District Stands Firm As Home Purchase Destination

Information from GCAAR:   District Stands Firm As Home Purchase Destination Prices, Condo Contracts, and Settlements Rise in June     The District of Columbia continued to be a popular destination for home buyers as prices, condo contracts, and settlements rose in June. Inventory increased for condos in the District but dropped for single-family homes compared to June 2013. Montgomery County activity slowed in all areas with the exception of home prices, which increased for both condos and single-family homes.   Washington, DC The average days on market down by 6.25% compared to June 2013. The median price for condos rose 1.2%, with single-family homes receiving a 2.7% increase. Inventory increased 21.2% for condos, but single-family inventory was down 1.8%. Condo contracts increased 9%, but dropped 2.7% for single-family homes Settlements increased 3.8% for condos, and 5.9% for single-family homes compared to June 2013.    Montgomery County The average number of days on market was up 15.15% from June 2013. Median condo prices saw a 4.4% increase, and the price of single-family homes rose by 3.3%. The amount of available inventory increased in June, with a 33.3% increase for condos and a 44.1% increase for single-family homes. The number of contracts declined, dropping 15.7% for condos and 7.3% for single-family homes.  Settlements increased for condos by 3.8%, but dropped by 1.5% for single-family homes compared to June 2013.      District of Columbia June 2014 June 2013 Change Average Days on Market: Condo & Single-Family Homes 30 32 -6.25% Condo Median Price $412,200 $407,500 1.2% Condo Total Active Listings 687 567 +21.2% New Condo Contracts This Month 410 376 9.0% Condo Settlements This Month 409 394 3.8% Condo Absorption Rate (Total Active Listings /New Contracts) 1.68 1.51 +11.3% Single-Family Median Price $607,750 $592,000 2.7% Single-Family Total Active Listings 594 605 -1.8% New Single-Family Contracts This Month 438 450 -2.7% Single-Family Settlements This Month 429 405 5.9% Single-Family Absorption Rate (Total Active Listings /New Contracts) 1.36 1.34 +1.5% Montgomery County June 2014 June  2013 Change Average Days on Market: Condo & Single-Family Homes 38 33 +15.15% Condo Median Price $224,500 $215,000 4.4% Condo Total Active Listings 589 442 +33.3% New Condo Contracts This Month 258 306 -15.7% Condo Settlements This Month 276 266 3.8% Condo Absorption Rate (Total Active Listings /New Contracts) 2.28 1.44 +58.3% Single-Family Median Price $469,990 $455,000 3.3% Single-Family Total Active Listings 2573 1786 +44.1% New Single-Family Contracts This Month 921 994 -7.3% Single-Family Settlements This Month 980 995 -1.5% Single-Family Absorption Rate (Total Active Listings /New Contracts) 2.79 1.80 +55.0%

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