2014 Ends With District Prices Strong and Inventory Tight

Post From the   Montgomery County Contracts Increase for Condos and Single-Family Properties    The 2014 real estate market in DC and Montgomery County ended true to the pattern it had followed throughout the year - with the District remaining strong in home prices and inventory tight, even though days on market increased over last year. Montgomery County closed out the year with an increase in contracts for condos and single-family homes compared to December 2013, but inventory and days on market were higher compared to the same time last year.      Washington, DC The average days on market was up 22.22% compared to December 2013. The median price for condos rose 1.6%, with single-family homes increasing by 3.4%. Inventory dropped 14.6% for condos, and 3.6% for single-family homes. Contract activity dropped slightly for condos, 1.9%, but increased 14.8% for single-family homes. Settlements decreased 9.4% for condos, but increased 2.3% for single-family homes compared to December 2013.    Montgomery County The average number of days on market was up 30.19% days compared to December 2013. Median condo prices saw a 1.4% increase, but the price of single-family homes remained identical to December of last year. The amount of available inventory increased in December, with a 16.9% increase for condos and a 33.6% increase for single-family homes. The number of contracts increased 14.5% for condos, and 7.2% for single-family homes. Settlements dropped for condos, 4.3%, but increased by 20.3% for single-family homes compared to December 2013.    District of Columbia December 2014 December 2013 Change Average Days on Market: Condo & Single-Family Homes 44 36 +22.22% Condo Median Price $415,000 $408,500 1.6% Condo Total Active Listings 473 554 -14.6% New Condo Contracts This Month 212 216 -1.9% Condo Settlements This Month 288 318 -9.4% Condo Absorption Rate (Total Active Listings /New Contracts) 2.23 2.56 -12.9% Single-Family Median Price $620,250 $599,900 3.4% Single-Family Total Active Listings 515 534 -3.6% New Single-Family Contracts This Month 295 257 14.8% Single-Family Settlements This Month 363 355 2.3% Single-Family Absorption Rate (Total Active Listings /New Contracts) 1.75 2.08 -15.9% Montgomery County December 2014 December 2013 Change Average Days on Market: Condo & Single-Family Homes 69 53 +30.19% Condo Median Price $223,000 $220,000 1.4% Condo Total Active Listings 490 419 +16.9% New Condo Contracts This Month 182 159 14.5% Condo Settlements This Month 200 209 -4.3% Condo Absorption Rate (Total Active Listings /New Contracts) 2.69 2.64 +1.9% Single-Family Median Price $460,000 $460,000 0% Single-Family Total Active Listings 1777 1330 +33.6% New Single-Family Contracts This Month 518 483 7.2% Single-Family Settlements This Month 748 622 20.3% Single-Family Absorption Rate (Total Active Listings /New Contracts) 3.43 2.75 +24.7%

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