DC Condo Inventory Drops

* Market Update From GCAAR Prices Show Slight Increase; Days on Market Continue to Rise in the County District condo inventory dropped in November as both jurisdictions saw modest price increases for condos and single-family homes. Montgomery County saw a slight increase in single-family contracts and settlements compared to November 2013, but inventory and days on market were higher compared to the same time last year.   Washington, DC The average days on market was down one day compared to November 2013. The median price for condos rose 2.1%, with single-family homes increasing by 3.3%. Inventory dropped 4.5% for condos, but rose 0.6% for single-family homes. Contract activity dropped slightly for condos, 0.4%, but increased 4.6% for single-family homes. Settlements increased 16.8% for condos, but dropped 2.1% for single-family homes compared to November 2013.    Montgomery County The average number of days on market was up 14 days compared to November 2013. Median condo prices saw a 1.5% increase, and the price of single-family homes rose by 0.6%. The amount of available inventory increased in November, with a 25.9% increase for condos and a 29.9% increase for single-family homes. The number of contracts decreased 4% for condos, but increased by 8.1% for single-family homes. Settlements dropped for condos, 12.2%, but increased by 1.1% for single-family homes compared to November 2013.

District of Columbia November 2014 November 2013 Change Average Days on Market: Condo &  Single-Family Homes 39 40 -2.50% Condo Median Price $416,250 $407,500 2.1% Condo Total Active Listings  621 650 -4.5% New Condo Contracts This Month 274 275 -0.4% Condo Settlements This Month 278 238 16.8% Condo Absorption Rate (Total Active Listings /New Contracts) 2.26 2.36 -4.2% Single-Family Median Price $620,000 $600,000 3.3% Single-Family Total Active Listings 662 658 +0.6% New Single-Family Contracts This Month 365 349 4.6% Single-Family Settlements This Month 278 284 -2.1% Single-Family Absorption Rate (Total Active Listings /New Contracts) 1.81 1.89 -4.2% Montgomery County November 2014 November 2013 Change Average Days on Market: Condo &  Single-Family Homes 58 44 +31.82% Condo Median Price $223,099 $219,900 1.5% Condo Total Active Listings 573 455 +25.9% New Condo Contracts This Month 217 226 -4.0% Condo Settlements This Month 173 197 -12.2% Condo Absorption Rate (Total Active Listings /New Contracts) 2.64 2.01 +31.3% Single-Family Median Price $462,900 $460,000 0.6% Single-Family Total Active Listings 2170 1671 +29.9% New Single-Family Contracts This Month 710 657 8.1% Single-Family Settlements This Month 562 556 1.1% Single-Family Absorption Rate (Total Active Listings /New Contracts) 3.06 2.54 +20.5%