- DC RE Market Data - October Highest Annual Price Gain since Dec 2005, Highest October Sales in 3 Years
- Condos sales up 23.4% from last October
- Townhouse prices show biggest gain in the DC Metro Market
Median prices are still rising due to low inventory and an uptick in market activity
DEMAND AND INVENTORY - DC METRO
After the annually-expected September lull, demand increased in the Washington DC metro housing market during October, with sales, new pending contracts, and median price gains all above their 10-year average change from the previous month. All market indicators are above 2011 levels, many at multi-year October highs. Median prices are up in the region, posting the highest year-over-year price gain in nearly 7 years.
Inventory continues to drop, with Active listings at nearly half of their level 2 years ago. New listings for October are at their lowest point in over a decade. Townhomes continue to gain traction in the market, posting the highest median price growth and new contract growth of all property segments.
Demand is strong across all property segments. There were 3,269 sales in October in the Washington DC Metro Area, a 16.1 percent increase from October 2011. Sales were up 0.4%, with all property segments continue to have higher sales compared to last year. Condos led all segments, up 23.4% from last October (could new construction be a strong contributing factor?!). Single-family home sales rose 14.2% from this time last year, followed by townhome sales at with a 12.6% gain.
Median price gains continue for most of the region. Highest year-over-year increase for the DC Metro Area in nearly 7 years. At $362,500, the median home price in the DC Metro Area is up 13.3% from October 2011. This represents the highest year-over-year increase for any month since December 2005. Prince George’s County led with 20.0% growth, a hike of $30,000 from the median price of October 2011. All other jurisdictions within the DC Metro region experienced median price gains with the exception of Falls Church City, however medians there tend to be volatile due to the low quantity of homes sold. Townhomes had the highest median price growth of all property segments, up 14% from October 2011. Median prices of single-family homes and condos rose 11.8 and 10.2%, respectively.
New contracts are at the highest October level in seven years, with townhomes leading in growth. There were 4,459 new contracts signed in October in the region, up 5.8 percent from October 2011, and the highest October total in 7 years. New October contracts were higher than the 10-year average. Townhomes led all property segments in new contract growth for the first time in over a year, up 11.4% from October 2011, followed by condos, which increased 8.9%. The number of new contracts for single-family homes ticked up 1.3% from last October.
New listings for October 2012 were the lowest in more than ten years. There were 8,766 active listings in the Washington DC Metro Area at the end of October, 37.2% lower than October 2011 and the first time the number of active listings has dropped below 9,000 since July 2005. October active listings in the region are nearly half of what they were 2 years ago, indicating dramatic property absorption in the market. All property segments experienced year-over-year inventory reductions exceeding 40%.
All statistical data courtesy of RBI (Real Estate Business Intelligence)
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