July 2016 Housing Sales and Market Update For Washington, D.C. & Surrounding Area
August 20, 2016
August 20, 2016
4 Brothers Buy Houses is proud to share this update on current Washington D.C. area housing sales and market conditions.*
*Market information courtesy of RBIntel.comIn July, Washington D.C. Area Median Housing Prices Showed a Slight Decrease From June, But Remain Slightly Above July 2015 Levels: In July,median home sale pricesin the D.C. Metro area showed a slight overall decrease from June’s prices, but reached the highest average levels for the month of July since 2007. Condominiums saw a 4% overall increase from last year’s prices, but both single-family homes and townhomes had a very slight decrease—less than 1% in each category. On average, the area’s most affordable homes are still in Prince George’s County, while Falls Church City remainsthe most expensive place to buy, with a July 2016 median sales price of $708,000. Regional Housing Sales, New Listings, & InventoriesDecreased inJuly 2016: According to figures published by RBIntel.com: 5,045home sales closed in Washington D.C. and the surrounding counties in July 2016, a 3.4% decline since July of 2015 but more than 5% above the five-year average for sales in July. Pending sales decreased in July as well, with only 5,267 properties reported as “sale pending” at the end of July—0.9% higher than July 2015, but a 17% drop over last month’s pending sales figures. New sales listings decreased by 17% over June’s new listing numbers, with only 6,225 new properties coming on the market in July 2016. Overall inventory decreased by almost 13% from last year’s numbers (3% since June), with 10,943properties reported as on the market in the Washington D.C. area (and surrounding counties) as of the end of July. Single-family houses, townhomes, and condominiums all show reduced inventory as of the end of July. Average “Days on Market” Increased Slightly Over June 2016. The median days-on-market for listed properties in Washington D.C. and the surrounding counties in July 2016 was 17 days –three dayshigher than June’s average DOM, but two days less than the average days-on-market for July of 2015. July’s slowest regional market was Alexandria City (median days-on-market: 23), and Falls Church City remained the fastest-moving area, with amedian DOM of 8 (just one day slower than it was in June). 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.