Blink … And It’s Gone
Yep, homes are selling almost that FAST in certain neighborhoods across the region, with days-on-market at its lowest level in over seven years. Because of the current low inventory of homes for sale, buyers are quickly making bids on what’s out there, pushing prices up, and most listings are moving.
The DC metro market continues to pick up steam and recent market statistics from RealEstate Business Intelligence (RBI) highlight this momentum. Here’s a quick rundown of the latest stats from March 2013, with interactive graphs below (just move your mouse over graph for detailed numbers ☺).
Market Activity – Sales and New Listings
New listings rose 28.1 percent from last month, but this is well below the 10-year average February-to-March change for the region of +41.1 percent. This could highlight lingering uncertainty with sellers despite the rising sales prices. It could also reflect that many sellers decided to list their properties earlier than typical seasonal patterns. The inventory shortage continues to impact all property segments, with active listings down over 40 percent across the board relative to last year.
Market Activity – Sold Breakdowns by Home Type
There were 3,569 sales in March in the DC Metro Region, 6.7 percent higher than this time last year. Sales jumped by 33.0 percent from last month, but this is in line with seasonal patterns. The condo market continues to post the strongest sales growth of all property segments, up 17.0 percent from last March. Townhomes also saw double-digit sales growth, rising 10.4 percent from last year. Single-family detached homes fell slightly, down 0.7 percent from last year, a drop in 11 sales.
Median Sold Price – One Year Ago Comparison, Breakdown
Median sales price growth remains strong through most of the region, and the median price for the District is the highest on record at $460,000. Low inventory continues to push up prices for most of the region. At $372,500, the median sale price for the entire DC region is 8.0 percent higher than this time last year, and the highest March median price in five years. The low inventory of active listings continues to put upward pressure on prices around the region. The average sale-to-list price ratio continues to climb, up to 97.6 percent, the highest ratio for the DC Metro Region in nearly seven years.
Average Days on Market
The low inventory continues to drive down the median days on market, which at 15 days is 26 days lower than March 2012, and is the lowest of any month since September 2005.