October 2016 Housing Sales and Market Update For Washington, D.C. & Surrounding Area
December 14, 2016
December 14, 2016
*Market information courtesy of RBIntel.com
October 2016 Housing Sales and Market Update For Washington, D.C. & Surrounding AreaIn October 2016,Median Housing Prices Remained Close to Last Month’s Figures, With Increased Sales Volume, But Fewer New Listings. In October 2016,the median home sale price in the Washington D.C. area was $400,000 – only $1,000 difference from the September, 2016 average.Sales volume increased by 4.5% over October 2015’s numbers. The year-to-date median sales prices of homes in the Washington D.C. area is up by 0.6% overall, with the greatest year-to-date increasesseen in Prince George’s County and Falls Church City. Falls Church Citycontinues to hold the title of “region’s most expensive location” (by average prices), with October median sales prices of $702,500 (5.6% higher than last year’s prices); Prince George’s County remains the most affordable, with October median sales pricesof $267,137. New Listingsand On-Market Inventory Declined in October 2016. According to figures published by RBIntel.com: On-sale housing inventory at the end of October 2016 was 18% lower than this time last year, and 6.4% lower than September 2016’s figures. These decreases apply to all housing types, with single-family detached homes, condominiums, and townhomes all showing decreases in on-market inventory. New sales listings also decreased in October, with only 5,398 new properties coming on the market last month – a 12% decrease from September’s new listing numbers (and 20% fewer new listings than came on the market in October 2015). As with inventory, the decreases were seen in all available property types. October Saw a Decrease in Average “Days on Market” For Listed Properties. The median days-on-market for listed properties in Washington D.C. and the surrounding counties in October 2016 was 23 days –just one day less than September’s figure, but four days lower than the average DOM in October 2015. Reductions in DOM are not uncommon when inventory decreases; with fewer houses to choose from, the available properties often sell faster due to increased scarcity. FairfaxCity was the slowest regional market in October (median days-on-market: 36), and Washington D.C. remained the fastest-moving area for a second month in a row, with amedian DOM of 12. 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.