District Prices Higher Than 2014 But Single-Family Inventory Increases;

Information from GCAAR

 

District Prices Higher Than 2014 But Single-Family Inventory Increases; 
County Sees Increase in Single-Family Contracts and Settlements 

 

DC condo and single-family home prices continued to rise in the District in February, even while single-family inventory rose and condo settlements declined. County prices decreased in both areas compared to February 2014 and inventory was up for condos and single-family homes.  The County did experience an increase in single-family contracts and settlements compared to February 2014, as did the District.         Washington, DC There was no change to the average days on market compared to February 2014. The median price for condos rose 12.6%, with single-family homes increasing by 6.3%. Inventory dropped 6.3% for condos, but increased by 3.7% for single-family homes. Contract activity dropped by 3.3% for condos, but increased by 4.6% for single-family homes. Condo settlements decreased by 17.7%, but increased 2.9% for single-family homes compared to February 2014.   Montgomery County The average number of days on market was up by 16 days (26.67%) compared to February 2014. Median condo prices dropped by 6.9%, and single-family homes dropped as well, 4.7% compared to the same time last year. The amount of available inventory increased in February, with a 25.5% increase for condos and a 21.8% increase for single-family homes. The number of contracts decreased for condos, 6.3%, but single-family homes saw a 10.3% increase. There was no change in condo settlements, but single-family settlements increased 4.9% compared to February 2014.

District of Columbia February 2015 February 2014 Change Average Days on Market: Condo &  Single-Family Homes 51 51  0% Condo Median Price $439,000 $390,000 12.6% Condo Total Active Listings  491 524 -6.3% New Condo Contracts This Month 297 307 -3.3% Condo Settlements This Month 205 249 -17.7% Condo Absorption Rate (Total Active Listings /New Contracts) 1.65 1.71 -3.5% Single-Family Median Price $595,000 $559,700 6.3% Single-Family Total Active Listings 473 456 3.7% New Single-Family Contracts This Month 317 303 4.6% Single-Family Settlements This Month 252 245 2.9% Single-Family Absorption Rate (Total Active Listings /New Contracts) 1.49 1.50 -0.7% Montgomery County February 2015 February 2014 Change Average Days on Market: Condo &  Single-Family Homes 76 60 26.67% Condo Median Price $199,900 $214,750 -6.9% Condo Total Active Listings 536 427 25.5% New Condo Contracts This Month 210 224 -6.3% Condo Settlements This Month 150 150 0% Condo Absorption Rate (Total Active Listings /New Contracts) 2.55 1.91 33.5% Single-Family Median Price $415,000 $435,500 -4.7% Single-Family Total Active Listings 1736 1425 21.8% New Single-Family Contracts This Month 686 622 10.3% Single-Family Settlements This Month 410 391 4.9% Single-Family Absorption Rate (Total Active Listings /New Contracts) 2.53 2.29 10.5%