2017 closed in familiar territory with higher prices and extremely low inventory in the DC area mark

OVERVIEW

• Washington D.C. Metro’s December median sales price of $420,050 was up 2.4% or $9,950 compared to last year. For the calendar year ending December 2017, the overall median sales price was up 2.4% to $425,000. In 2017, each month’s median sales price was higher year-over-year and every month’s median sales price was the highest monthly level of the decade.

• Closed sales of 3,886 were down 3.4% compared to last year and were 4.8% below last month.

• New contracts of 3,314 were down 6.3% compared to last year and down 22.0% compared to last month.

• New listings of 2,799 were down 9.4% compared to last year and down 35.0% from last month.

• Active listings of 6,734 are down 9.7% compared to last year and down 22.0% compared to last month. This is the 20th consecutive month of declines in year-over-year inventory.

• The average percent of original list price received at sale in December was 97.2%.

• The median days-on-market for December 2017 was 27 days, two days lower than last year.