Home sales and prices remain strong in DC Metro in November

Washington D.C. Metro median price of $425,000 at highest November level in decade; closed sales and pending contracts at November highs; inventory levels decline for 19^th consecutive month.

Rockville, MD – (December 11, 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 November 2017 Bright MLS housing data.

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OVERVIEW

• The Washington D.C. Metro median sales price of $425,000 was up 4.4% or $18,000 compared to last year and up 2.9% or $11,875 compared to last month.  This is the highest November price of the decade and the 14^th consecutive month of year-over-year price increases.
• Sales volume across the DC Metro area was more than $2.15 billion, up 11.5% from last year.
• Closed sales of 4,082 were up 4.7% compared to last year but were 5.5% below last month.  
• New contracts of 4,248 were up 2.2% compared to last year, the highest November level of the last 10 years.
• New listings of 4,308 were up 1.0% compared to last year but down 25.3% below last month.
• Active listings of 8,629 are down 5.7% compared to last year and down 14.6% compared to last month. This is the 19th consecutive month of declines in year-over-year inventory levels.
• The average percent of original list price received at sale in November was 97.4%.
• The median days-on-market for November 2017 was 21 days, two days lower than last year.

• November’s regional median sales price of $425,000 was an increase of 4.4% or $18,000 compared to last year, and was up 2.9% or $11,875 compared to last month.  This is the 14^th consecutive month of year-over-year price increases and was the highest November level of the last 10 years.
• Compared to last year, townhome prices rose 2.5% to $410,000, condo prices rose 6.2% to $304,000, and single-family detached home prices increased 6.3% to $520,000. 
• November prices are above the 5-year average of $408,390 and the 10-year average of $373,380.
• The overall regional price of $425,000 is 32.6% higher than the market low of $320,500 seen in 2009.
• Falls Church City remains the most expensive location in the region, with a median sales price of $799,900, up 45.8% from last year.
• Prince George’s County remains the most affordable area in the region, with a median sales price of $272,000, a 4.6% increase over last year. 
• For the year to date, the overall regional median sales price of $425,500 is up 2.5%.

• Closed sales of 4,082 were up 4.7% from last year but down 5.5% from last month. 
• Compared to last year, townhome sales were up 2.7% to 1,095, condo sales were up 3.8% to 1,104, and single-family detached sales were up 6.3% to 1,880.
• Sales remain well above both the 5-year average of 3,486 and the 10-year average of 3,351.
• November’s closed sales were 69.7% above the market low of 2,406 seen in November 2008 and were 1.0% above the decade’s previous high of 4,040 seen in 2009.
• Sales activity across the region was mostly up, with the largest gain in Falls Church City (+36.4% or 4 sales), the smallest gain in Fairfax County (+4.0% or 43 sales), and the largest decline in Fairfax City ( -7.7% or 2 sales). 
• Year-to-date closed sales across the region are up 4.7% to 51,584.   

• New pending sales of 4,248 were up 2.2% compared to last year, but were down a seasonal 14.5% compared to last month.  This was the highest November level of the last decade
• Condo pending sales increased 12.0% to 1,135 and townhome pending sales increased 0.2% to 1,152, while pending sales of single-family detached homes were down 1.7% to 1,960.
• Pending sales are above the 5-year average of 4,069 and the 10-year average of 3,699.
• November’s new pending sales were 69.4% more than the November 2008 low of 2,507.
• Pending sales activity across the region was mostly up, with the largest percentage increase in Fairfax City, which was up from 22 new pending sales to 30 or 36.4%, and the smallest increase in Prince Georges County, where new pending sales were up 2.4% to 1,022.  Arlington County saw a 10.5% decrease to 188 and Falls Church City fell from 22 new pending sales to nine.

• November’s 4,308 new listings were up 1.0% from last year, but were down a seasonal 25.3% from last month.  This was the highest November level of new listings since 2008.
• Compared to last year, new townhome listings were up 12.6% to 1,192 and new condo listings were up 1.8% to 1,216.  New single-family listings were down 5.5% to 1,899.
• New listings are above both the 5-year average of 4,029 and the 10-year average of 4,031. 
• November new listings are 25.7% above the 10-year low of 3,428 seen in November 2012, and are 8.2% below the peak of 4,756 seen in 2008.
• Across the region, Falls Church City saw the largest percentage decline in new listings (-50.0% to 6).  The largest percentage increase was in Fairfax City (+56.5% to 36).
• For the year-to-date, new listings across the entire DC Metro area are up 2.6% compared to last year to 71,731.

• There were 8,629 active listings at the end of November, down 5.7% compared to last year and down 14.6% compared to last month.  Inventory levels have declined for 19 consecutive months.
• Townhome inventories were up 4.2% to 1,728, while condo inventories were down 5.8% to 2,384 and single-family detached inventories were down 8.9% to 4,508.
• Inventories are below both the 5-year average of 9,350 and the 10-year average of 11,866.
• November inventory levels exceed the 2012 low of 7,830 by 10.2%, but are down 61.7% from the peak of 22,552 seen in November 2008.
• Across the region, inventory levels showed the largest gain in Fairfax City, where they increased 11.1% to 70.  The largest percentage decline was in Falls Church City (-54.2% to 11).

• The regional average sales price to original listing price ratio (SP to OLP ratio) for November was 97.4%, up from last year’s 97.2% but down from last month’s 98.0%. 
• Townhomes have the highest November SP to OLP ratio of 98.6%.  Condos have a SP to OLP ratio of 97.4% and single-family detached homes have a SP to OLP ratio of 96.8%.
• November’s SP to OLP ratio exceeds the 5-year average of 97.1% and the 10-year average of 95.6%.
• Over the last decade, the lowest November average sales price to original listing price ratio was in 2008, when it was 90.9%.  The highest November SP to OLP ratio was the 97.5% seen in 2013.
• Washington D.C. had the highest regional SP to OLP ratio of 98.5%, up from last year’s 98.4%.
• Arlington County had the lowest SP to OLP ratio of 97.0%, down from last year’s 97.3%.
• For the year-to-date, the regional SP to OLP ratio is 98.1%, up from last year’s 97.6%.

• The median days-on-market (DOM) in November was 21 days, down two days from last year but up four days from last month.
• Townhomes have a median DOM of 15, while condos have a median DOM of 22, and single-family detached homes have a median DOM of 25.
• November’s median DOM was two days below the 5-year average of 23 days and 10 days below the 10-year average of 31 days.
• This month’s median DOM of 21 is the second-lowest November level in a decade (the lowest was 20 days in 2013).  The highest November median DOM of the last 10 years was 65 days in 2008.
• The highest median DOM in the region in November was in Fairfax County, where it was 28 days, down from 29 days last year. 
• Washington D.C. has the lowest median DOM of 13 days, down from 14 days last year.
• For the year-to-date, the overall regional median DOM is 16 days, down from 21 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.