December2016 Housing Sales and Market Update For Washington, D.C. & Surrounding Area
January 28, 2017
January 28, 2017
*Market information courtesy of RBIntel.com4 Brothers Buy Houses is proud to share this update on current Washington D.C. area housing sales and market conditions.* In December 2016,Median Housing Prices Reached the Highest December Level On Record. In December 2016,the median home sale price in the Washington D.C. area was $410,000 – an increase over November’s median prices and also the highest-ever median sales price for the area during the month of December.This is true even though sales volume decreased slightly (though still less than 1%) from the numbers we saw in December of 2015. The total number of home sales that closed in December was also 4.2% lower than last year’s December numbers.Overall, the year-to-date median sales prices of homes in the Washington D.C. area is up by 3.8% compared with last year and almost 1% higher than last month. Falls Church Citywas the region’s “most expensive”location (measured by average prices), with December median sales prices of $678,750; Prince George’s County remains the most affordable, with December median sales pricesof $265,000. The prices of individual homes and neighborhoods may vary, but the average numbers in December show an increase that suggests the continuance of a strong sales market in the greater Washington D.C. area. Pending Sales Increased, But New Listings Declined in December 2016. According to figures published by RBIntel.com: Pending sales at the end of December were up by almost 2% compared with December of 2015, and down by almost 15% from last month’s numbers – but decreases in month-to-month pending sales are fairly normal at this time of year, due to the winter weather and holiday season. The number of new listings in the Washington D.C. area decreased in December, with only 3.089 new residential listings coming on the market. Condos showed an increase in listings, with 3.8% more units coming on the market in December than in the previous month, but the number of new listings for single-family detached homes and townhouses were both lower than the total of new listings that came on the market in November. On-sale housing inventory decreased in December, with almost 14% fewer houses on the market last month than were listed for sale in December 2015, and 18.5% fewer listings available than at the end of November 2016. Average “Days on Market” For Listed Properties Remained Unchanged. The median days-on-market for listed properties in Washington D.C. and the surrounding counties in December2016 was 29 days,six days longer than the DOM for November but five days less than the average days-on-market for houses listed in December of 2015. FairfaxCity remained the slowest regional market in December (median days-on-market: 56), while Washington D.C. was the fastest-moving market, with amedian DOM of 21. Sales numbers vary from county to county, and even among neighborhoods. 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.