There were modest price increases for condos and single-family homes in the District of Columbia and Montgomery County in October as inventory continued to rise across the board, but more significantly in the County. The District saw an increase in condo settlements compared to October 2013.
Washington, DC
The average days on market was down one day compared to October 2013. The median price for condos rose 2.5%, with single-family homes increasing by 3.3%. Inventory increased 2.2% for condos, and 3.5% for single-family homes. Contracts dropped 3.5% and 3.1% respectively for condos and single-family homes. Settlements increased 25.6% for condos, but saw no change for single-family homes compared to October 2013.
Montgomery County
The average number of days on market was up 11 days compared to October 2013. Median condo prices saw a 0.7% increase, and the price of single-family homes rose by 0.6%. The amount of available inventory increased in October, with a 28.8% increase for condos and a 36.8% increase for single-family homes. The number of contracts decreased 6.4% for condos, and 0.3% for single-family homes. Settlements dropped for condos, 13.3%, but increased by 0.6% for single-family homes compared to October 2013.
* Information from GCAAR
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