Several key market indicators continue to trend upward in the Washington DC Metro Area. Sales and new contracts had double-digit growth in June and are now at multi-year highs. The inventory shortage also continues to shift for the region. While the number of active listings remains historically low, new listings are surging, rising at a double-digit rate relative to last year for the third consecutive month. Many of these new listings are likely being purchased the same month they are listed, as the median days-on-market remains at its housing-boom level of nine days. This strong demand is pushing up the median sale price. The Washington DC Metro Area tied the record high for median sales price in June. The District of Columbia eclipsed last month’s record high by $39,000. Demand for smaller units in the market continue to drive much of the overall sales growth as evidenced by consistently strong gains in condo and townhome sales. The demand for townhomes has been particularly strong. Townhomes led all property segments in sales and median price growth. The median sales price for townhomes in the region is at an all-time high, and the number of active townhome listings is at an all-time low. The conditions appear ripe for continued growth in the region’s housing market, as the rise in new listings will help meet some of the pent up buyer demand. Sellers are noticing the higher price-points compared to the past several years, which is also fueling this growth.
Posted on: Tue, 16 Jul 2013 05:05:04 +0000
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