Prices Rise But Inventory Increases as Summer Market Slows

Prices Rise But Inventory Increases as Summer Market Slows 

 

* Stats and Information from GCAAR

Condo and Single-Family Inventory Up in Both Jurisdictions 

 

Prices rose for condos and single-family homes in the District of Columbia and Montgomery County in July even as inventory rose in both jurisdictions. Contract activity was mixed.

 

Washington, DC

The average days on market was down 8.5% compared to July 2013. The median price for condos rose 1.8%, with single-family homes receiving a 4.8% increase. Inventory increased 13.6% for condos, and 1.9%  for single-family homes. Condo contracts dropped 7.8%, but increased 2.7% for single-family homes. Settlements increased 5.5% for condos, and but decreased 9.4% for single-family homes compared to July 2013. 

 

Montgomery County

The average number of days on market was up 11.43% from July 2013. Median condo prices saw a 2.7% increase, and the price of single-family homes rose by 2.2%. The amount of available inventory increased in July, with a 32.4% increase for condos and a 38% increase for single-family homes. The number of contracts increased for condos by 4.7%, but decreased by 1.4% for single-family homes. Settlements dropped for condos and single-family homes: 21.9% and 16.2% respectively, compared to July 2013.