May 2016 Housing Sales and Market Update For Washington, D.C. & Surrounding Area
June 25, 2016
June 25, 2016
*Market information courtesy of RBIntel.com
4 Brothers Buy Houses is proud to share this update on current Washington D.C. area housing sales and market conditions.*
In May, D.C. Area Median Housing Prices Continued to Increase:
TheMay median overall home sale price in Washington D.C. and the surrounding areas was $430,000, a 1% decrease from last May’s levels but a 2.6% overall increase over April 2016 figures.
Overall sales volume in the D.C. area increased almost 20% over April’s numbers, also, with $2.8 billion dollars in combined May sales.
Regional Housing Sales, Inventory,& Listings Increased Slightly in April 2016:
According to figures published by RBIntel.com:
5,432home sales closed successfully in Washington D.C. and the surrounding counties in May 2016 – the highest number of May home sales in a decade, and the second-highest number of monthly sales since August 2006.
6,647 homes were listed as “sale pending” at the end of April, an increase of more than 7% over April 2015 and an increase over the numbers for in both February and March of 2016.
New sales listings decreased in May, with 7,436 new listings reported – more than 15% lower than the number of new listings reported in April 2016. Inventory on the market decreased slightly also, with 11,113 properties on the market in the greater Washington D.C. area (and surrounding counties) at the end of May. The total number of properties on the market in Washington D.C. increased by 3.6% in May, but all surrounding areas saw an overall decrease in houses, condos and townhomes on the market.
Average “Days on Market” Remained Fairly Steady in May 2016.
The median days-on-market for listed properties in Washington D.C. and the surrounding counties in May 2016 was 13 days – just one day less than April’s average DOM, but significantly shorter than the 44-day average seen in February 2016.
May’s slowest regional market was Prince George’s County (median days-on-market: 19), and Washington D.C. had the fastest-moving market in May: median DOM was only 9.
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.