* Information from the GCAAR press release April 10th, 2015
Inventory decreased for DC condo and single-family properties in March while prices continued to rise. Montgomery County prices decreased and inventory rose in both areas compared to the same time last year. The County did experience an increase in condo and single-family contracts and settlements compared to March 2014.
Washington, DC
The days on market decreased by four days (8.51%) compared to March 2014. The median price for condos rose 11.1%, with single-family homes increasing by 5.2%. Inventory dropped 7% for condos, and 1.7% for single-family homes. Contract activity increased by 13.9% for condos, and 4.9% for single-family homes. Condo settlements increased by 3.2% and 5.7% for single-family homes compared to March 2014.
Montgomery County
The average number of days on market was up by 21 days (38.89%) compared to March 2014. Median condo prices dropped by 2.1%, and single-family homes dropped slightly, 0.3%, compared to the same time last year. The amount of available inventory increased in March, with a 18.7% increase for condos and a 14.5% increase for single-family homes. The number of contracts rose for condos, 16.2%, and single-family homes saw a 15.9% increase. Condo settlements increased by 11.8% and single-family settlements increased by 21.1% compared to March 2014.
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