DC area's housing market continues to sizzle in February
February 2017’s median sales price of $399,700 was up $19,700 or 5.2% compared to last year. This is the highest February median sales price of the last decade, exceeding the prior high of $390,000 seen in 2015.
Sales volume across the DC Metro area was nearly $1.59 billion, up 16.7% from last February.
Closed sales of 3,098 were up 7.8% compared to last year, also the highest February level in a decade, and exceeding the 2,874 sales recorded last February.
Pending sales also reached a ten-year February high at 4,656, increasing by 2.7% over last year.
New listings of 5,560 increased 7.5% compared to last year.
Active listings of 7,503 are down 9.5% compared to last year, although up 3.9% compared to last month. This is the tenth consecutive month of declines in year-over-year inventory levels. Inventories are at the lowest February level since 2014.
The average percent of original list price received at sale in February was 97.4%, up from last year’s 96.7%, also up slightly from last month’s 97.0%.
The median days-on-market for February 2017 was 28 days, 16 days lower than last year and six days lower than last month.
February’s regional median sales price rose to $399,700, the highest February level in a decade, and was a 5.2% or $19,700 increase over last year, and a 2.5% increase over last month.
All property types saw increases in price, with condos up 10.3% to $300,000, single-family detached up 5.5% to $480,000, and townhomes up 5.2% to $399,700.
February prices are above the 5-year average of $379,940 and the 10-year average of $351,160.
The February overall regional price of $399,700 is 33.2% above the February low of $300,000 seen in 2011 and 2009, and 2.5% above the prior February high of $390,000 seen in 2015.
Falls Church City remains the most expensive location in the region, with a median sales price of $615,000, which is down 28.9% from last year. Prince George’s County is still the most affordable area in the region, with a February median sales price of $265,000, up 19.0% from last February.