% or $16,000 compared to last year and up 1.3% or $6,000 compared to last month.
• Sales volume across the DC Metro area was more than $3.3 billion, down 2.8% from last year.
• There were 5,889 closed sales of 5,889 in June, down 4.1% compared to last year, although they were up 3.0% compared to last month.
• New pending sales of 5,844 were down 2.0% compared to last year and 9.9% from last month.
• There were 7,346 new listings in June, down 5.8% compared to last year and down 11.8% from last month.
• There were 9,805 active listings at the end of June, down 6.4% compared to last year, the 26^th consecutive month of declines in year-over-year inventory levels.
• The average percent of original list price received at sale in June was 99.0%, up from last year’s 98.5% and the same as last month.
• The median days-on-market this month was 10 days, down two days from last year, but up one day from last month.

• June’s median sales price of $471,000 rose 3.5% or $16,000 compared to last year and 1.3% or $6,000 compared to last month, the 21^st consecutive month of Y-o-Y price increases.  It was at the highest all-time overall price level on record for the D.C. Metro area.
• Single-family detached prices of $600,000 (up 4.4% compared to last year) and townhome prices of $442,000 (up 4.0% compared to last year) were at all-time highs.  Condo prices of $314,500 were up 4.8% compared to last year but slipped slightly from last month’s record high median sales price of $320,000.
• June prices are above the 5-year average of $448,800 and the 10-year average of $417,699.
• This July’s sales price of $471,000 is 33.1% higher than the July 2010 low of $354,000. 
• Falls Church City remains the most expensive location in the region, with a median sales price of $849,500, up 17.0% from last year.
• Prince George’s County remains the most affordable, with a median sales price of $296,970, a 6.1% increase over last year. 
• For the year-to-date, prices are up 3.5% across the DC metro area to $445,000.

• The 5,889 closed sales in June were down 4.1% from last year but up 3.0% from last month. 
• Closed sales of all property types declined, with single-family detached homes down 5.1% to 2,915, condo sales down 3.4% to 1,495, and townhome sales down 2.8% to 1,479.
• Sales were above both the 5-year average of 5,725 and the 10-year average of 5,304.
• June’s closed sales were 33.4% above the June 2011 market low of 4,413.
• Closed sales decreased in all jurisdictions except Prince Georges County, where they were flat at 1,004 sales.  Washington D.C. had the smallest decline of 1.2% (to 890 sales) and Fairfax City had the largest (-35.9% to 34 sales).
• For the DC metro area for the year-to-date, closed sales are down 1.3% to 27,451.  

• The 5,844 new pending sales in June were down 2.0% from last year and down 9.9% from last month.
• New pending sales of condos were up 2.6% to 1,599, but new pending sales of townhomes were down 2.5% to 1,546 and new pending single-family detached homes were down 4.2% to 2,698.   
• Pending sales are above the 5-year average of 5,739 and the 10-year average of 5,295.
• New pending sales this month were 47.7% more than the June 2010 low of 3,958 and were 2.3% below the June 2016 peak of 5,979.
• Pending sales activity across the region was mixed, with Alexandria City (+8.7% to 276) seeing the largest percentage increase in new pending sales, and Falls Church City (-40.0% to 15) seeing the largest decline.    

• There were 7,346 new listings in June, down 5.8% from last year and down 11.8% from last month. 
• New single-family listings were down 6.7% to 3,548, while new townhome listings were down 5.9% to 1,859 and new condo listings were down 4.2% to 1,937
• New listings match the 5-year average of 7,346 and are still above the 10-year average of 6,746. 
• June new listings are 31.5% above the 10-year low of 5,588 seen in June 2012.
• New listings were down across the region, with the smallest percentage decrease in new listings in Prince Georges County (-3.2% to 1,395) and the largest in Falls Church City (-34.2% to 27). 
• For the year to date, new listings of 41,423 are down 1.7% compared to last year.

• The 9,805 active listings at the end of June were down 6.4% compared to last year but were up 4.4% compared to last month.  
• Compared to last year, single-family detached inventories were down 7.0% to 5,445, condo inventories were down 6.8% to 2,517, and townhome inventories were down 4.6% to 1,829.
• Inventories are well below both the 5-year average of 10,999 and the 10-year average of 12,293.
• June inventory levels exceed the 2013 low of 8,281 by 18.4% and are down 43.4% from the peak of 17,338 seen in June 2009.
• Prince George’s County (+7.1% to 1,878) and Fairfax City (+4.5% to 70) saw increases in inventory levels, while inventory in Falls Church City stayed flat at 35.  Washington D.C. (-1.4% to 1,484), Arlington County (-1.4% to 553), Alexandria City (-3.6% to 450), Montgomery County (-9.5% to 2,497) and Fairfax County (-14.8% to 2,838) all saw declines.

• The regional average sales price to original listing price ratio (SP to OLP ratio) for June was 99.0%, up from last year’s 98.5% and the same as last month. 
• Townhomes have the highest June SP to OLP ratio of 99.9%.  Single-family detached homes have a SP to OLP ratio of 98.8% and condos are at 98.7%.
• June’s SP to OLP ratio exceeds the 5-year average of 98.4% and the 10-year average of 97.1%.
• Over the last decade, the lowest June average sales price to original listing price ratio was in 2009, when it was 92.9%.  The highest June level of the last ten years was in 2013 at 99.1%.
• Falls Church City had the highest SP to OLP ratio of 100.1%, up from 99.4% last June.
• Fairfax City has the lowest SP to OLP ratio in the region this month at 98.2%, down from last year’s 98.8%.
• Across the D.C. Metro area for the year to date, the SP to OLP ratio is 98.5%, up from last year’s 98.3%.

• June’s median days-on-market (DOM) was 10 days, down two days from last year but up one day from last month.
• Townhomes have a median DOM of eight, while single-family detached homes have a median DOM of 11 and condos have a median DOM of 13.
• June’s median DOM was three days below the 5-year average of 13 days and eight days below the 10-year average of 18 days.
• The lowest June and overall level of the decade was in 2013, when it was nine days.  The highest June median DOM of the last 10 years was 40 days in 2009.
• The highest median DOM in the region in June was in Prince George’s County, where it was 15 days, down from last year’s 17 days. 
• Falls Church City had the lowest median DOM in the region of six days, the same as last year.
• For the year-to-date and across the entire D.C. metro, median DOM is 12 days, down from 14 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