April 2016 Housing Sales and Market Update For Washington, D.C. & Surrounding Area
May 21, 2016
May 21, 2016
4 Brothers Buy Houses is proud to share this update on current Washington D.C. area housing sales and market conditions.*
In April, D.C. Area Median Housing Prices Reached a Ten-Year High:
In April, the median overall home sale price in Washington D.C. and the surrounding area was $419,250, which represents the highest April median sale price in a decade..
Home sale prices increased in all D.C. area counties, with median sale prices an average of 5% higher than March 2016 sales figures.
Regional Housing Sales, Inventory,& Listings Increased Slightly in April 2016:
According to figures published by RBIntel.com:
4,678 home sales closed successfully in Washington D.C. and the surrounding counties in April 2016, and half of those houses were on the market 14 days or less – a 30-day increase in average days-on-market since February 2016.
6,647 homes were listed as “sale pending” at the end of April, an increase of more than 7% over April 2015 and an increase over the numbers for in both February and March of 2016.
These figures reflect sale increases in all residential housing types, including condominiums, townhouses, and single-family detached homes.
8,809 new sales listings were reported in Washington D.C. and the surrounding counties last month, only a 1% gain over last year but still the highest total number of new monthly listings since April 2010.Significant increases in new listings often result in a drop in area sales prices, since more inventory on the market means more buyer choice, but the April median sales price increase suggests that the market remains strong for sellers, at least so far.
Average “Days on Market” Fell Significantly in April 2016.
In February 2016, the median days-on-market for listed homes was 44 days; that number dropped to only 14 average days-on-market in April, which suggests the market for well-priced homes is healthy and inventory is moving (when the price is right).
During April, the slowest regional market was Prince George’s County (April median days-on-market: 25), and Alexandria City and Washington D.C. shared the lowest median DOM last month—in both cities, average days-on-market was only 10.
Sales numbers vary from county to county, and even among neighborhoods, and the speed and success of a housing sale is dependent on many factors, from listing price to home condition and comparable listings in the area. Your personal experience may vary, but knowing the average numbers is still helpful when making plans to sell your home, either through a realtor or to an investor.