DC Metro Area Housing Stats: Prices and Inventory Up in October!
There is good news in the DC area real estate market and it seems like both buyers and sellers are benefiting. The market is becoming slightly more balanced, which is terrific.
October’s market stats show good news for both buyers and sellers. Demand for housing remains strong in the DC Metro area, sparking twin double-digit increases in sales and new listings, each just over 19%.
Although inventory is still at historic lows (only about 35% of the 2007 peak market), it is up from last October for the first time in two years.
This rise in listings could help moderate how fast property prices are climbing. Buyers rejoice!
Best sales record since 1997
But, there is still good news for sellers at the same time.
With a 19.1% increase over a year ago, sales (units sold) are at their highest level since 2009. The jump in sales from September to October beats records going back 13 years. Condos dominate the sales surge, up 21.5% over last year; townhomes are a close second at 19.9%, and single-family sales are up 17.2%. A noteworthy item: sales of condo units smaller than 800 square feet, though a small percentage of the market, jump 35.1 percent.
Median sales price jumps 4.8%
As the rising price for single family detached in the DC Metro area cools a bit, the median sales price increase is a bit more moderate than usual; still, it is up 4.8% or $17,500. That’s the best increase October has seen in six years. While condos are at the top again, gaining $25,000 (or 9.3%), the median price for single family detached homes rises $31,800 or 7.5%, and townhomes move up $24,550 or 6.7%. On another note: although smaller condos account for only 7.9% of all sales, their median sales price soars 16.5%.
New contracts best 10-year average
New contracts signed increased 6.5% from September, which beats the 10-year average. Although slight, at 1.7%, it is also the highest since October 2006. The increase is fueled largely by condos and single-family homes. Condos again are at the top with a 5.3% increase, followed by single-family homes (detached) up 1.6%. New contracts for townhomes actually dropped by 1.6%.
New Condo Listings Jump 31%
With active and new listings skipping to the front of the line, DC Metro has the first uptick in year-over-year total inventory in two years! (Year over year is a popular measurement. It means compared with the same time period in the previous year.)
Active listings are up 5.6% overall, and that’s the 2nd consecutive year-over-year increase for condos and townhomes. Clearly new sellers continue to enter the market, and their confidence is strong. Condos again lead the way, with an increase of 15.3 in active listings, followed by townhomes at 14.9%. The only segment to decline is single family detached, at the lowest level in nine years, dropping 0.7%.
For the 7th month in a row, new listings show double-digit increases, 19.2% overall. Condos jumped 31% from last October, followed by townhomes at 19.4%, and even single-family homes (detached) jumped into the action, with an increase of 13%. Days on the market continues to be at an historic low–16 days–the lowest October level since 2005.