DC area contract activity in March down from 2017 levels for second straight month
The Washington D.C. Metro March median sales price of $435,000 was up 3.6% or $15,000 compared to last year and was up 6.1% or $25,000 compared to last month.
Sales volume across the DC Metro area was over $2.2 billion, down 2.6% from last year.
Closed sales were down 4.8% to 4,238, the 4th consecutive month of declines in Y-o-Y sales.
New contracts of 5,865 were down 6.2% compared to last year.
The 7,583 new listings in March were down 7.6% compared to last year.
Active listings of 7,532 are down 12.9% compared to last year but are up 16.0% compared to last month. This is the 23rd consecutive month of declines in year-over-year inventory and the third consecutive month of double-digit declines in inventory levels.
The average percent of original list price received at sale in March was 98.4%, up from last year’s 97.9% and at the highest March level of the past decade.
The median days-on-market this month was 13 days, down two days from last year but less than half of what it was last month. This was the shortest March DOM of the last ten years.