District Prices Remain Strong Even Though Settlements Drop Slightly

County Contracts and Settlements Increase for Third Consecutive Month

 

Article From GCAAR

District condo and single-family prices continued their upward climb in May, even though condo and single-family settlements dropped and single-family inventory increased slightly. Montgomery County prices decreased and inventory rose in both areas compared to the same time last year. Condo and single-family contracts and settlements increased in the County for the third consecutive month and are higher than May 2014.         Washington, DC The days on market was down by 5 days (12.50%) compared to May 2014. The median price for condos rose 4%, with single-family homes increasing by 7.4%. Inventory dropped 1.7% for condos, but increased by 0.7% for single-family homes. Contract activity dropped slightly, 0.9% for condos, and but rose by 7.2% for single-family homes. Condo and single-family settlements dropped in May, by 4.8% and 2.1% respectively compared to May 2014.   Montgomery County The average number of days on market was up by 8 days (20.51%) compared to May 2014. Median condo prices dropped by 2.2%, and single-family homes dropped by 3.8%, compared to the same time last year. The amount of available inventory increased in May, with a 34.9% increase for condos and a 14% increase for single-family homes. The number of condo contracts rose by 8%, and single-family contracts saw a 9.9% increase. Condo settlements increased by 5.7% and single-family settlements increased by 10.8% compared to May 2014.

District of Columbia May 2015 May 2014 Change Average Days on Market: Condo &  Single-Family Homes 35 40  -12.50% Condo Median Price $434,900 $418,000 4.0% Condo Total Active Listings  674 686 -1.7% New Condo Contracts This Month 446 450 0.9% Condo Settlements This Month 375 394 -4.8% Condo Absorption Rate (Total Active Listings /New Contracts) 1.51 1.52 -0.7% Single-Family Median Price $639,000 $595,000 7.4% Single-Family Total Active Listings 603 599 0.7% New Single-Family Contracts This Month 490 457 7.2% Single-Family Settlements This Month 381 389 -2.1% Single-Family Absorption Rate (Total Active Listings /New Contracts) 1.23 1.31 -6.1% Montgomery County May 2015 May 2014 Change Average Days on Market: Condo &  Single-Family Homes 47 39 20.51% Condo Median Price $220,000 $225,000 -2.2% Condo Total Active Listings 739 548 34.9% New Condo Contracts This Month 323 299 8.0% Condo Settlements This Month 261 247 5.7% Condo Absorption Rate (Total Active Listings /New Contracts) 2.29 1.83 25.1% Single-Family Median Price $445,000 $462,438 -3.8% Single-Family Total Active Listings 2779 2438 14.0% New Single-Family Contracts This Month 1131 1029 9.9% Single-Family Settlements This Month 961 867 10.8% Single-Family Absorption Rate (Total Active Listings /New Contracts) 2.46 2.28 7.9%