June 2016 Housing Sales and Market Update For Washington, D.C. & Surrounding Area
July 23, 2016
July 23, 2016
*Market information courtesy of RBIntel.comIn June, Washington D.C. Area Median Housing Prices Continued to Increase: The June median home sale price in the D.C. Metro area set a new record, showing an overall increase over both June of 2015 and last month’s sales numbers. The surrounding areas also showed overall increases in the median price of single family homes, though townhouse prices remained about even and condo prices saw a slight average decrease. The area’s most affordable homes (again, on average) are in Prince George County, while the most expensive place to buyis Falls Church City (June 2016 median sales price: $737,500). Regional Housing Sales& Listings Increased, but Overall Inventory Decreased inJune 2016: According to figures published by RBIntel.com: 5,938home sales closed in Washington D.C. and the surrounding counties in June 2016 – the highest number since June 2006, and 12% higher than the five-year average. 5,979 homes were listed as “sale pending” at the end of June, an increase of almost 4% over June of 2015, but almost 6.5% lower than last month’s pending sale numbers. New sales listings increased slightly, with 7,502 new listings– less than a 1% increase over May 2016, but still a sign of growth. Inventory on the market decreased in June, with 11,301 properties reported as on the market in the Washington D.C. area (and surrounding counties) at the end of the month. Single family homes, townhomes, and condo properties all had reduced inventory available as of the end of June. Average “Days on Market” Remained Steady. The median days-on-market for listed properties in Washington D.C. and the surrounding counties in June 2016 was 14 days –one day higher than May’s 13-day average DOM, and only one day less than the 15-day average in June 2015. Prince George’s County remained the slowest regional market in June (with median days-on-market of18), and Falls Church City replaced Washington D.C. as the city with the fastest-moving market: median DOM was only 7. 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.