March 2017 Housing Sales and Market Update For Washington, D.C. & Surrounding Area
May 18, 2017
May 18, 2017
*Market information courtesy of RBIntel.comIn March 2017,Median Housing Prices Reached The Highest March Levels On Record The March 2017 median home sale price in the greater Washington D.C. area was $420,000–the highest March median sales price on record (since RBI record keeping began in 1997).All housing types saw an increase in median sales price, with single-family homes showing the largest increase (7.8%) and condos showing the smallest increase – but even condominium prices rose by an average of 2%. Overall sales volume in the region increased by almost 27% over March 2016 numbers, with closed sales of 4,450 overall – the highest March numbers in a decade. Properties sold, on average, at almost 98% of the listing price, suggesting that the Washington D.C. housing market remains strong. Once again, Falls Church City was the region’s most expensive location (measured by average housing price), with March median sales prices of $605,000; Prince George’s County retained its position as the most affordable in the area, with median sales prices of $268,500.Individual home prices and neighborhood values vary. Pending Sales and New Listings Increased in March 2017. According to figures published by RBIntel.com: The number of new listings in the Washington D.C. area also increased in March, with 47.7% more new listings coming on the market in March than in February of 2017.Although new condominium listings were down (by 8.1%), both townhomes and single-family detached homes showed an increase in new listings coming on the market last month. The sharp increase in new listings is common in spring, as better weather often brings more buyers into the market. Pending sales at the end of March increased by only 1.4% over 2016’s March numbers, but still reached the highest March level in a decade. Average “Days on Market” For Listed Properties Dropped in March 2017. The median days-on-market for listed properties in Washington D.C. and the surrounding counties in March 2017 was only 15 days,13 days lower than the DOM for February 2017.The combination of increased total listings, increased sales, and lower days on market suggests a strong, fast-moving market in the Washington D.C. area this spring. Fairfax County was the fastest regional market last month (median days-on-market: 11), while Falls Church City was the slowest-moving regional market, with a median DOM of 39. 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.