Home prices increased for both condos and single-family homes in May. Montgomery County activity slowed in all areas with the exception of home prices, which increased for both condos and single-family homes. Inventory increased for condos and single-family homes in both jurisdictions compared to May 2013, and days on market increased for the first time since February of 2011 in the District and March of 2012 in Montgomery County.
Washington, DC
The average days on market was up by two days compared to May 2013. The median price for condos rose 4.5%, with single-family homes receiving a 5.3% increase. Inventory increased 21.6% for condos, and single-family homes also saw a slight rise, 0.3%. Contracts increased slightly for condos, 4.7%, but dropped 3.4% for single-family homes over 2013. Settlements increased 4.5% for condos, but remained unchanged for single-family homes compared to May 2013.
The average days on market was up by two days compared to May 2013. The median price for condos rose 4.5%, with single-family homes receiving a 5.3% increase. Inventory increased 21.6% for condos, and single-family homes also saw a slight rise, 0.3%. Contracts increased slightly for condos, 4.7%, but dropped 3.4% for single-family homes over 2013. Settlements increased 4.5% for condos, but remained unchanged for single-family homes compared to May 2013.
Montgomery County
The average number of days on market was up by one day from May 2013. Median condo prices saw a 7.7% increase, and the price of single-family homes rose by 3.9%. The amount of available inventory increased in May, with a 22% increase for condos and a 41.2% increase for single-family homes. The number of contracts declined slightly, dropping 3.9% for condos and 3.7% for single-family homes. Settlements also declined in both areas: 6.8% for condos, and 3.5% for single-family homes compared to May 2013.
The average number of days on market was up by one day from May 2013. Median condo prices saw a 7.7% increase, and the price of single-family homes rose by 3.9%. The amount of available inventory increased in May, with a 22% increase for condos and a 41.2% increase for single-family homes. The number of contracts declined slightly, dropping 3.9% for condos and 3.7% for single-family homes. Settlements also declined in both areas: 6.8% for condos, and 3.5% for single-family homes compared to May 2013.
Information provided by GCAAR
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