DC Metro area home sales up for 12th straight month
The Washington, D.C. housing market continued to see solid increases in closed and pending sales in November, with pending sales at the best levels in a decade. Median sales prices were unchanged from last year but up 1.5% from last month. Inventories continue to grow at rate similar to the last several months, driven by the highest November level of new listings in five years.
November closed sales of 3,347 were up 10.2% compared to last year and down 13.5% compared to last month. New contracts of 4,186 were at the highest November level in at least a decade, up 7.4% compared to last year although down 12.7% compared to last month. The overall median sales price of $405,000 was unchanged compared to last year and up 1.5% or $6,000 compared to last month. Median prices for townhomes rose 2.4% to $407,000 and single-family detached rose 2.2% to $485,000, while condos declined 6.1% to $291,000. Compared to last month, single-family detached prices were up 2.6%, townhomes were up 2.5% and condos were down 4.6%.
Year-over-year inventories increased for the 26th consecutive month and there were 10,682 active listings at the end of November, a 6.6% increase compared to last year. Condos had the largest year-over-year increase of 12.7% in the number of listings, increasing to 2,851. The number of single-family detached listings rose 4.9% to 5,731 while the number of townhome listings increased 3.2% to 2,086. Compared to last year, the number of new listings in November rose 7.7% to 3,981, with single-family detached showing the largest increase at 11.2%, followed by condos which were up 8.8% and townhomes which were up 0.7%. Median days-on-market (DOM) decreased to 25, which is three days less than last year and two days less than last month.
12th consecutive month of year-over-year increases in sales. With 3,347 closed sales in November, a 10.2% increase compared to last year, this was the 12th consecutive month of year-over-year increases. Closed sales exceeded the 5-year average of 3,187 and the 10-year average of 3,238. There have been 46,101 total sales through November, which is up 9.5% compared to the same eleven months last year and is only 79 sales shy of the year-end tally of 2014. All jurisdictions show increases in the number of sales compared to January-November of 2014.
All market segments showed year-over-year increases in the number of November closed sales. Townhomes were up 26.5% to 911 sales, while condos were up 6.7% with 891 sales and single-family detached were up 4.4% to 1,543 sales. All market segments were down, however, compared to last month, with condos down 14.7%, single-family detached down 14.4% and townhomes down 11%, for an overall decline of 13.5%, or 524 sales.