Strong Start for DC Home Prices

Information from GCAAR

 

County Sees Increase in Condo and Single-Family Settlements and Single-Family Contracts   

2015 began with DC condo and single-family home prices higher than last year, while Montgomery County prices did not fare as well, showing declines in both areas.  The County did experience an increase in condoand single-family settlements as well as single-family contracts compared to January 2014. Days on market was higher in both jurisdictions compared to January 2014.      Washington, DC The average days on market was up by two days (3.77%) compared to January 2014. The median price for condos rose 14.3%, with single-family homes increasing by 6.3%. Inventory dropped 5.6% for condos, and 1.6% for single-family homes. Contract activity dropped slightly for condos, 0.4%, but increased by 2.6% for single-family homes. Settlements rose for condos, 2.5%, but decreased 4.3% for single-family homes compared to January 2014.   Montgomery County The average number of days on market was up by 17 days (29.82%) compared to January 2014. Median condo prices dropped by 15.9%, and single-family homes dropped as well, 3.3% compared to the same time last year. The amount of available inventory increased in January, with a 21.6% increase for condos and a 26.5% increase for single-family homes. The number of contracts decreased for condos, 6%, but single-family homes saw a 16.6% increase. Settlements increased slightly for condos, 1.3%, and 4.8% for single-family homes compared to January 2014.

District of Columbia January 2015 January 2014 Change Average Days on Market: Condo &  Single-Family Homes 55 53 3.77%  Condo Median Price $440,000 $384,950 14.3% Condo Total Active Listings  502 532 -5.6% New Condo Contracts This Month 275 276 -0.4% Condo Settlements This Month 209 204 2.5% Condo Absorption Rate (Total Active Listings /New Contracts) 1.83 1.93 -5.2% Single-Family Median Price $595,000 $559,700 6.3% Single-Family Total Active Listings 488 496 -1.6% New Single-Family Contracts This Month 311 303 2.6% Single-Family Settlements This Month 245 256 -4.3% Single-Family Absorption Rate (Total Active Listings /New Contracts) 1.57 1.64 -4.3% Montgomery County January 2015 January 2014 Change Average Days on Market: Condo &  Single-Family Homes 74 57 29.82% Condo Median Price $199,200 $237,000 -15.9% Condo Total Active Listings 513 422 +21.6% New Condo Contracts This Month 204 217 -6.0% Condo Settlements This Month 162 160 1.3% Condo Absorption Rate (Total Active Listings /New Contracts) 2.51 1.94 +29.4% Single-Family Median Price $425,000 $439,592 -3.3% Single-Family Total Active Listings 1714 1355 +26.5% New Single-Family Contracts This Month 610 523 16.6% Single-Family Settlements This Month 438 418 4.8% Single-Family Absorption Rate (Total Active Listings /New Contracts) 2.81 2.59 +8.5%