September 11, 2014
Prices Steady; Sales Decline Across the Region
Condo and Single-Family Inventory Rises in Both Jurisdictions;
Days on Market Increase in Montgomery County
Days on Market Increase in Montgomery County
Prices rose slightly for condos and single-family homes in the District of Columbia and Montgomery County in August but inventory continued to rise. Contract and settlements also declined in both jurisdictions.
Washington, DC
The average days on market was down 5.1% compared to August 2013. The median price for condos rose 0.2%, with single-family homes increasing by 4.2%. Inventory increased 23% for condos, and 11% for single-family homes. Contracts dropped 8.9% and 6.8% respectively for condos and single-family homes. Settlements also decreased: 16.2% for condos, and 4.3% for single-family homes compared to August 2013.
Montgomery County
The average number of days on market was up 12.2% from August 2013. Median condo prices saw a 2.3% increase, and the price of single-family homes rose by 1.9%. The amount of available inventory increased in August, with a 34.3% increase for condos and an 48.4% increase for single-family homes. The number of contracts decreased for condos and single-family homes, 6.7% and 11.9%, respectively. Settlements dropped for condos, 6.3%, and single-family homes, 7%, compared to August 2013.
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