Median sales price of $407,000 in DC is highest level since 2005

Median sales price of $407,000 is highest level since 2005; Sales at best November level since 2009; Inventory levels show double-digit declines for fifth consecutive month

The following analysis of the Washington, D.C. Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on November 2016 MRIS housing data.

OVERVIEW

 November 2016’s median sales price of $407,000 was up $2,000 or 0.5% compared to last year. This is the highest November median sales price since 2005.

 Sales volume across the DC Metro area was nearly $2 billion, up 14.4% from last November.

 Closed sales of 3,899 were up 16.5% compared to last year, the highest November since 2009.

 New contracts decreased by 0.7% to 4,157, just slightly below last November’s record 4,186.

 New listings of 4,264 increased 7.1% year-over-year, up for the first time in five months.

 Active listings of 9,147 are down 14.4% compared to last year and down 12.0% compared to last month. This is the seventh consecutive month of declines in year-over-year inventory levels.

 The average percent of original list price received at sale in November was 97.2%, up from last year’s 96.9% but down from last month’s 97.4%.

 The median days-on-market for November 2016 was 23 days, two days lower than last year.

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