February 2017 Housing Sales and Market Update For Washington, D.C. & Surrounding Area
April 3, 2017
April 3, 2017
*Market information courtesy of RBIntel.comIn February 2017,Overall Median Housing Prices Rose, Achieving a Ten-Year High For The Month of February. The February 2017 median home sale price in the greater Washington D.C. area was $390,700– a minor increase over January’s median prices and the highest median sales price for February in a decade.This increase was seen in all property types, with condos showing the highest overall increase (10.3%). Sales volume also increased, with closed sales above both the 5 and ten-year averages for February. Properties sold, on average, at slightly more than 97% of the listing price.Overall, these numbers suggest a healthy housing market in the greater Washington D.C. area. Once again, Falls Church City remained the region’s “most expensive”location (measured by average prices), with February median sales prices of $615,000; as in January, Prince George’s County remained the most affordable, with median sales prices of $265,000.Individual home prices and neighborhood values vary, but the average numbers demonstrate an improvement over both the five and ten-year averages for February sales. Pending Sales and New Listings Increased in February 2017. According to figures published by RBIntel.com: The number of new listings in the Washington D.C. area increased in February, with 22.4% more new listings coming on the market this February than in January of 2017.All property types showed an increase in new listings, with the largest increase occurring in townhome listings, though single-family and condo units also saw an increase in new listings. Pending sales at the end of February increased by 2.7% over 2016’s February numbers, and by almost 18% over pending sales reported at the end of last month. 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 February 2017 was 28 days,six days shorter than the DOM for January 2017 and sixteen days less than the average days-on-market in February of 2016. Since lower days on market averages suggest a faster moving market, this is good news for the area housing market. Falls Church City was the fastest regional market last month (median days-on-market: 6), while Fairfax City was the slowest-moving regional market, with a median DOM of 55 (though even that is still four days slower than the average DOM in February 2016). 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.