Lowest days-on-market in 8 years; Active listings remain low, however new listings spike for the 1^st time in 2 years

OVERVIEW

Market indicators point to a healthy spring market in the Washington DC Metro Region.  Sales and median prices continue to rise, and new contract activity is up after several months of declines.  The low inventory of homes for sale coupled with strong demand on the buyer side is fueling much of the market growth. While active listings remain historically low, new listings spiked in April, possibly an early sign of a changing pattern.  The rise in new listings could indicate that sellers are starting to be drawn into the market by higher price points and faster sale times. 

Double-digit sales growth for condos and townhomes; single-family home sales drop; Low inventory continues to push up prices, DC posts highest median price on record

OVERVIEW

Signs of spring are in the air, and the DC Metro housing market continues to pick up steam. Sales and median prices are up from this time last year, and days-on-market is at its lowest level in over seven years. The low inventory of homes for sale continues to play a major role in the market. Active listings have dropped by nearly 20,000 since their fall 2007 peak, and the proportion of townhome listings is now the lowest on record. Interestingly the trend of rising sales and declining new contracts has continued in the region.