July Market Stats: Prices and Homes Sold Still Strong, Inventory Better
Even as the typical summer pace slows, there’s no break in stride for the DC Metro region this July. The market continues to run strong. Home prices are up across the region, so sellers are moving into the market looking to profit. Don’t want to read all about it? Check out the video we made for you here:
Number of Homes Sold Hits Double Digits in July
The number of listings increases 26% over last July, which is good for buyers since our inventory has been so low. However, the competition is still stiff in the region—homes are going under contract in the fewest number of days on market since July 2005. We are seeing a 32% decrease from July 2012, when the average was 52 days.
Speaking of listings, we love this chart showing the trend in homes coming on and off the market. You can see the surge in spring listings, the seasonal drop off, and this summer’s active market. There are lots of buyers out there gobbling up the increase in listings.
Most Homes Sold in Any July Since 2006
DC Metro closed 4,953 sales last month, the most any July has seen since 2006. This is a good thing—it means our inventory is meeting demand. Both buyers and sellers are happy. We are starting to see a more even-keeled market. Single-family homes and townhouses were the most popular properties exchanging hands, leading sales 19% compared to last year. Condos followed suit with a 17% increase, plus a 6th-month-long run of strong sales.
Highest July Median Price Since 2005
What does median sales price mean anyway? It means the typical price, or the one right in the middle. SO half the homes cost more and half cost less. The median price in DC this July was $425,000. That’s 10.4% higher than last year–a gain close to $40,000. Catch your breath, because that’s the highest July level in 8 years! The median price increase for townhomes and single families topped 11%. Sellers, this is for you: that’s a gain of $42,000 for townhomes, and $56,750 for single families. (Condos, though, lagged by 5.1% (or $14,000 over last year.)
Great News For Buyers—More Homes Coming on The Market
For the fourth month in a row, the number of new listings increased. This is great news for you buyers. July saw the highest jump since April 2010: New listings were up 26.9%. Condos shine here, rising 29.7% and leading all other properties from last July. Not far behind, single-family listings were up 27.3%, followed third by townhomes (23.6%). The market is having no trouble absorbing the new supply. Listings are going to contract the same month they are listed. That’s an historic low. DC Metro’s median (and you know what that means) days-on-market is 12 days. That’s the lowest July level since housing peaked in 2005.